Shetima Hails EFCC’s Anti-Money Laundering Efforts As It Improves Nigeria’s Investment Outlook

Vice President Kashim Shettima on Tuesday credited the Economic and Financial Crimes Commission (EFCC) with playing a key role in Nigeria’s removal from the Financial Action Task Force (FATF) grey list, saying the agency’s anti-corruption and anti-money laundering efforts have strengthened investor confidence and supported the country’s economic reforms.

Shettima made the remarks at the official commissioning of the EFCC’s new zonal office in Ado-Ekiti, Ekiti State, where he also reaffirmed the Federal Government’s commitment to strengthening anti-corruption institutions through improved infrastructure, welfare, operational independence and training.

According to the Vice President, the EFCC has become a critical institution in both Nigeria’s economy and national security framework through its efforts to combat corruption, financial crimes, cybercrime and illicit financial flows.

“The commission’s efforts have also supported Nigeria’s removal from the Financial Action Task Force grey list and strengthened confidence in our economic reforms, thereby improving the country’s investment outlook,” Shettima said.

The Vice President noted that corruption remains one of the greatest threats to public trust, national development and economic growth, stressing that the administration of President Bola Ahmed Tinubu considers the anti-corruption campaign a vital component of its governance agenda.

“Public institutions exist because we believe in the promise of a better society. When corruption is allowed to thrive, the trust between citizens and the promises of the state begins to erode,” he said.

Commending the leadership and personnel of the EFCC for what he described as their aggressive pursuit of the anti-corruption war, Shettima said the fight against corruption must be sustained through strong institutions, effective tools and dedicated personnel.

He assured the commission of continued government support, emphasizing that investing in the capacity and welfare of anti-corruption agencies is a national imperative.

“We will continue to invest in better working environments, competitive welfare packages, operational independence and adequate training opportunities,” he said.

The Vice President also highlighted some of the commission’s recent achievements, including its role in combating cybercrime.

He noted that the EFCC secured the conviction of 192 cybercrime offenders in a single operation, underscoring the agency’s growing importance in protecting the country’s financial system.

Shettima further disclosed that funds recovered through the commission’s asset recovery programme have been deployed to support critical social intervention initiatives, including the Federal Government’s student loan scheme and other development programmes.

According to him, the agency’s success in securing convictions in several high-profile corruption cases demonstrates that corruption and financial misconduct will not be tolerated in Nigeria.

He also urged the commission to intensify efforts to prevent money laundering and illicit financial flows, warning that criminal networks often rely on illegal financial channels to finance insecurity and other unlawful activities.

“The EFCC cannot win this fight alone. Other security and law enforcement agencies must continue to cooperate with the commission to ensure that it achieves its objectives,” he said.

Earlier, Ekiti State Governor Abiodun Oyebanji described the commissioning of the new EFCC office as a significant milestone that would improve access to justice and strengthen anti-corruption enforcement in Ekiti and Ondo states.

The governor said the state government supported the project by providing infrastructure and a 220KVA standby generator to ensure uninterrupted operations.

According to him, the absence of a zonal office in the area had previously subjected victims of financial crimes, suspects, witnesses and investigators to long and costly journeys before they could access the commission’s services.

“The distance made access to the Commission expensive, stressful and difficult.

Many victims of financial crimes often had to endure significant hardship in pursuing justice,” Oyebanji said.

He expressed confidence that the presence of the EFCC in Ado-Ekiti would improve operational efficiency and serve as a deterrent to economic criminals operating within the region.

The governor also reiterated his administration’s commitment to transparency and accountability, assuring the commission of continued cooperation.

“Corruption and financial impropriety have no place in our administration,” he said.

In his remarks, EFCC Chairman Ola Olukoyede said the commission was pursuing a new anti-corruption strategy focused on preventing the diversion of public resources before crimes occur.

“We are no longer waiting for money to be stolen before acting,” Olukoyede declared.

He explained that the commission has established a directorate dedicated to fraud-risk assessment and prevention, working closely with federal and state institutions to identify vulnerabilities and strengthen governance systems.

The EFCC chairman said the initiative had already produced positive results in some states by helping governments block leakages and improve revenue generation.

Olukoyede emphasised that the commission’s presence in Ekiti should not be viewed as a threat but as an opportunity for collaboration.

“Let me say in no uncertain terms that our presence here should not scare anybody. We are not here merely to arrest people; we are here to work with you,” he said.

He also disclosed that proceeds recovered from criminal activities have been used to support key government programmes, including the Student Loan Scheme, Consumer Credit Scheme and educational development initiatives.

According to him, about 1.4 million students have benefited from educational support initiatives backed by government intervention programmes.

The EFCC chairman assured Nigerians that all recovered assets are being transparently managed and deployed for public benefit.

“No proceeds of crime will be mismanaged under my watch. Every kobo recovered is managed transparently,” he said.

He added that billions of naira and millions of dollars recovered by the commission had been returned to the appropriate authorities and utilised to support national development priorities.

Olukoyede thanked the Federal Government, the Ekiti State Government and host communities for supporting the establishment of the new office and pledged that the facility would be effectively utilised in advancing the fight against economic and financial crimes.