The Institute of Chartered Accountants of Nigeria (ICAN) has commended Ola Olukoyede, Executive Chairman of the Economic and Financial Crimes Commission (EFCC), for what it described as impactful and far-reaching achievements in Nigeria’s anti-corruption drive.
Haruna Yahaya, President and Chairman of ICAN, gave the commendation on Tuesday, during a courtesy visit to the EFCC corporate headquarters in Abuja, according to a statement by Dele Oyewale, the EFCC’s Spokesman.
Yahaya praised Olukoyede for recording milestones that, according to him, go beyond statistics and reflect renewed international confidence in Nigeria’s financial integrity.
“Your leadership has recorded significant milestones worthy of commendation. This includes unprecedented asset recovery running into hundreds of billions of naira, encompassing high-value properties, reaffirming the enduring principle that crime does not pay.
“Thousands of convictions have also been secured through diligent investigation and effective prosecution, thereby strengthening public confidence in the administration of justice”, Yahaya said.
He further noted that enhanced international cooperation under Olukoyede’s leadership had improved Nigeria’s global financial credibility and strengthened alignment with international anti-money laundering and counter-terrorism financing standards.
Yahaya specifically referenced Nigeria’s exit from the Financial Action Task Force (FATF) Grey List, describing it as a clear signal to citizens, investors and the international community that accountability, professionalism and integrity are being restored to the country’s anti-corruption architecture.
“This achievement sends clear signals to citizens, to investors and to the world that accountability, professionalism and integrity are once again central to Nigeria’s anti-corruption fight. We salute the courage, discipline and clarity of purpose that your leadership represents,” he said.
ICAN proposed six practical, high-impact areas of collaboration with the anti-graft agency to include forensic accounting and financial investigation; capacity building and specialised training; and joint training programmes for EFCC officers in forensic accounting, anti-money laundering compliance, data analytics, cryptocurrency investigations and emerging fraud typologies.
Other proposed areas are expert witness and litigation support, public sector financial oversight and early warning systems, as well as research, policy and technical advisory support, alongside ethics, prevention and public awareness initiatives.
Yahaya stressed that the fight against economic and financial crimes would be more effective when investigators and professional accountants work closely together.
“When law enforcement authority is backed with deep financial intelligence, technical rigour and ethical discipline, corruption has fewer places to hide,” he said.
In his response, Olukoyede welcomed the proposed partnership, noting that the mandates of both institutions intersect in promoting financial integrity and accountability.
“We know what our mandate is, to build a Nigeria that is free of financial crimes and corruption and I know that it is similar to what you do. So, I believe it’s important for us to work together,” he said.
He disclosed plans to establish a joint committee between the EFCC and ICAN to determine the scope and structure of the collaboration, which would culminate in the signing of a Memorandum of Understanding (MoU).
The EFCC Chairman underscored the growing importance of forensic accounting in investigations and prosecutions, describing it as “very key and germane” to the Commission’s operations.
“Particularly in the area of investigation. In matters of prosecution, we also need expert witnesses, professionals like you from time to time,” he said.
However, Olukoyede expressed concern over what he described as the troubling role played by some members of the accounting profession in enabling financial crimes.
He cited experiences from past investigations, including pension fraud cases and the recent trial involving a former Accountant-General of the Federation, where chartered accountants were allegedly implicated.
“It is so sad that you have so many professionals who are enablers of financial crimes.
“The essence of having a professional body is to ensure that we uphold the ethics of that profession. A situation where qualified chartered members of your profession become enablers of fraud is something the Institute has to discourage”, he said.
Olukoyede urged ICAN to embark on what he termed an “internal rebirth” to sanitise the profession, adding that the EFCC would furnish the Institute with a list of members found culpable in corruption-related cases.
“Some have been indicted, some are facing prosecution, some have been convicted. Even with their conviction, the Institute did nothing.
“They simply went back to the same profession. They are still practising. They were not suspended or delisted. These are things we need to work on together. We need to discourage such bad eggs,” he said.
