According to Punch Newspaper, In a recent meeting with the management team of the Revenue Mobilisation Allocation and Fiscal Commission, the Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, expressed deep concern over the extent of corruption in Nigeria. Olukoyede revealed that the sheer magnitude of funds stolen by corrupt elements is staggering, often leaving him astonished that the country’s economy has not completely collapsed. He remarked that the situation is dire enough to bring tears to the eyes of any Nigerian who glimpses the case files detailing these financial crimes.
The EFCC Chairman emphasized the necessity for transparency and accountability across both public and private sectors. These principles, he argued, are crucial for the nation's optimal development. Olukoyede pointed out that the pervasive corruption poses a significant threat to Nigeria’s progress and stability. However, he expressed optimism about the preventive measures being implemented under his leadership, which are designed to outpace the tactics employed by corrupt individuals and ensure better governance for Nigerians.
One of the key strategies introduced by Olukoyede is the establishment of the Department of Fraud Risk and Assessment and Control within the EFCC. This new department is part of a broader preventive framework aimed at tackling corruption more effectively. Olukoyede believes that a focus on prevention, rather than merely investigating and recovering stolen funds, holds greater promise for achieving substantial and lasting results in the fight against corruption.
Highlighting a critical area of concern, Olukoyede pointed to the flawed system of revenue generation in Nigeria, which he said is rife with leakages during the mobilisation and appropriation of funds. He stressed that without addressing these systemic issues, efforts to combat corruption would be akin to chasing shadows. Olukoyede’s comments underscore the need for comprehensive reforms and robust mechanisms to plug the financial leakages and enhance the integrity of the country's revenue systems.
He said: “Let’s look at our system of revenue generation. It is a system that allows leakages in mobilisation and appropriation of funds. If we don’t look at the system, we will continue to chase shadows. In this direction, we are not just going to investigate and recover.