Blessing Omale, Abuja
Ola Olukoyede, Chairman of the Economic and Financial Crimes Commission (EFCC), has said that the agency will investigate constituency projects overseen by lawmakers to ensure greater accountability and transparency.
He made the statement during an oversight visit by the Senate Committee on EFCC on Monday, emphasizing that corruption has long undermined community projects, eroding public trust in the government.
He stressed the importance of making the funding, timelines, and contractors for these constituency projects transparent, urging for public disclosure to allow communities to monitor these efforts.
“Corruption undermines development, erodes public trust, and stifles the very projects designed to uplift communities,” he stated.
He said that many Nigerians have questioned the effectiveness and transparency of projects intended to benefit local areas through investments in infrastructure, education, and healthcare.
During the Senate Committee’s visit, Emmanuel Udende, Chairman of the Senate Committee on Anti-Corruption and Financial Crimes, highlighted the committee’s commitment to holding the EFCC accountable.
“We’re here to review your budget performance, monitor asset recoveries, and offer our continued support,” Udende said, adding that oversight is vital for keeping institutions aligned with national goals.
The EFCC Chairman also shared updates on recent achievements and ongoing challenges.
He disclosed that the agency has recovered assets valued at close to $250 million in cash over the last year, tracing properties and funds linked to financial crimes across Nigeria.
Olukoyede explained that these recoveries often face public scrutiny, as many wonder where recovered assets and funds are directed.
He clarified that direct recoveries are funneled to the federal government, while indirect recoveries, such as restitutions, benefit victims of crimes, including institutions like the Federal Inland Revenue Service (FIRS) and other agencies.
Reflecting on the EFCC’s priorities, Olukoyede shared his commitment to stimulating the Nigerian economy by fighting corruption in critical sectors, with particular focus on the extractive industry.
He stressed the need to handle cases from both large and small financial crimes, citing cybercrime as a growing threat.
The EFCC has responded by establishing a Cybercrime Research Center to rehabilitate young offenders through training in cybersecurity skills.
He also highlighted the EFCC’s legislative compliance efforts, noting that the agency had submitted its annual reports on time for two consecutive years, marking a shift towards greater operational transparency.
The Senate Committee praised the EFCC’s commitment to reform and transparency and urged continued collaboration.
Udende reiterated the committee’s oversight role, inviting open engagement to address areas needing improvement.
