Muhammed Abubakar, Reporting
THE Economic and Financial Crimes Commission (EFCC) has commenced monitoring of Federation Account Allocation Committee (FAAC) disbursements to state and local governments as part of a new strategy aimed at preventing the diversion of public funds before they are stolen.
The Chairman of the commission, Ola Olukoyede, disclosed this on Friday during the commissioning of the EFCC’s new Zonal Directorate in Awka, Anambra State.
He said the agency was moving beyond its traditional emphasis on investigation, prosecution and recovery towards preventing financial crimes at source.
Mr Olukoyede revealed that President Bola Tinubu had approved the monitoring of FAAC releases to states and local governments, describing the initiative as part of the commission’s broader preventive approach to fighting corruption.
The new directorate, which covers Anambra and Imo states, is expected to strengthen the EFCC’s operational presence in the two states and enable the commission to work more closely with governments, businesses and communities to identify and address areas vulnerable to fraud.
“This facility significantly expands our operational footprint and reinforces our capability to deliver comprehensive accountability oversight across both Anambra and Imo State,” Mr Olukoyede said.
He said the commissioning represented an expansion of access to justice, operational capacity and collaboration between the EFCC and citizens in the fight against economic and financial crimes.
According to him, the expansion of the commission’s physical presence across the country was made possible by appropriations by the National Assembly and interventions by the Tinubu administration.
He noted that the commission had established new directorates in Ekiti and Anambra states, with another scheduled for commissioning in Katsina State.
Mr Olukoyede said the expansion was particularly important for Anambra and Imo, given their economic activities, describing the states as centres of enterprise, innovation, commerce and industry.
He said legitimate businesses, investments and employment-generating activities in the two states needed protection from fraud, cybercrime, money laundering, investment scams and the diversion of public resources.
The EFCC chairman, however, stressed that the presence of the comm),ission in Anambra should not be interpreted as an indication that the state or its people were being targeted for wrongdoing.
Rather, he said the agency was also expected to help governments strengthen their economies and improve internally generated revenue by identifying weaknesses that could facilitate fraud.
“We are not just here to harm people. We are here to work with you to make sure that you succeed in your economic plans,” he said.
He urged the Anambra and Imo state governments to develop working relationships with the EFCC, particularly in areas such as IGR collection and land registries, which he identified as vulnerable to fraud.
He said the commission would work with the states to conduct fraud-risk assessments and develop controls capable of reducing leakages and improving revenue.
Mr Olukoyede also disclosed that the EFCC recorded significant enforcement and recovery outcomes under his leadership.
He said that between October 2023 and July 2026, the commission received 49,673 petitions, investigated 39,615 cases and filed 14,476 cases in court, securing 10,872 convictions.
He said the commission recorded 1,370 convictions from 1,889 filings in the first half of 2026 alone.
During the period, he said, the EFCC recovered N1.2 trillion, $684 million, £373,000 and €9.3 million, in addition to recoveries in other currencies.G
The chairman attributed the performance partly to reforms introduced within the commission, including changes to operational procedures, the establishment of a Department of Fraud Risk Assessment and Control, and stronger internal accountability mechanisms.
He said the reforms were designed to ensure that the EFCC complied with the Administration of Criminal Justice Act and other laws governing financial crime enforcement.
Mr Olukoyede said the commission’s growing emphasis on prevention was informed by the limitations and cost associated with recovering stolen funds after a crime had already occurred.
According to him, his experience in the sector had shown that the best approach was to stop public funds from being stolen in the first place.
“I have discovered that the best you can recover, maybe, is about 60 per cent,” he said.
He added that recovering even that proportion could require expenditure equivalent to between 20 per cent and 25 per cent of the amount being recovered.
He said this informed the creation of the Department of Fraud Risk Assessment and Control, which he said now goes into government institutions to examine financial releases and “follow the money”.
Mr Olukoyede said the EFCC was therefore no longer waiting for funds to be stolen before intervening.
“We are now in the business of preventing while we are still enforcing,” he said.
The chairman said the commission’s preventive mandate would include monitoring financial flows, identifying institutional weaknesses and helping government agencies strengthen controls before losses occur.
