The Executive Chairman of Economic and Financial Crimes Commission (EFCC), Ola Olukoyede has said the commission recovers less than 20 percent of public funds that have been stolen in the country.
Olukoyede further explained that the cost of recovery amounts to 25 percent of recovered funds.
The EFCC chairman said this while harping on the need to prevent stealing of public funds when he was conferred with the “Man of Valour” Award by Global Peace Movement International (GPMI), an international organisation with presence in 27 countries on Wednesday, July 3.
While bewailing the scourge of corruption in the country, Olukoyede promised not to disappoint Nigerians and not to spare the corrupt.
“For every N10 the EFCC recovers, more than N50 has been stolen and for you to recover that N10, you need approximately N2.50k.”
To this end, he restated the commitment of his administration to the pursuit of preventive frameworks to tackle corruption.
“We decided to go by the way of prevention and I set up a directorate of Fraud Risk Assessment and Control (FRAC). With this Directorate, we are going into MDAs and monitor real time the implementation of budgets. As money is being released, we will be tracking it,” he said.
Olukoyede dedicated the awards presented to him to the commission, expressing appreciation of the management and staff of the EFCC to GPMI.
He pointed out that everyone that identifies with the EFCC in its bid to tackle the menace of economic and financial crimes is a corruption fighter.
“On behalf of the management and staff of the Economic and Financial Crimes Commission I would like to thank you very much for the honour that you have done to us. I want to tell you that we would not take the honour for granted. We are going to improve on whatever that has led to this. Everyone who identifies with our mandate is a corruption fighter.
Olukoyede acknowledged the political will of President Bola Tinubu to fight corruption, stressing that the president is not interfering in the works of the EFCC.
“If God has not brought someone like President Bola Ahmed Tinubu who gives us free hand to do this job, imagine what would have happened to our system? There is so much to be done and somebody must do this job. Let us come together to give Nigerians the benefit of good governance.”
He restated that no shade of economic and financial crime would go unaddressed under his leadership of the EFCC.
“We will do the mini; we will do the mega. If you don’t do the mini, the mini will become the mega. Some of these people stealing money in high places started from the local governments, they started as leaders of associations in schools, where they stole money and they did nothing to them and it became part of their lives,” he said.
While touching on the negative impact of internet crimes, Olukoyede disclosed that several international companies had to shut down their Nigerian operations following massive theft of their finances through local wire fraud.
“In 2022, we lost over $500million in our economy to yahoo boys. The statistics are there. In the same year, about 71 international companies left Nigeria because they hacked their accounts.
“We can’t get credit cards in Nigeria because of our poor credit rating because of the activities of these cyber criminals, so the best we can get is debit cards.
“Do you know that there are some international merchants that you cannot use Nigerian cards on their platforms? Display your Green Passport outside the country and see if they will not take you aside and search you thoroughly,” he said.
The EFCC boss charged Nigerians to fully embrace the fight against economic and financial crimes in the overall interests of the nation.
