Olukoyede Advocates Elaborate Reforms to Reduce Foreign Investment Risks in Africa

The Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Mr. Ola Olukoyede has described elaborate reforms as the panacea to investment risks across the African continent.

He made this disclosure on Friday, September 19, 2025 in Washington DC,  United States of America at the EBII Group African Leaders & Partners Forum.  According to him,  lowering investment risks in Africa requires broad-based and radical reforms that would make the continent a beautiful bride to investors around the world.

“De-risking Africa requires us to pay attention to reforms to improve the ease of doing business, respect for the rule of law and human capital development. Success in this regard, requires strong institutions in view of the challenges, which already exist in the agricultural, renewable energy and solid minerals sectors”, he said.

The EFCC’s boss, who joined other world leaders at the Forum to discuss de-risking investment in Africa’s strategic sectors: agriculture, energy transition and critical minerals, pointed out that Africa had huge potentials and deep riches in minerals and talents of its young and tech savvy population but needs fully-integrated reforms to attract more foreign direct investments.

He particularly showcased the rising successes of the EFCC in tackling various economic and financial crimes in Nigeria, owing to effective reforms and operational dynamics. According to him, the EFCC, in its 22 years of existence has maintained a trajectory of vigorous investigations, prosecutions and assets tracing, recovery and return . The consistency of the Commission in plying its mandate, he explained, has made it possible for it to deepen and widen the investment fortunes of Nigeria.

“There can be no greater incentive to investors than assurance of due process and rule of law. From a background of zero conviction for financial and economic crimes, we have achieved over 13,000 convictions in 22 years of operation. In 2024, the Commission secured 4111 convictions. This rekindles confidence that investors who for whatever reason felt cheated can seek redress and get justice’’, he said. Besides, he stressed that the Commission also offers advisory service, on demand, to foreign investors seeking information to navigate potential risks in Nigeria’s investment landscape.

“At intervals, EFCC issues alerts, to put the investing public on notice regarding trends in the investing environment that could expose them to unmitigated risks. An example was the notice on 58 Ponzi Schemes masquerading as investment schemes, which was published in March, 2025”

Referencing his reforms and initiatives since he assumed office about two years ago, the anti-graft czar affirmed that the corruption prevention aspect of the EFCC’s mandate was enhanced in 2024 by the activities of the Department of Fraud Risk Assessment and Control. Created in 2023, and mandated to deploy risk-based approaches in preventing corruption in Ministries, Departments and Agencies, MDAs, the department recorded major milestones in tracking the disbursement and utilization of public funds. It evaluated the over $50m contract under the Pi-CNG project ensuring Ninety-five percent delivery of buses and conversion kits.

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Other milestones of the Commission he placed before the global audience include the arrest of 792 crypto currency and internet fraudsters in Lagos in one single operation and in one day, the unmasking and forfeiture of 753 duplexes and other apartments in Abuja, the involvement of the EFCC in Nigeria’s efforts to enhance compliance with global standards on anti-money laundering and counter-terrorist financing (AML/CFTto exit the FATF’s grey list, the investigation and prosecution of sophisticated digital assets and investment fraud including the Crypto Bridge Exchange, CBEX, scam in which subscribers to a phony crypto investment scheme lost over half a billion dollars.

“ Some of the masterminds are being prosecuted before courts in Nigeria. Before CBEX, the Commission also investigated Binance, one of the major Crypto exchanges. The investigation was a revelation in terms of the quantum of resources controlled by the exchanges outside of the Nigerian financial system”, he said. He beckoned to the rest of the world to learn from the evidential successes of the EFCC as it collaborates in joint operations with the FBI, National Crime Agency, Canadian Royal Mounted Police and others to drive reforms in financial crimes investigations.

Olukoyede assured the global community that Nigeria and the rest of Africa hold better prospects. “Whether we like it or not, there is an ongoing scramble for Africa, which confirms global expectations of a continent waiting to unleash its potential. However, this time, the scramble is not in terms of territorial influence, as was the case in colonial times. Rather, forward-looking partners who are willing to key into the vision of Africa are already active in the continent, helping to build the foundation of our prosperity”.

Other speakers at the Summit include, Commonwealth Secretary-General, Shirley Ayorkor Botchwey, American Congressman, Jonathan Jackson, Chief Executive Officer of the African Union Development Agency- NEPAD, AUDA-NEPAD, Nardos Bekele-Thomas, Rwandan Ambassador to the United States, Matilde Mukantabana, Chief Executive Officer, National Bankers Association and Executive Director, National Bankers Association Foundation, Nicole Elam and Director| Chief Investigator, Texas Financial Crimes Intelligence Centre.