EFCC Vows Stronger Fight Against New Fraud Schemes

The Executive Chairman of the Economic and Financial Crimes Commission, Ola Olukoyede, has said the anti-graft agency is well equipped to tackle the fast-evolving patterns of financial crimes now confronting Nigeria.

Olukoyede, represented by the Head of the Economic Governance Section of the Kaduna Zonal Directorate, ACE II Sadiq Abubakar, gave the assurance at the inaugural town hall meeting of the EFCC Zero Tolerance Club at Ahmadu Bello University, Kongo Campus, Zaria.

He spoke on the theme, “Following the Money: Legal Loopholes and the Fight Against Corruption in Nigeria,” where he described corruption as one of the biggest threats to Nigeria’s development and the stability of other developing countries. He said corruption weakens institutions, erodes public trust, discourages investment and diverts resources that should be used for national development.

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According to him, fraudsters are constantly devising new schemes, especially with the aid of technology, but the EFCC has also upgraded its response with modern investigative techniques and innovative enforcement strategies. He reaffirmed the commission’s commitment to anti-corruption advocacy and to the pursuit of economic and financial crime suspects across the country.

Olukoyede also identified delays in the criminal justice system as a major setback in the anti-graft war. He said effective enforcement depends on timely investigation, prosecution and adjudication, warning that prolonged legal proceedings can weaken cases and reduce public confidence in the justice system.

The Dean of the Faculty of Law at Ahmadu Bello University, Professor Salim Bashir Magashi, who represented the Vice Chancellor, commended the engagement and said it would help shape students’ values and discourage fraudulent conduct.

The event also featured a debate by members of the Zero Tolerance Club on the motion: “Nigeria Urgently Needs a Specialised Anti-Corruption Court, Separate from Other Courts to Handle EFCC Cases.”

The club’s staff adviser, Bukar Suleiman, said the group was established to promote accountability among students and in student union bodies. He warned that corruption could ruin the future of young people and urged students to embrace integrity.