Ola Olukoyede of the EFCC highlights the issue of employment fraud in Nigeria, costing N40 billion yearly. Collaboration with NECA is sought to combat financial crimes. The EFCC’s focus on preventive measures aims to close financial loopholes and protect economic integrity, receiving positive feedback from the Nigeria Customs Service regarding their joint efforts against corruption.
Ola Olukoyede, the Executive Chairman of the Economic and Financial Crimes Commission (EFCC), has raised alarms regarding the prevalence of employment fraud in Nigeria, which he estimates costs the nation over N40 billion each year. This statement was made during a recent courtesy visit from the Nigerian Employers’ Consultative Association (NECA), led by Adewale Oyerinde, the organization’s Director General.
Olukoyede remarked that employment fraud is a significant area of concern, as various parties exploit systemic weaknesses for financial gain. Citing previous research from 2007, he noted that this fraudulent activity has persisted over the years, adversely impacting both public and private sector operations.
He referenced the EFCC’s efforts to uncover fraudulent practices within the Integrated Personnel and Payroll Information System (IPPIS), where some individuals received salaries despite not being legitimate employees. He reported that ongoing investigations have yielded substantial savings for the government and reaffirmed the EFCC’s ongoing commitment to preventive measures against corruption.
Under Olukoyede’s leadership, the EFCC has shifted its focus to prevention, establishing the Fraud Risk Assessment and Control Department to oversee financial transactions and enhance budgetary transparency across Ministries, Departments, and Agencies (MDAs). He emphasized the cost-effectiveness of preventive measures compared to post-fraud investigations.
Oyerinde expressed his concerns about the financial losses faced by the private sector due to various financial crimes and signaled NECA’s readiness to engage with the EFCC to combat money laundering, cybercrime, and identity theft through collaborative workshops and structured initiatives.
In a related development, the Nigeria Customs Service (NCS) has commended the EFCC for its ongoing battle against economic and financial crimes, particularly highlighting the EFCC’s efforts in promoting national economic stability. During a recent visit, J.O. Adelaja, the Customs Area Controller, acknowledged the importance of collaboration between law enforcement agencies to effectively tackle economic offenders.
Ringim, the Acting Zonal Director of the EFCC, reiterated the agency’s commitment to collaborating with the NCS and urged Customs to intensify efforts against smuggling and wildlife trafficking, which pose risks to national economic interests.
The EFCC is addressing the significant issue of employment fraud in Nigeria, which costs the nation N40 billion annually. The collaboration between the EFCC and NECA is crucial for advancing financial integrity and addressing financial crimes in both sectors. Moreover, the appreciation from the Nigeria Customs Service underlines the importance of joint efforts in safeguarding the economy against corrupt practices.
Original Source: businessday.ng