The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has identified corruption as the most critical factor undermining Nigeria’s national security and economic prosperity, calling on Nigerians to embrace greater accountability in both public and private life.
Olukoyede made the call on Friday, December 19, 2025, 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.
He was represented at the event by the EFCC’s Director of Public Affairs, Commander of the EFCC, CE Wilson Uwujaren.
According to the EFCC chairman, weak accountability in the management of resources has deepened corruption across the country, with grave consequences for national stability. While acknowledging that insecurity is often attributed to factors such as religious extremism, ethnic rivalry and agitation arising from perceived marginalisation, he stressed that corruption remains the “real elephant in the room.”
He explained that corruption fuels insecurity when funds meant for national defence and public welfare are diverted for personal gain, thereby depriving the state of the capacity to protect its citizens and reduce poverty.
Olukoyede strongly criticised the abuse of security votes, describing them as opaque channels for siphoning public funds. He cited the case of a former governor currently facing prosecution over the alleged diversion of more than ₦4 billion in security votes.
He noted that the EFCC contributes to the fight against terrorism and violent extremism through non-kinetic measures aimed at disrupting illicit financial flows to criminal networks. These efforts include monitoring designated non-financial institutions and Bureau De Change operators to prevent money laundering and illicit transfers.
The EFCC chairman added that the Commission also monitors the activities of international and local non-governmental organisations, particularly in the North-East, to prevent them from being exploited for subversive activities.
He further highlighted the EFCC’s collaboration with anti-corruption agencies across West Africa under the Network of Anti-Corruption Institutions in West Africa (NACIWA) to strengthen regional anti-money laundering frameworks.
On economic recovery, Olukoyede said the Commission’s aggressive asset recovery drive has contributed significantly to stabilising the economy, noting that recovered funds have been channelled into social investment initiatives such as the student loan and consumer credit schemes, with the potential to lift millions out of poverty.
He also disclosed that the EFCC has supported the Central Bank of Nigeria’s monetary policy by tackling currency racketeering, mutilation of the naira and the dollarisation of the economy.
According to him, enforcement actions against illegal forex dealers in major cities helped ease pressure on the naira and contributed to relative currency stability.
Olukoyede further revealed that since assuming office, the Commission has adopted a policy of not shutting down companies under investigation in order to preserve jobs and livelihoods, a decision he said has helped cushion the effects of economic hardship on hundreds of households.
He added that the EFCC promotes efficient use of public resources by tracking budget releases and utilisation in key ministries, departments and agencies through its Department of Fraud Risk Assessment and Control, ensuring that more funds are available for infrastructure development and economic growth.
In his remarks, Chairman of the Nigeria Air Force Officers Mess Honourary Members’ Forum (NAFOM-HMF), Ikeja, Dr. Goke T. Akinrogun, commended the EFCC chairman for delivering an insightful and thought-provoking lecture.
The Chief Host, Air Commodore Ewejide Akintunde, also praised the organisers for sustaining meaningful discourse on national issues over the past six years.
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