News

Nigeria’s system allows fraud to flourish – EFCC boss

Published

3 months ago

August 23, 2024

Admin

The Chairman of the Economic and Financial Crimes Commission, Mr. Ola Olukoyede has said “Nigerians are good people”, but the problem is that the country operates “a system that allows fraud to flourish.”

This is as Olukoyede stressed the need for public officeholders to uphold transparency and accountability in the conduct of affairs in the country.

Olukoyede, who spoke when a delegation of the NDDC management, led by its Managing Director, Dr Samuel Ogbuku, paid him a courtesy visit at the EFCC’s headquarters in Abuja, said that he was impressed by the “Rewind to Rebirth” initiative of the Commission.

This was contained in a statement issued in Port Harcourt on Friday by the NDDC Corporate Affairs Director, Seledi Thompson-Wakama, sent to newsmen.

The statement quoted the EFCC chairman, saying, “The five minutes of interaction with the MD left me with a different perception of NDDC. I want to congratulate and also thank you for your readiness and commitment to bring change. Maybe, we will begin to see an NDDC that is a symbol of pride, accountability, transparency and able to deliver on its mandate.

“That is what the NDDC should stand for and I want to thank you for bringing that to the table. From his presentation, you can see that he is somebody who is ready to bring a change, and that is the exact thing that we stand for in EFCC.

“It is possible for us to build a system of accountability, transparency and integrity in Nigeria.”

Olukoyede used the occasion to urge all public officeholders to uphold probity, transparency and accountability in the management of the finances they hold in trust for the public knowing that a day of reckoning would come.

He said: “Always have it at the back of your mind that while you are on this side today, you might be on the other side tomorrow. Let it be the guiding principle for those in positions of trust in everything they do.

“That has always been my own guiding principle because you will not be there forever. You can protect certain things today, but if you leave, you will discover that the person closest to you, maybe someone who benefitted from you, would be the one to expose you.”

He also said, “Fundamentally, Nigerians are good people. The only problem that we have is the system that we operate; a system that allows fraud to flourish. But if you take the same Nigerian who is corrupt in our system to an environment with strict regulatory compliance and structures, you will discover that he will behave.”

The EFCC boss assured that the Commission would continue to do its job with determination and courage, noting: “We are not going to compromise. We have been called names and maligned but we are resolute. We are moving forward because somebody has to do this job and we will do it and deliver.

“I told Nigerians upon my assumption of office that we are going to use the instrumentality of the anti-corruption fight to build the economy and ensure good governance.”

Olukoyede assured that the EFCC would continue to assist the NDDC to achieve its mandate.

“We have been working with you to make recoveries, we will continue to do more.

“The collaboration is something we need to take to the next level, and with what you have put on the table I think we are ready to work with you to strengthen your systems and processes and to take the NDDC to the next level,” he said.

Speaking earlier, the NDDC Chief Executive Officer, Dr Ofbuku, explained that the visit to EFCC headquarters was in appreciation of the financial recoveries the Commission made on behalf of the NDDC, which he said had helped in developing the Niger Delta region.

He said: “We want, as a management, to thank the EFCC for supporting the NDDC to make the recoveries that have helped the region and the Commission. Mr Chairman, this is to let you know that the NDDC is investing the recoveries in projects.

“At a point, we will invite the EFCC to join us in commissioning some of those projects. It will be a sign that the recoveries made by the EFCC are used to support the development of the Niger Delta.”

Ogbuku said further: “Apart from thanking you, we also came to let you know what the NDDC has been doing so far. Many people had a very dark impression of the NDDC but we thought that we should look forward and not backward.

“So, we came up with the policy of rewind to rebirth, because we just have to go back a little to see where we started and what we needed to do in future. We went back to our books and interacted with previous management to know where things went wrong. One of the areas that we have to rebirth the NDDC was in the area of transparency.”

