On Wednesday, Ola Olukoyede, Chairman of the Economic and Financial Crimes Commission (EFCC), announced that the commission will enhance its monitoring of bank transactions to prevent financial resources from reaching criminals, including bandits and terrorists.
Represented by Wilson Uwujaren, Director of the Public Affairs Directorate, Olukoyede made these remarks at the 2024 Annual Civil-Military Conference held at the National Defence College in Abuja.
Olukoyede emphasized the link between corruption and insecurity, noting that corruption fuels poverty, which increases the vulnerability of unemployed individuals to recruitment into criminal activities such as banditry, kidnapping, and terrorism. He stressed that tackling corruption is crucial for improving national security and development.
“It is time for us to collectively fight corruption, which has become a significant challenge to our nation’s progress,” Olukoyede stated. He highlighted that corruption depletes resources needed for infrastructure and public services, worsening poverty and driving people toward criminal activities.
The EFCC plans to step up its efforts to monitor financial flows, particularly in the banking sector, to curb the flow of illicit funds to criminal groups. This initiative aims to reduce the financial incentives behind such activities and contribute to greater national security.
In a related call for action, Imaan Ibrahim, Minister of State for Police Affairs, urged all Nigerians to take collective responsibility in addressing insecurity. “Security is everyone’s responsibility, not just that of the police and other law enforcement agencies. We must join forces with law enforcement bodies to combat insecurity effectively,” Ibrahim said.
