The Economic and Financial Crimes Commission (EFCC) has vowed to ramp up its monitoring of bank transactions to curb the financial flow to criminals, including bandits and terrorists. The EFCC Chairman, Ola Olukoyede, made this statement on Wednesday, emphasizing the direct link between corruption and the surge in criminal activities across Nigeria.
Speaking at the 2024 Annual Civil-Military Conference In Abuja, Olukoyede, represented by the Director of the Public Affairs Directorate, Wilson Uwujaren stressed the urgent need to block the financial channels that enable banditry, kidnapping, and terrorism. He pointed out that corruption fuels poverty, which, in turn, creates fertile ground for the recruitment of vulnerable, unemployed citizens into criminal activities.
The EFCC chairman announced that the commission is stepping up its surveillance of banking transactions to track and intercept illicit funds that might end up in the hands of bandits and terrorists. By cutting off their financial lifeline, the EFCC aims to weaken the economic incentives driving these criminal enterprises.
Corruption is at the heart of Nigeria’s security challenges,” Olukoyede remarked. “When discussing national security and development, we must acknowledge the devastating impact of corruption. It not only depletes resources but also perpetuates the poverty that pushes the jobless into banditry, kidnapping, and terrorism.”
He added that the ongoing efforts to monitor the flow of illicit funds, especially within the banking sector, will play a critical role in reducing the financial power of criminal groups. The EFCC’s actions are geared toward ensuring that Nigeria’s resources are directed toward infrastructure development and services that benefit the populace, rather than into the pockets of criminals.
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Olukoyede highlighted that corruption deprives the country of much-needed funds for national development, which exacerbates poverty levels. The resulting lack of opportunities makes citizens more susceptible to being recruited by criminal elements.
“It’s time for Nigerians to come together to combat corruption, which remains one of the biggest threats to our nation’s progress. The loss of resources to corruption not only hinders development but also worsens the conditions that lead to insecurity,” he stated.
Echoing Olukoyede’s sentiments, Imaan Ibrahim, the Minister of State for Police Affairs, called on all Nigerians to take an active role in combating insecurity. He emphasized that security is everyone’s responsibility, and not just the duty of law enforcement agencies.
“We must unite as a nation to end the menace of insecurity,” Ibrahim said. “It’s not just the job of the police or security forces—every Nigerian has a part to play in safeguarding our country.”
The EFCC’s strategy of intensifying the monitoring of financial transactions is seen as a crucial step in addressing the root causes of insecurity in Nigeria. By tracing and intercepting illegal funds, the commission aims to cripple the financial networks supporting banditry, kidnapping, and terrorism.
