The Chairman of the Economic and Financial Crimes Commission, Ola Olukoyede, has revealed that the anti-graft agency is creating a centralised system to monitor and track seized landed properties undergoing investigation over alleged money laundering across the country.

He revealed that it was not good that the United States of America made about $3bn from the FBI Haliburton probe while Nigeria made nothing from the same probe that was kick-started by the EFCC.

He made these known on Monday during an interaction between the EFCC and civil society organisations, held at the commission’s national headquarters, Jabi, Abuja.

Olukoyede said, “About 80 percent of our ongoing major investigations came from petitions from civil society groups. This means that we have a very active civil society sector. Let us be focused, we will see the light at the end of the tunnel.

“There are three areas of focus, and there is a need for us to redirected our focus. Our job shouldn’t only be about arrests, detentions, and prosecutions. I’ve told our operatives and staff, the focus shouldn’t be about using the instrumentality of anti-corruption to stifle economic development, rather our activities should help improve economic development.

“If all my conviction of people does not contribute to economic development, how does it add value to the system? For example, the United States government generated about $3bn from the Haliburton case which was instituted here in Nigeria by the EFCC, but Nigeria did not benefit anything from the Haliburton investigation.

“I told my staff and operatives, whenever you are investigating, there is a need for us to use the instrumentality of the anti-corruption fight as an instrument to generate employment resources. Not totally closing down companies’ accounts while the investigation is ongoing. Some accounts get closed for about 15 years. Over N1tn was lost in 2018, because we PNDed over N1tn. When such companies are shut down, they cannot assess funds and they sack workers, and the companies go down.

“We are changing that completely, we won’t shut down entire businesses over ongoing investigations. However, when we discover companies that were actually set up to destroy our economy, we will shut such down. But for real companies undergoing investigation, we’ll let companies be allowed to operate while focusing majorly on the actual funds being investigated.

“Henceforth, the style of marking properties will be changed in a way that it will not be noticeable that the EFCC had marked them, as it currently is, painting the properties from top to bottom. Our markings henceforth will not be noticeable in order not to stigmatize such properties and stifle economic activities. We would rather use the instrumentality of anti-corruption to improve the economy.

“Also, there’ll be a policy review, we’ll come up with a comprehensive review to look at what we might have been doing wrong. Also, the disposition of our staff; must be a foremost and sophisticated white-collar anti-graft agency, and this must be evident in the ways we do our things. There’ll also be revised guidelines for arrests and detentions in accordance with the constitution.

“If the law says release a suspect within 48 hours, even without trial, we’ll release them as a law-abiding agency. However, the same law that says we should release them within 48 hours gives us the power to rearrest them; so, why violate the law concerning detentions when there’s a provision that allows you to rearrest suspects? I can arrest, obey the law, and release you but the same law says we can rearrest you.

“We must operate within the dictates of the rule of law. Because as I am here today, I can be on the other side tomorrow, not particularly as a suspect under investigation, but as an average Nigerian. I pledge to the whole country and God who put me here that I will serve the nation diligently.”

Source: https://punchng.com/shutting-firms-over-corruption-probe-hurts-economy-efcc-chair/

For the first since Malam Nuhu Ribadu left the EFCC, I think a reasonable person is here to lead the commission.

True. But they hardly apply the truth without ulterior motives. They want to use the truth this time around to protect the investments of the reigning cabals, not to help the masses. This is just the way they said drug dealings and certificate forgery are things of the past. The same EFCC man will change mouth when someone hated by APC is involved. If na lie I talk, make dem release wetin dem seize from Dezani Madueke and the tenant buildings, fuel stations and hotels seized from "Yahoo boys" and other individuals.

Rainbownet Limited and Cosmo FM gone because of Chimaroke .

I think this is a good step in the right direction!!

EFCC that cannot arrest big politicians. Is that one EFCC?

Kudos to you Mr chairman, let's make it right this time around.

Dear nairaland, it's been over a week since I was stuck here and don't intend to be a nuisance here. Things are just out of my control. I will be glad if anyone can help connect for a ride to yola.

EFCC is still the most corrupt organization in Nigeria

If you have anyone who can help me with prove of fund, I will be grateful, I will pay , this country don tired me

You see kafirs 🤣

Forget them ,they can never boldy stop corruption because to hey brought it into governance and they benefit the most from it

This man is right

chatinent:
EFCC that cannot arrest big politicians. Is that one EFCC?

Whenever efcc starts going after big politicians, everyone starts shouting persecution

And even when efcc successfully prosecuted politicans, they promptly get a pardon.

And then there is always the perpetual injunction

Plus some politicians are protected by immunity self.

The thing is, Nigerians don't want to help efcc do it's job

When the head is bad even the legs will not be okay. Tinubu u see ur smelly self?

Not when the same EFCC is under a government formed by a well know notorious narcotics druggie who got into power via corruption

Moyinoluwa35:
If you have anyone who can help me with prove of fund, I will be grateful, I will pay , this country don tired me

There are so many of them out there.

If you are truly a soldier, why do you want to leave the country?

Smart guy

Words are easy to speak but the action is hard to do

Cosmo FM ENUGU comes to mind. one of the best radio stations I ever listened to.

The same argument Peter Obi and Prof Osibanjo had during their vice presidential debate back then.

"U don't close down ur shop because u are chasing a thief", according to Obi.

Cosmo FM, one of the best radio stations in Enugu state back then, was shut down because EFCC was chasing a thief. Till today, the supposed thief is still a freeman, while the entire employees of the establishment were rendered jobless then

r

Hit the ground running and stop talking please

I don’t even know what to type ! This politicians will finish this country (emilokan)

We are available

A step in the right direction I think.

I sell herbs for sexual enhancement tho

Nice

Efcc that raid hotels etc and lead to such hotels getting closed

If am not a soldier I won't post my picture on my profile, people like you are just too stupid, because am a soldier I don't deserved a better life? Why are we running away from truth that the country is not working, what happen to the airforce girl that died in airforce base ? Yesterday the girl mother was crying that the government have not paid her entitlement, is it the life I want to live when I know anything can happen when am gone...

SoNature:


There are so many of them out there.

If you are truly a soldier, why do you want to leave the country?

For the first time in the history of EFCC,they have a boss who's forward thinking in his approach to fighting corruption.
I'm always aghast anytime I see those nonsensical marking on buildings showing it's under investigation by the EFCC.
There's one I saw somewhere in Lekki,and I wondered if the officers in EFCC were high on colarado or the drug called Loud.
An ongoing edifice of more than 100 units of duplexes and semi-detached house locked for more than a year and marked with their dangerous paint,haba.
Assuming without conceding the project was proceeds from corruption, doesn't it make sense for EFCC to allow the contractor complete the project,then if confirmed it was proceeds of corruption,the houses be sold and the proceeds of the sale be remitted back to government coffers.
That project was abandoned and shut down, meaning the looter will eventually have the last laugh,he will hand over an uncompleted project back to Government,who in turn will source for money to complete it,that's double loss for the government.
What about stifling economic activity in the name of shutting down projects or industries in the name of Anti-corruption,I doubt if there's any civilized society that operates its war against corruption like we do in Nigeria.
Still selling LAND around Ibeju-lekki close to the Dangote Refinery.
God bless Nigeria

Our leaders knows the right things to do but the problem is their inching palms.