The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has warned that internet-based crimes often referred to as yahoo yahoo should not be treated with kid gloves as it cost the country over $500,000 (Five Hundred Thousand United States Dollars) in one year.
Speaking during an oversight visit by members of the House of Representatives Committee on Financial Crimes to the Commission, Tuesday, he said: “I wish to remind everyone that this issue of yahoo yahoo thing that some people are treating with kid gloves is a crime that cost the nation over $500,000 (Five Hundred Thousand United States Dollars) in one year and that is what some people are joking about……..CONTINUE READING
“”We expect all these because it is obvious that when you fight corruption, corruption will fight back. But we are not really perturbed. We will continue to work irrespective of what people say about us, what we know within ourselves is that we will continue to do this work within the limit of our resources and be committed to it.”
The EFCC boss stated that the fight against corruption and financial crimes won’t be effective if it does not energise the economy.
“As I made it known on the floor of the Senate in the course of my confirmation last year, the essence of the EFCC mandate is to move Nigeria forward. And I made known my three policy objectives.
“So, we have embarked on these since October last year with the help of my management team and the entire EFCC staff, and I am happy to announce to you that between October last year and October this year we were able to recover about N250 billion in cash, tens of millions of dollars, tens of millions of pounds sterling and other currencies,” he stated.
According to Olukoyede, the commission devised proactive measures in its fight against corruption by tracing assets of people being investigated so as to dent them access to the proceeds of crime which they often deploy against the commission.
“…I told my people that the moment we start investigation, we must also start asset tracing because asset recovery is pivotal in the anti-corruption fight. If you allow the corrupt or those that you are investigating to have access to the proceeds of their crime, they will fight you with it. “So one of the ways to weaken them is to deprive them of the proceeds of their crime. So, our modus operandi has changed tremendously. The moment we begin investigation, we begin asset tracing. That was what helped us to make our recoveries.”
The commission’s boss, who emphasized fraud prevention stated: “I believe that the best way of fighting corruption is to prevent it. In the past one year, we have had cause to establish a new Directorate called Fraud Risk Assessment and Control (FRAC). The mandate of this Directorate is to work with the Office of the Accountant General to look at the financial releases and go into the MDAs and monitor the implementation of projects because in the last 20 years we discovered that we have not done up to 20 per cent of our capital project implementation and execution.
“So, our focus this year is to work with the new Directorate and the National Assembly to see if we can meet up to 50 per cent execution of our capital projects. If we do 50 per cent we will be fine as a nation.”
Earlier, the Chairman of the committee, Hon. Ginger Obinna Onwusibe, stated that the period of oversight was essential for assessing the performance of Ministries, Departments, and Agencies (MDAs), ensuring accountability and efficiency within the public sector and fulfilling our obligation to the Nigerian people.
Hon. Onwusibe noted that financial crimes undermine development when public money is diverted from necessary legitimate expenditure programmes to enrich private individuals.
He further stated that, “Financial crime specialists were responsible for identifying, investigating, and preventing financial crimes that pose significant risks to the financial industry.
“They play a vital role in ensuring the integrity of financial institutions and safeguarding the interests of individuals and businesses alike.”
The Committee chairman pledged that, “The House of Representatives in line with its mandate has taken on the task of developing legislative interventions and approaches for optimal responsiveness in ensuring improved and increased oversight regarding the implementation of the 2024 Budget to ensure value for our money.
“The committee hereby pledge absolute commitment to our statutory oversight mandates as well as initiates an improved collaboration to ensure that the EFCC opens a new progressive page in its efficiency, accountability, and compliance with relevant and applicable laws.”
