Commission, Korean agency sign MoU against financial crimes
Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr Ola Olukoyede, has called for broad and radical reforms to reduce investment risks and unlock Africa’s full economic potential.
Speaking in Washington, D.C. at the EBII Group African Leaders & Partners Forum, Olukoyede said sustainable investment in Africa required strengthening institutions, improving the ease of doing business, upholding the rule of law, and investing in human capital.
“De-risking Africa requires us to pay attention to reforms that will improve the ease of doing business, respect for the rule of law, and human capital development,” he said, adding: “Success in this regard requires strong institutions in view of the challenges that already exist in the agricultural, renewable energy, and solid minerals sectors.”
He highlighted Africa’s vast mineral wealth and the talents of its young citizens, tech-savvy population, noting that the advantages would only translate into investment inflows if anchored on “fully integrated reforms.”
Showcasing Nigeria’s progress, Olukoyede pointed to the EFCC’s achievements in tackling financial crimes. He disclosed that in its 22 years of existence, the commission has secured more than 13,000 convictions, including 4,111 in 2024 alone.
“There can be no greater incentive to investors than the assurance of due process and rule of law,” he said. The EFCC boss also emphasised the commission’s preventive role through its Department of Fraud Risk Assessment and Control, which monitors public fund disbursement. He cited its work on the Pi-CNG project, where $50 million in contracts were evaluated, leading to the delivery of 95 per cent of buses and conversion kits.
Other milestones include the arrest of 792 suspected internet and cryptocurrency fraudsters in a single Lagos operation.
The forfeiture of over 750 properties in Abuja linked to fraud, and investigations into major digital asset scams such as the half-billion-dollar Crypto Bridge Exchange (CBEX) fraud and Binance transactions outside Nigeria’s financial system.
Olukoyede stressed that EFCC’s collaboration with global partners, including the FBI, the UK’s National Crime Agency, and Canadian authorities, to track illicit financial flows and improve standards in anti-money laundering and counter-terrorist financing.
Other speakers at the forum included Commonwealth Secretary-General Shirley Ayorkor Botchwey; U.S. Congressman Jonathan Jackson; AUDA-NEPAD CEO, Nardos Bekele-Thomas; Rwanda’s Ambassador to the U.S., Matilde Mukantabana; and financial crimes investigators from the United States.
MEANWHILE, EFCC and the National Office of Investigation, Korean National Police Agency (KNPA), have signed a Memorandum of Understanding, MoU, on tackling economic and financial crimes and strengthening institutional capacities.
The signing of the MoU took place on September 16, 2025, in Seoul, South Korea, at the 3rd International Counter-Fraud Conference, themed “Global Fraud Shield: Coordinated Defense against Evolving Threats,” hosted by the Korean National Police Agency.
