EFCC Boss Warns Corporates: Compliance is Cheaper Than Crime

ABUJA, Nigeria — The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has sent a strong signal to the private sector regarding regulatory discipline, asserting that the cost of compliance is a vital investment rather than a business burden.

​Olukoyede issued this charge on Tuesday, May 12, 2026, during a high-level meeting with the management team of Guinness Nigeria Plc, led by its Managing Director and CEO, Girish Sharma, at the Commission’s headquarters in Abuja.

​The Economics of Compliance

​Addressing the delegation, the EFCC boss emphasized that the Commission is shifting its focus toward a proactive, prevention-first strategy. He warned that businesses attempting to bypass regulations to save costs would eventually face much steeper financial and legal consequences.

​“I keep telling people that it’s cheaper for you to comply than not to,” Olukoyede stated. “Whatever you think you are saving by not complying, you will lose with time. The cost you put into compliance is never lost. Once you are compliant, we will work together.”

​He further clarified that the EFCC’s mandate extends beyond investigations to active fraud risk assessment. The Commission’s Department of Fraud Risk Assessment and Control is now working closely with both the private sector and government agencies to identify vulnerabilities before they are exploited.

​Tax Integrity and Economic Stimulation

​A major highlight of the discussion was the Commission’s rigorous oversight of tax records. Olukoyede reminded corporate entities that the failure to pay the correct amount of tax, or even the failure to file returns on time, constitutes a financial crime.

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​“We no longer wait for people to commit crime; we work with them to prevent it,” he said, adding that his administration intends to use the EFCC’s powers to stimulate the economy by ensuring a level playing field for transparent corporate bodies.

​Guinness Reaffirms Commitment to Nigeria

​In his remarks, Girish Sharma reiterated the brewing giant’s long-standing faith in the Nigerian market, noting that the company has remained operational in the country for 76 years despite recent macroeconomic turbulence that saw several multinational firms exit.

​Reinforcing the company’s ethical stance, Rotimi Odusola, the Corporate Relations and Legal Director of Guinness Nigeria, declared that the company operates on the principle that “there is no right way to do the wrong thing.” He pledged the organization’s continued adherence to Nigerian laws and regulatory frameworks.

​Olukoyede concluded by commending the company’s Corporate Social Responsibility (CSR) initiatives, noting that prioritizing giving back to the community is essential for sustainable business growth in Nigeria.