The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has stated that corruption, rather than religion or ethnicity, is the primary cause of insecurity in Nigeria.
He made this known while delivering a paper titled “Corruption, National Security and Economic Prosperity” at the Annual Lecture Series of the Nigeria Air Force Officers Mess Honourary Members’ Forum in Lagos. The lecture was presented on his behalf by the EFCC Director of Public Affairs, Commander CE Wilson Uwujaren.
Olukoyede explained that weak accountability in the management of public and private resources has allowed corruption to become deeply entrenched across the country. Although religious extremism, ethnic tensions and self-determination agitations are often cited as causes of insecurity, he stressed that corruption remains the underlying driver.
According to him, insecurity worsens when funds meant for security operations are diverted or when resources that should address poverty and social welfare are misappropriated by political elites. He condemned the abuse of security votes, describing them as opaque and frequently exploited for looting public funds, citing the prosecution of a former governor over the alleged diversion of more than ₦4 billion.
The EFCC chairman said the Commission contributes to counterterrorism and the fight against violent extremism through non-kinetic approaches, such as tracking illicit financial flows, monitoring Bureau De Change operators and designated non-financial institutions, and combating money laundering. He added that the EFCC also monitors local and international NGOs in the North-East to prevent their use as fronts for subversive activities, while working with regional anti-corruption bodies under the Network of Anti-Corruption Institutions in West Africa (NACIWA).
Olukoyede noted that asset recoveries by the EFCC have supported Nigeria’s economic recovery, with recovered funds channeled into social intervention initiatives like the students’ loan and consumer credit schemes. He also said the Commission’s actions against currency racketeering, naira mutilation and illegal forex trading have helped reduce pressure on the national currency.
He further disclosed that since assuming office, the EFCC adopted a policy of not shutting down businesses under investigation, in order to protect jobs and livelihoods amid economic challenges.
In a statement on Monday, the EFCC Head of Media and Publicity, Dele Oyewale, said the Chairman of NAFOM-HMF, Ikeja, Dr. Goke T. Akinrogun, commended Olukoyede for the lecture, while the Chief Host, Air Commodore Ewejide Akintunde, praised the organisers for sustaining the annual forum.
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