The Economic and Financial Crimes Commission (EFCC) has declared that corruption is at the heart of Nigeria’s insecurity, warning that issues such as religious and ethnic differences are often used to distract from the real causes.
The announcement was made by EFCC Executive Chairman, Ola Olukoyede, during the Annual Lecture Series of the Nigeria Air Force Officers Mess Honourary Members’ Forum (NAFOM-HMF) in Lagos, where he presented a paper titled “Corruption, National Security and Economic Prosperity”.
Olukoyede, through the commission’s Director of Public Affairs, Wilson Uwujaren, explained that poor accountability and mismanagement of public and private resources have entrenched corruption across the country.
“While religious extremism, ethnic rivalries, and calls for self-determination are often blamed for insecurity, the real elephant in the room is corruption”.
He added that corruption fuels insecurity when funds meant for security operations are misappropriated or when resources intended for poverty reduction are diverted by public officials.
The EFCC chairman specifically criticised the misuse of security votes, describing them as opaque channels for siphoning public funds, citing the prosecution of a former governor over the alleged diversion of more than ₦4 billion in security votes.
Olukoyede also highlighted the Commission’s role in supporting the fight against terrorism and violent extremism through financial measures, including monitoring illicit financial flows, designated non-financial institutions, Bureau De Change operators, and local and international NGOs in the North-East to ensure they are not exploited for subversive activities.
The EFCC also collaborates with anti-corruption agencies across West Africa through the Network of Anti-Corruption Institutions in West Africa (NACIWA).
On the economic front, Olukoyede noted that recovered assets have been invested in social programmes such as student loans and consumer credit schemes. He also credited the Commission with curbing currency racketeering, naira mutilation, and illegal foreign exchange trading, which have contributed to stabilising the nation’s economy.
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