The Economic and Financial Crimes Commission has said it has strengthened its capacity to combat emerging financial crimes, assuring Nigerians that it has the technology, expertise and investigative tools required to counter increasingly sophisticated criminal schemes.
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The Chairman of the EFCC, Ola Olukoyede, stated this on Thursday at the inaugural Town Hall Meeting of the Commission’s Zero Tolerance Club at Ahmadu Bello University, Kongo Campus, Zaria.
Olukoyede, who was represented by the Head of the Economic Governance Section of the Kaduna Zonal Directorate of the EFCC, Assistant Commander of the EFCC II, Sadiq Abubakar, delivered a keynote address titled “Following the Money: Legal Loopholes and the Fight Against Corruption in Nigeria.”
In a statement issued by the Commission on its verified X account, Olukoyede described corruption as one of the greatest obstacles to Nigeria’s development, saying it weakens institutions, discourages investment and diverts resources meant for national growth.
“Corruption undermines public confidence, weakens institutions, discourages investment, and diverts resources intended for national development, affecting not only government institutions but also the quality of life of ordinary citizens,” he said.
The EFCC boss acknowledged that financial crimes are evolving as fraudsters continue to exploit technology to devise new schemes. He, however, assured that the Commission has also improved its investigative capacity through modern techniques and innovative enforcement strategies.
According to the statement, Olukoyede said that although technology has enabled fraudsters to create new methods of operation, the EFCC equally has modern investigative tools and strategies to detect, investigate and prosecute such crimes.
He reaffirmed the Commission’s commitment to strengthening anti-corruption advocacy across the country, saying the EFCC would continue to pursue efforts aimed at rooting out corruption, economic and financial crimes.
Olukoyede also identified delays in Nigeria’s criminal justice system as a major obstacle to the fight against corruption.
He said effective anti-corruption enforcement requires prompt investigation, prosecution and adjudication, warning that prolonged court processes weaken cases and reduce public confidence in the justice system.
He called for stronger transparency, accountability and enforcement mechanisms to improve Nigeria’s anti-corruption framework and sustain public trust.
Also speaking at the event, the Dean of the Faculty of Law, Ahmadu Bello University, Prof. Salim Bashir Magashi, who represented the Vice-Chancellor, commended the initiative, saying it would help guide students towards integrity and discourage fraudulent practices.
The event featured a debate by members of the Zero Tolerance Club on the topic: “Nigeria Urgently Needs a Specialised Anti-Corruption Court, Separate from Other Courts to Handle EFCC Cases.”
The Staff Adviser of the Zero Tolerance Club, Bukar Suleiman, said the club was established to promote accountability within students’ union bodies and warned students against corrupt practices.
He said involvement in corruption could ruin the future of young people and urged students to embrace integrity, accountability and transparency.
The EFCC has continued to promote anti-corruption education through Zero Tolerance Clubs established in tertiary institutions across the country.
The initiative is designed to inculcate values of integrity and accountability among young Nigerians while complementing the Commission’s enforcement activities through preventive public enlightenment.
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