Olukoyede: Nigerians abroad must help block channels for stolen funds

Ola Olukoyede, chairman of the Economic and Financial Crimes Commission (EFCC), has urged Nigerians in the diaspora not to assist corrupt individuals in laundering stolen funds.

Olukoyede spoke at the Canada-Nigeria legal exchange forum organised by the Canadian Association of Nigerian Lawyers (CANL) at the Intercontinental Toronto Centre on Monday.

He said some professionals outside Nigeria have been complicit in hiding illicit wealth for politically exposed persons. 

The EFCC chair noted that such actions undermine Nigeria’s anti-corruption efforts and tarnish the country’s image internationally.

He called on Nigerian lawyers and professionals, particularly in Canada, to report suspicious transactions and support global efforts to trace and recover stolen assets.

“The increasing number of Nigerians migrating to Canada could inadvertently provide avenues for illicit wealth. Your vigilance is crucial; you can help prevent this by cooperating with law enforcement agencies,” Olukoyede said.

The EFCC chairman also lamented the slow pace of corruption trials in Nigeria and the reluctance of some foreign nations to return stolen assets, describing the trend as a major setback for justice.

“Justice delayed is justice denied. Some trials take too long, and certain nations are slow to return stolen assets. Worse still, some professionals have enabled corrupt officials to launder wealth abroad,” Olukoyede said.

He outlined reforms he has introduced since assuming office to strengthen accountability and operational transparency within the EFCC. These include new policies such as the gift policy, exhibit room security policy, and sting operations policy to curb internal misconduct.

The anti-corruption czar said zonal commands in Lagos, Ekiti, Katsina, and Anambra have been upgraded to zonal directorates, while the department of internal affairs was renamed the department of ethics and integrity to reinforce a zero-tolerance stance on unethical behaviour.

Olukoyede said he declared his assets and directed all EFCC staff to do the same as part of his drive to institutionalise transparency.

He said the commission has created specialised units, including the department of fraud risk assessment and control (FRAC), digital transformation and innovation unit, and the international asset tracing and recovery unit.

Olukoyede said these reforms have strengthened EFCC operations, resulting in 7,503 convictions, the recovery of N566 billion and $411 million, and the seizure of 1,502 real estate properties in the last two years.

He added that funds recovered by the commission have been reinvested into key social and economic programmes, including the student loan scheme and consumer credit scheme, and remitted to agencies such as NDDC, AMCON, FIRS, and the National Health Insurance Authority.

The EFCC chair also highlighted the agency’s growing collaboration with international partners, including the Royal Canadian Mounted Police, as well as Spanish, German, and Korean authorities, to recover stolen assets and improve Nigeria’s standing in the global anti-corruption network.

Olukoyede said combining institutional reform with diaspora vigilance is critical to sustaining Nigeria’s progress against corruption.

“The fight against corruption is a shared mission. By strengthening internal structures and leveraging the vigilance of our diaspora, we can ensure that Nigeria’s resources are protected, and its reputation upheld. Together, we can achieve a nation that commands respect globally,” he said.