He sued for enhanced collaboration between NDDC and EFCC, observing: “We believe that further collaboration with the EFCC in the area of technical support will further strengthen us as a Commission and guide us in our operations. I also want to use this opportunity to plead with Mr Chairman that before our corporate governance performances and SOP (Standard Operating Procedure) are passed, you should delegate some of your officers to look at the documents and probably make your input in areas where you think you can further contribute in strengthening us as an organisation.”

He also pleaded for further technical support in the area of training finance staff of the NDDC in financial management.

News

Change Negative Narrative About EFCC Being Used For Settling Political Scores- Reps

Published

5 hours ago

November 12, 2024

Austin Ojomah

………Ask Anti Graft Agency To Fight Financial Crimes Within Established Laws

.
……My Staff Are Poorly Paid, EFCC

…., States Why Fight Against Yahoo Boys Fierce

The House of Representatives has tasked the Economic and Financial Crimes Commission, EFCC, to purge itself from the negative impression that its being used to settle political scores and concentrate fighting financial and economic crimes within established laws.

The House handed the advise on Tuesday through the Chairman House Committee on Financial Crimes Honorable Ginger Onwusibe who led members of the committee on the 2024 oversight exercise on the commission.

The oversight covered extensive facility tour of departments and critical operational units of the antigraft agency.

In his terse remarks, Hon. Onwusibe challenged the agency to improve its operational activities in combating economic and financial crimes by complying with its 2004 Establishment Act and other relevant applicable laws like the Money Laundering ( Prevention and Prohibition) Act 2022: Terrorism ( Prevention and Prohibition) Act 2022: The Proceeds of Crime Act. 2022, as well as other statutes, that compels it to carry out these roles transparently with accountability and show that the negative maxim being peddled in some quarters that the agency is often being used for settling political scores is incorrect .

The committee assured that it will collaborate with the commission to actualize its mandate by enacting new laws or amending old ones and as well providing budgetary interventions, if it must strive tirelessly to be on top of its challenges

The House urged the agency to collaborate with sister agencies and desist from keeping suspects as- awaiting ‘trial in correctional centres nationwide

“At this point let me add that a recent visit to the Maximun and Minimun Correctional centres in Kirikiri Lagos State, numerous suspects have been awaiting trial for over one year and yet we are all acquainted with the saying that justice delayed is justice denied”

” It is on this note that we call on the EFCC, Attorney General of the Federation and the Judiciary to improve and ensure the administration of justice works and is efficiently delivered to the victims”

The House warned the agency to purge itself of rotten eggs in order to fight economic and financial crimes frontally, thereby stimulating the Nigerian economy

It also urged EFCC to focus properly on its mandate.

” The issue of appropriate and proper focusing on the mandate of the EFCC must relentlessly be on the front burner:

“Orders from competent courts , arrest and debt recovery must be pursued religiously” the House cautioned

But on its side, the antigraft agency said it has not deviated from its focus but rather working hard and fighting financial and economic crimes as enunciated in its mandate.

Chairman of the agency , Ola Olukeyede told his guest in his remarks during the oversight visit that the commission was doing much to fight financial and economic crimes and stimulate the Nigerian economy

He said so far that the agency has recovered over N250bn cash, tens of million of Dollars and other foreign currencies, with over 3000 convictions: 17000 petitions while also investigating over 20000,with about 4000 fresh cases , all being handled by a misery number of staff strenght

He noted that its priority is to improve the country’s image and stimulate its economy, such that there could be improvement in foregin direct investments and stimulation of the local economy.
Olukeyede however, argued that the agency needed more staff strenght, funding , better renumeration for staff because they were poorly paid. He also emphasised on modern day technology to fight the ever dynamic cyber criminals

According to the EFCC boss, it was important to give more salary to EFCC staff and deploy modern technology to fight emerging cyber crime dynamism . He expalined that the agency has increased efforts to fight Yahoo, yahhoo, boys because of their ability to crumble any economy within a twinkle of an eye

According to him, the agency was expanding its drag net to focus on ministries, departments and agencies infrastructural projects. ” “Go to MDAs and see their budget implementstion. It is not up to 20%”

“We want to ensure 50% infrastructural development” the anti graft boss announced, insisting that it would henceforth encourage monitoring of project implementation which was an aspect of preventing financial crimes

He said the agency has dismissed lots of erring staff, and will continue to dismiss and even prosecute them going forward.

