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EFCC to recover Nigerian loot abroad

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By Mercy Kelani

Nations harbouring these funds are more corrupt than Nigeria itself — EFCC Boss.

Mr. Ola Olukoyede, the head of the Economic and Financial Crimes Commission (EFCC), has announced the commission’s intention to pursue countries outside Nigeria that are hoarding unlawfully transferred funds from the nation. During a Road Walk that happened in Abuja to celebrate the International Anti-Corruption Day in 2023, Olukoyede made a revelation that nations harbouring illicitly transferred funds from Nigeria are evidently more corrupt than Nigeria itself. This pronouncement shed light on the magnitude of corruption beyond Nigerian borders.

He issued a stern alert, declaring that the Commission shall caution any nation that hoards Nigeria’s riches. Every member of the global community should be prepared to face its pursuit, aimed at retrieving what rightfully belongs to the country. The individuals harbouring Nigerian ill-gotten wealth exhibit a higher level of corruption than the nation itself. By hoarding the funds extracted from Nigeria’s coffers and stashing them overseas, they not only accept the money but also linger atop it, thereby epitomizing a greater degree of corruption.

Shifting emphasis towards preventive measures.

The Commission’s pursuit shall encompass these culprits as it endeavours to reclaim the funds, aiming to foster Nigeria progress and development. The EFCC Boss emphasized that, under his administration, the EFCC’s new era will focus on prevention as a priority and actively discourage any behaviours that foster corrupt practices. The main agenda of the EFCC encompasses three distinct policy goals. Firstly, the focal point of its efforts in Nigeria ongoing battle against corruption is to shift emphasis towards preventive measures, as it firmly believes that prevention surpasses the need for subsequent treatment.

Also, the Commission aims to champion authentic enterprises, fostering an environment that encourages their growth and success. It is also determined to establish a culture of fiscal responsibility and discipline within the Nigerian surroundings. The objective is to obstruct any existing loopholes by actively promoting equality in opportunities. The Commission’s approach does not involve waiting until money is pilfered before taking action. In fact, if individuals have intentions to steal ten naira, it proactively aims to intercept seven naira, reducing the amount that will be pursued to merely three naira.

No nation can progress if it accepts corruption.

This strategy ensures a more streamlined and manageable process for the EFCC. He added that they will relentlessly pursue those individuals who have intentions of stealing Nigeria funds. In an age of fresh financial planning, he reassured that the EFCC has communicated its intentions to all its financial custodians, declaring its commitment to collaborate with them. Everyone in the Commission pledges to diligently track every penny that is disbursed, ensuring that these funds are utilized for the betterment of the Nigerian populace rather than just a privileged few.

Nigeria’s common wealth bestows its blessings upon various groups of people such as students, workers, old individuals, and retirees, leading to their utmost advantage. No nation can progress if it accepts corruption. While some individuals may hold the belief that corruption is insignificant, the EFCC is here to affirm that it is detrimental. Despite pessimistic views on Nigeria’s future, the country is far from being destroyed. Corruption will be vigorously fought until it is completely eradicated, he further emphasized.

Delays inadvertently foster an environment conducive to theft.

Seeking a unified front in the battle against corruption, he appealed for the Judiciary, Executive, and Legislators to extend their steadfast backing. In addition, Comrade Uchenna Ekwe, who is the Head Country operation NLC and a representative of the Nigeria Labour Congress (NLC), highlighted the imperative for the judiciary to rise to the occasion and provide unwavering support to the EFCC. He expressed his disappointment over the lengthy delays in resolving financial crime cases, emphasizing that such delays inadvertently foster an environment conducive to theft and impede the effectiveness of the EFCC.


Related Link

EFCC: Website


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AN-Toni
Editor
2 months ago

EFCC to recover Nigerian loot abroad. – Nations harbouring these funds are more corrupt than Nigeria itself — EFCC Boss. – Express your point of view.

SarahDiv
Member
2 months ago

Corruption in Nigeria is a persistent challenge, affecting various sectors. Efforts by institutions like the EFCC demonstrate a commitment to combating corruption, but the issue remains deeply rooted. A collective and sustained approach is essential for meaningful progress and development.

Adeoye Adegoke
Member
2 months ago

I understand your interest in hearing a detailed point of view on the matter of the EFCC’s efforts to recover Nigerian loot abroad and the statement made by the EFCC boss regarding the corruption levels in the nations harboring these funds.
Corruption is a significant challenge that many countries, including Nigeria, face. It undermines economic development, erodes public trust, and hampers the overall well-being of society. The recovery of stolen assets is crucial for Nigeria’s progress and the fight against corruption.
When it comes to nations harboring these funds, it is important to recognize that corruption exists in various forms and degrees across the globe. While some nations may have challenges with corruption, it is not fair to make a blanket statement that they are “more corrupt” than Nigeria itself. Corruption is a complex issue influenced by a multitude of factors such as governance, transparency, and accountability mechanisms in each country.
Efforts to recover stolen assets require collaboration, legal frameworks, and diplomatic channels. It is encouraging to see the EFCC taking action to track and repatriate these funds. This demonstrates Nigeria’s commitment to combating corruption and ensuring that stolen wealth is returned to its rightful place.
In summary, the recovery of Nigerian loot abroad is a critical endeavor that requires international cooperation. While it is important to address corruption in all its forms, it is essential to approach the issue with nuance and avoid generalizations about the corruption levels of nations involved. The focus should remain on recovering stolen assets, strengthening domestic institutions, and fostering a culture of transparency and accountability in Nigeria and beyond.

Kazeem1
Member
2 months ago

Nigeria continues to face a serious problem with corruption, which has an impact on many facets of society. In order to solve the deeply ingrained problem all agencies should work together are essential, with a focus on prevention and cooperation. All this loot aboard should be recover back to the country

Taiwo
Member
2 months ago

Nigerian plunder would be recovered abroad by the EFCC. Nigeria itself is not as corrupt as the countries that harbor these funds – EFCC Chief Corruption is a severe issue that many countries face.It’s encouraging that the EFCC is working to find and give these money back to the rightful owners. Nigeria’s determination to combat corruption and ensure that embezzled funds are returned to their rightful owners is demonstrated by this.