Ola Olukoyede, Executive Chairman of the Economic and Financial Crimes Commission (EFCC), has revealed that the agency has secured more than 13,000 convictions since its establishment 22 years ago, positioning Nigeria as a safer destination for investment.
Speaking on Friday at the EBII Group African Leaders and Partners Forum in Washington D.C., Olukoyede said the commission’s work has been central to building investor confidence in Nigeria and, by extension, Africa.
He disclosed that the EFCC recorded 4,111 convictions in 2024 alone, describing it as a testament to the commission’s consistency in fighting financial crimes.
“There can be no greater incentive to investors than assurance of due process and the rule of law.
“From a background of zero convictions for financial and economic crimes, we have achieved over 13,000 convictions in 22 years of operation.
“This rekindles confidence that investors who feel cheated can seek redress and get justice”, Olukoyede said.
Olukoyede joined global leaders and policymakers at the summit to deliberate on de-risking investment in Africa’s strategic sectors: agriculture, energy transition, and critical minerals.
He argued that lowering investment risks on the continent requires “broad-based and radical reforms” that improve the ease of doing business, enforce the rule of law, and strengthen institutions.
Africa, he noted, possesses enormous potential in human capital, technology, and natural resources, but must implement integrated reforms to unlock foreign direct investment opportunities.
Spokesperson, Dele Oyewale, Olukoyede showcased the commission’s achievements in shaping Nigeria’s investment climate through vigorous investigations, prosecutions, and asset recovery efforts.
“Since assuming office nearly two years ago, Olukoyede has introduced new reforms to strengthen corruption prevention, including the establishment of the Fraud Risk Assessment and Control Department in 2023.
“By 2024, the department was already tracking disbursement of public funds and monitoring contracts such as the $50 million Pi-CNG project, ensuring 95% delivery of buses and conversion kits.
The EFCC chairman also highlighted other breakthroughs, including the arrest of 792 cryptocurrency and internet fraud suspects in a single Lagos operation.
He also mentioned the forfeiture of 753 duplexes and apartments in Abuja linked to illicit funds and enhanced compliance efforts to enable Nigeria’s exit from the Financial Action Task Force (FATF) grey list as part of his major achievements since assuming office.
Investigations into large-scale digital asset scams, including the Crypto Bridge Exchange (CBEX) fraud, where victims lost over $500 million. Probing Binance, one of the world’s biggest crypto exchanges, to expose the flow of resources outside Nigeria’s financial system”, he mentioned
Olukoyede said the EFCC now provides advisory services to foreign investors, including regular alerts on risky investment schemes.
He recalled the agency’s March notice warning the public about 58 Ponzi operations disguised as investment firms.
Olukoyede urged international partners to adopt Nigeria’s anti-graft model, stressing that the EFCC works closely with global agencies such as the FBI, the UK’s National Crime Agency, and the Canadian Royal Mounted Police in tackling cross-border financial crimes.
“Whether we like it or not, there is an ongoing scramble for Africa. Unlike colonial times, this scramble is driven by forward-looking partners who believe in Africa’s future and want to help build its prosperity,” he said.
