The fight against economic sabotage in Nigeria reached a significant milestone on Tuesday, February 10, 2026, as the Institute of Chartered Accountants of Nigeria (ICAN) and the Economic and Financial Crimes Commission (EFCC) moved to formalize a strategic partnership.
During a high-level courtesy visit to the EFCC corporate headquarters in Abuja, ICAN President and Chairman, Haruna Yahaya, lauded EFCC Executive Chairman Ola Olukoyede for his “unprecedented” success in restoring international confidence in Nigeria’s financial systems.
A Landmark Performance
Yahaya highlighted the EFCC’s recent string of victories, which include:
- Massive Asset Recovery: Reclaiming hundreds of billions of naira and high-value properties.
- Legal Successes: Securing thousands of convictions through meticulous investigation.
- Global Credibility: Leading the charge that resulted in Nigeria’s exit from the FATF Grey List, a move that signals to global investors that the country is serious about anti-money laundering and counter-terrorism financing.
”Your leadership represents courage and clarity of purpose,” Yahaya stated. “When law enforcement is backed by technical financial rigour, corruption has fewer places to hide.”
Six Pillars of Collaboration
To deepen this impact, ICAN proposed a six-point collaboration framework aimed at integrating professional accounting expertise with law enforcement:
- Forensic Accounting: Advanced financial investigations and data analytics.
- Specialized Training: Capacity building in cryptocurrency investigation and emerging fraud typologies.
- Expert Witness Support: Providing professional testimony during litigations.
- Public Sector Oversight: Developing early warning systems to prevent fraud before it occurs.
- Policy Advisory: Joint research and technical support for anti-corruption legislation.
- Ethics & Prevention: Strengthening public awareness and professional integrity.
The “Enabler” Challenge: A Call for Internal Rebirth
While welcoming the partnership, EFCC Chairman Ola Olukoyede delivered a sobering “tough love” message to the Institute. He expressed deep concern over professional accountants who act as “enablers” of systemic fraud.
”In our investigations—from pension fraud to the case of the former Accountant General—we often find chartered accountants at the heart of the schemes,” Olukoyede revealed. He criticized the Institute for failing to discipline members even after they had been indicted or convicted.
Olukoyede announced that the EFCC would provide ICAN with a list of members found culpable of financial crimes to ensure they are suspended or delisted. “The essence of a professional body is to uphold ethics. We must discourage the bad eggs together,” he added.
The meeting concluded with a commitment to form a joint committee to draft a Memorandum of Understanding (MoU), marking a new era of accountability for both the regulators and the professionals who manage Nigeria’s wealth.
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