- EFCC says corruption is the main cause of insecurity in Nigeria
- Security votes are being abused and diverted, not properly accounted for
- EFCC tracks terror financing through banks, NGOs and forex operators
- Recovered funds now support loans, credit schemes and economic stability
The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has said corruption remains the root cause of Nigeria’s growing insecurity, warning that ethnic and religious narratives only distract from the real issue.
Olukoyede made the statement while delivering a lecture titled “Corruption, National Security and Economic Prosperity” at the Annual Lecture Series of the Nigeria Air Force Officers Mess Honourary Members’ Forum in Lagos.
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Speaking through the EFCC Director of Public Affairs, Commander CE Wilson Uwujaren, the anti-graft chief said weak accountability in the management of public and private funds has allowed corruption to thrive, with serious consequences for national security.
“While religion, ethnicity and agitation for self-determination are often blamed, the real elephant in the room is corruption,” Olukoyede said.
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He explained that insecurity worsens when funds meant for security operations are stolen, or when resources that should reduce poverty are diverted by those in power. According to him, the abuse of security votes has become a major channel for looting public funds.
Olukoyede cited the ongoing prosecution of a former governor accused of diverting over ₦4 billion in security votes as an example of how corruption directly weakens security efforts.
The EFCC chairman said the Commission supports the fight against terrorism through non-violent measures such as tracking illicit financial flows, monitoring Bureau De Change operators, and supervising designated non-financial institutions to prevent money laundering.
He added that the EFCC also monitors local and international non-governmental organisations operating in the North-East to ensure they are not used as fronts for funding terrorism, while working closely with other West African anti-corruption agencies under the Network of Anti-Corruption Institutions in West Africa (NACIWA).
According to Olukoyede, the Commission’s asset recovery drive has helped Nigeria’s economic recovery, with recovered funds invested in programmes such as student loans and consumer credit schemes.
He also said EFCC actions against currency racketeering, naira mutilation and illegal forex trading have helped reduce pressure on the naira.
Olukoyede disclosed that since assuming office, the EFCC adopted a policy of not shutting down businesses under investigation in order to protect jobs and livelihoods during tough economic times.
At the event, the Chairman of the forum, Dr. Goke T. Akinrogun, praised the EFCC boss for his presentation, while the Chief Host, Air Commodore Ewejide Akintunde, commended the organisers for sustaining the annual lecture series.
