The Chairman of Nigeria's Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has pinpointed deep-rooted corruption as the primary engine driving the nation's security challenges. He argued that factors like religious extremism and ethnic rivalries are merely superficial layers masking this fundamental issue.
Corruption: The Elephant in the Room for National Security
Olukoyede presented this stark analysis in 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 on December 22, 2025. He delivered his address through the EFCC Director of Public Affairs, Commander CE Wilson Uwujaren.
The EFCC boss stated that the pervasive lack of accountability in managing both public and private resources has allowed corruption to become entrenched across Nigeria. While many blame insecurity on religious or ethnic tensions, Olukoyede stressed that “the real elephant in the room is corruption.”
He explained that corruption directly fuels violence and instability in two key ways: when funds allocated for security operations are stolen, and when resources meant for poverty alleviation are diverted by the political elite. He singled out the notorious abuse of security votes as an opaque channel for siphoning public money, citing the ongoing prosecution of a former governor for allegedly diverting over ₦4 billion meant for security.
EFCC's Non-Kinetic Fight Against Terrorism and Economic Sabotage
Olukoyede detailed the Commission's multi-pronged approach to supporting national security through financial intelligence. The EFCC employs non-kinetic measures by tracking illicit financial flows, monitoring Bureau De Change operators, and preventing money laundering that could fund terrorism.
He revealed that the Commission also keeps a close watch on local and international non-governmental organisations operating in the North-East to ensure they are not used as fronts for subversive activities. Furthermore, the EFCC collaborates with other anti-graft agencies in West Africa under the umbrella of the Network of Anti-Corruption Institutions in West Africa (NACIWA).
Asset Recovery Easing Economic Pressure and Saving Jobs
The EFCC Chairman highlighted the tangible benefits of the Commission's asset recovery drive for Nigeria's economy. Portions of the recovered funds have been invested into critical social intervention programmes, including the students’ loan scheme and consumer credit initiatives.
Olukoyede noted that the EFCC's crackdown on currency racketeering, naira mutilation, and illegal forex trading has contributed to easing the pressure on the national currency. In a significant policy shift upon assuming office, he adopted a stance of not shutting down businesses under investigation to protect jobs and livelihoods during the current period of economic turbulence.
In response to the lecture, the Chairman of NAFOM-HMF, Ikeja, Dr. Goke T. Akinrogun, commended Olukoyede's insights. The Chief Host, Air Commodore Ewejide Akintunde, also praised the forum's organisers for sustaining the annual event.