Olukeyede disclosed that it had designed a template on staff integrity, using the Gift- Policy model

.” It is not every thankful gift we should collect” the EFCC boss warned

” I am advocating for more welfare improvement, better welfare, he said.

“We will do more recoveries, more convictions, but we need more resources to do our work, maintaining that, that was his stand on ethics and integrity .

Olokeyede’s demand for more salary wage for staff of the commission, is seen as an incentive to boost welfare and morale to fight financial crimes to standstill.

He stated that there was the utmost need to increase salaries of staff of the commission

The EFCC boss who spoke on his stewardship in the last one year, further added that it increased the war against Yahoo- Yahoo boys because of the consequences of their nefarious acts which could crumble a nation’s economy in a jiffy.

He argued that more technology was required to fight financial crimes.

For instance he explained that it was a common scenario then for thieves and armed robbers to attack and break into banks with guns and Dynamites

” But it is the same common and more easier scenario and task now to have Yahoo-Yahoo boys and bank thieves attack banks with technology in the comfort of their homes or hideouts”

“So we need technology and we also need to increase our fight against these Yahoo boys who can dismantle any economy within a twinkle of an eye

He called on the national Assembly to improve and increase its finances because fighting Financial crimes was a herculean task that requires adequate funding

Olokeyede who apparently was responding to criticisms of the commission’s over concentration on Cyber crimes/ thieves, perpetrated by Yahoo boys, said he has made tremendous impact in enforcement, investigation and conviction with an outstanding record convictions between October 2023 when he was appointed till date

News

Trouble looming for Obaseki as Gov Okpebholo orders probe of his admin

Published

6 hours ago

November 12, 2024

Kayode Sanni-Arewa

By Kayode Sanni-Arewa

Governor Monday Okpebholo of Edo State has ordered the setting up of a committee to probe the immediate-past administration of Godwin Obaseki for its failure to inaugurate 14 Edo Assembly lawmakers-elect into the 7th Assembly.

Okpebholo disclosed this while giving his inaugural speech as the new governor of the state.

Governor Okpebholo also ordered the State Chief Judge to immediately investigate the initial delay of former Governor Obaseki to inaugurate duly-cleared judges by the National Judicial Council (NJC) last year

News

Naira may depreciate to N1,993 against dollar – Report

Published

6 hours ago

November 12, 2024

Kayode Sanni-Arewa

By Kayode Sanni-Arewa

Nigeria’s naira has been projected to depreciate further to N1,993 per dollar in the coming days.

This is according to BMI, a Fitch Solutions subsidiary report title, ‘Weak Naira and Structural Challenges to Constrain Nigeria’s Medical Devices Market Growth’.

The report said the forecasted depreciation will be predicated on the 95 percent dependence on imports for pharmaceuticals in Nigeria.

According to the report, the development would erode both the health system and patient purchasing power.

“We expect that the naira will end 2028 at N1,993/$ from N306/$ in 2018.

“As the naira weakens, the cost of importing medical devices will continually increase, eroding both the health system and patient purchasing power, especially to invest in essential medical technologies given the underfunding of the public health sector,” the report stated.

This comes as Naira fell to N1681.42 and N1735 at the official and parallel foreign exchange markets on Monday.

This comes as FMDQ FX transaction turnover dropped significantly from $1.4 billion on Friday to $471.5 million on Monday.

Last Thursday, the Governor of the Central Bank of Nigeria, Olayemi Cardoso, said the country’s external reserves rose to $40 billion.

Despite Central Bank of Nigeria’s interventions and external reserves rise in the last months, the naira has continued to experience fluctuations in the FX market.