Mr Olukoyede cited the removal of the petrol subsidy as an example of how policy reforms could prevent financial crimes more effectively than prolonged enforcement after the fact.
He said the EFCC had about 18 fuel subsidy-related cases in court, some of which dated back to 2013, 2014 and 2015, but said the agency had made limited progress in concluding them.
According to him, the policy decision to remove the subsidy effectively eliminated the fraud opportunities associated with that regime.
“One policy statement has stopped the menace of financial crimes in fuel subsidy regime,” he said.
Mr Olukoyede said the experience demonstrated that the fight against corruption should not be limited to arrests, investigations and prosecutions.
He said policy reforms, stronger regulations, transparent procurement processes and measures that block financial leakages were equally important components of anti-corruption efforts.
He also cited the National Education Loan Fund (NELFUND) as another example of how government policy could address conditions that potentially contribute to cybercrime among young people.
According to him, some young people arrested for cybercrime had told investigators that financial difficulties, including an inability to pay school fees, contributed to their involvement in crime.
He said government intervention through student loans could therefore address some of the economic pressures that expose young people to cybercrime.
The chairman also disclosed that the commission had created an Immigration and Visa Fraud Section and was preparing to commission a Cybercrime Rapid Response Centre.
He said the centre was designed to enable the EFCC to respond to cybercrime incidents within the first 24 hours.
According to him, the facility would operate as a “fusion centre”, connecting the commission with banks, financial institutions and other law enforcement agencies.
The objective, he said, would be to facilitate rapid intervention in the movement of illicit funds, including virtual assets.
Mr Olukoyede also disclosed that nearly 60 per cent of the commission’s processes and operations had been digitised.
He said Nigerians could now submit petitions online through the EFCC website without physically visiting its offices, while petitioners could also track the progress of their cases electronically.
Mr Olukoyede said the commission had also introduced measures aimed at strengthening internal integrity among its personnel.
He said policies had been established on gifts and hospitality, conflict of interest and exhibit-room security, while the Internal Affairs Department had been renamed and restructured as the Ethics and Integrity Department.
He said all EFCC staff had been directed to declare their assets and that the commission was examining those declarations.
“If we are fighting financial crimes, we must ensure that the people who are doing this work, their hands must also be clean,” he said.
He warned that EFCC personnel found unable to explain the sources of their assets would face scrutiny.
The EFCC chairman also called for greater involvement of citizens in the fight against corruption, arguing that law enforcement agencies alone could not effectively monitor every financial transaction and public project across the country.
He said the commission had fewer than 6,000 personnel but had received almost 50,000 petitions within the period under review.
According to him, citizens often see signs of financial crimes before law enforcement agencies become aware of them.
He therefore urged Nigerians to develop what he called a “conscious watch” over public resources and activities in their communities.
“If a project meant for your community is abandoned despite funds being released, ask questions. Raise issues. If public resources have been diverted, don’t look away,” he said.
He also warned Nigerians against fraudulent investment schemes promising unusually high returns within very short periods.
Mr Olukoyede said the EFCC had recently secured convictions involving 21 companies linked to investment fraud and recovered more than N1 billion in one of the cases.
He urged citizens to verify investment schemes before committing their savings.
He called on traditional rulers, religious leaders, town unions, market associations, professional bodies, youth and women groups, civil society organisations and the media to participate actively in identifying and reporting suspected financial crimes.
The EFCC, he said, had established channels through which members of the public could submit petitions and information, including its Eagle app.
Mr Olukoyede also charged officers of the new Awka directorate to exercise their powers within the law and maintain professionalism in their dealings with citizens.
He said the commission’s mandate was to enforce the law and not to oppress or harass Nigerians.
“You are here to enforce the law, not to oppress the people,” he said, adding that investigations and interrogations must be conducted in accordance with the law.
He said professionalism, integrity, courage and respect for citizens should define the operations of the new directorate.
Mr Olukoyede commended the Anambra State Government for supporting the establishment of the directorate, saying the development demonstrated confidence in the commission’s ability to contribute to the state’s economic development.
He said the new directorate must justify its establishment through professional service and unwavering commitment to the EFCC’s mandate.
