₦airaland Forum

Global loss to cybercrimes to reach $10.5trn by 2025 — EFCC Chairman

The Executive Chairman, Economic and Financial Crimes Commission (EFCC), Mr Ola Olukoyede, on Monday, lamented that Nigeria lost out on the Halliburton scandal that broke out in the country, while the United States of America, where some persons were investigated, prosecuted and convicted, raked in over $3 billion from the scandal.

One of the subsidiaries of Halliburton, one of world’s largest providers of products, services and integrated solutions for oil and gas exploration, development and production, KBR, paid bribes to high-ranking Nigerian government officials between 1994 and 2004.

Controversies generated by the bribery scandals led the American company eventually reached a deal with the US Department of Justice to pay $382million to settle the bribery case, while some individuals were prosecuted and sentenced, others made plea bargains with the American authorities.

Speaking while receiving the Senate Committee on Anti-Corruption and Financial Crimes, which was on an oversight visit to the anti-corruption commission headquarters at Jabi, Abuja, Olukoyede vowed that such would not be allowed to happen again.

According to him, the Halliburton bribery scandal took place in Nigeria, while all the proofs used the Americans in the course of investigations were collected from here, yet nothing came back to Nigeria in return.

According to the chairman, “The issue of Halliburton. The scandal took place in Nigeria. The bribe was given in Nigeria. All the proofs of evidence were collected in Nigeria.

“Where the fine was charged against some of the perpetrators in the U.S. So the last time I heard that I was contacted over that matter, American system had already gotten over three billion dollars.

“And that in the form of fine, plea bargain, with respect to Halliburton and some of those cases. And where the matter was perpetrated, not one dollar came to us.

All the proof of evidence they used in America and all of that, they took it from here. They paid fine to America. They really didn’t seem it fit to give us one dime.

“I promise that none of that will happen again.”

Olukoyede said wherever anti-corruption was working, the first thing was for it to stimulate the economy, adding that the mandate of the anti-graft agency as well as that of the Senate committee was to stimulate the Nigerian economy and not to harm the people.

“Wherever you see anti-corruption was working, the first thing they do with it is to stimulate the economy. And I gave an example on the floor of the Senate.

“So it is important for us to understand also that one of the major points that we need to drive home about this mandate is to use this work to stimulate our economy, not just to harm people,” he told the senators.

He asserted that the insecurity in the country is caused by corruption and lamented the situation where money meant for critical infrastructural project is being diverted.

“We know the very, very critical state of our economy. And we know the state of our security or insecurity. And I think one of the things that is very critical to some of these problems we are having is the issue of corruption.

“Some of the monies allocated to some of these infrastructural projects, one way or the other, either diverted or upon the application of the money, we don’t get value.

“I was Chief of Staff when we did, for the first time in Nigeria, investigate the military during the arms procurement scandal.

“Some of the problems of insecurity we are facing today is likely attributable to corruption within that sphere of activities.

“And we did a lot then. And where we are, we are still battling with job insecurity,” he said.

The chairman informed that the commission was conducting investigations in the extractive sector of the economy and assured that some people would soon be charged in court.

In his words, “We are aware of the ongoing investigation in some critical areas. We are in the extractive industry very seriously. Very soon there are people that will be charged to court.

“We are also looking at the various aspects of our economy. I pledged on the floor of the Senate during the confirmation that we are going to use the mandate given us to drive policy objectives, to stimulate the economy.”

While assuring that EFCC’s fight against corruption is not meant to kill businesses, the chairman said legitimate businesses would be allowed to survive.

He added that whatever the commission is doing in waging war against corruption will be done within the confines of the law.

The chairman informed that in compliance with its establishment Act, EFCC had been able to clear the backlog of its annual report and had even submitted its 2023 report to both the Senate and the House of Representatives for consideration.

“When I was Chief of Staff, I discovered that we had a backlog of annual reports that we have not submitted for like three years. Some of my management team members were witnesses. So we went to work.

“For the first time, we were able to compile those outstanding and we submitted. Since then, we have been complying with our statutory mandate to file our report before the National Assembly, both Senate and also House of Representatives on or before September 30.

“And I’m happy to report to you that the annual report for the year 2023 is already before you in both houses. And if you look at that report very critically, it captures our operation between January and December 2023.

“And we have also responded to your request to submit starting documents and statistics with respect to our operations also between January and October this year, which we have obliged.”

He, however, solicited the support of the committee for the 2015 budget and called for retention of certain percentage of the assets recovered for the commission to be able to function effectively.

Speaking earlier, the chairman, Senate Committee on Anti-Corruption and Financial Crimes, Senator Emmanuel Udende, Saud members of the committee were at the EFCC headquarters as part of their oversight function with a view to knowing what the anti-graft agency was doing and its challenges

“The National Assembly gave me the report that we go out, look at what you have been doing since the beginning of the year, look at the books and make a report so that by the time the budget is brought, the National Assembly will be seized on what you have been doing and then we also look at the challenges, not only what you have been doing, what are the challenges and then how we can tackle those challenges when the budget is brought.

“We also noticed that by the provisions of the EFCC Act, you have submitted a report. We have considered the report and we are here.

“If members have questions on that report, they can ask questions. So the essence of our visit is just very simple, to look at the books, look at your budget performance, ask questions when necessary. And then since assets have been recovered, we will not waste much time,” he said.

Addressing journalists after a clised-door meeting with the EFCC chairman and management team, Senator expressed satisfaction with the commission’s performance so far.

According to him, “We are quite impressed with EFCC’s performance. As a committee, we are satisfied. We have gone through the budget performance and we are satisfied.”

https://tribuneonlineng.com/halliburton-scandal-us-made-over-3bn-nigeria-lost-out-efcc-chairman/amp/

Back to back FTC,WHO DEY ZUZU

EFCC does media propaganda trials only hence always loosing cases it could have easily bootstrap.

RACOON, What do you have to say?

JAIZ BANK is the WORST bank ive WVER KNOWN in my life.

I dare them to send me to jail on this. Ill NEVER EVER advise ANYONE to bank with them. Its too useless. I suspect its due to selective customer identity. I think they know who they want

Daft people

Halliburton scandal involves Atiku na, the same guy who wants to be president of Nigeria who at one time, Obi was supposed to be VP to. That issue is why Atiku has not been able to get a US visa till today.

blame goodluck jonathan for bowing to america pressure and allowing cheney to get away.

For the past 10years, has any major politician been convicted and sentenced? Aside Yahoo Boys Efcc need to do better and not be seen as a political errand boys.

You are crying about Halliburton, the big profile cases you have, like Daziani, how many have you convicted and retrieve stolen funds.


Also I will suggest a special court is set up for corrupt cases with some cases carrying deah penalty else people won't stop stealling.

Make I waka commot from Nigeria go Naija go drink beer first.

Islie:
■ Speaking while receiving the Senate Committee on Anti-Corruption and Financial Crimes, which was on an oversight visit to the anti-corruption commission headquarters at Jabi, Abuja, Olukoyede vowed that such would not be allowed to happen again.
According to him, the Halliburton bribery scandal took place in Nigeria, while all the proofs used the Americans in the course of investigations were collected from here, yet nothing came back to Nigeria in return.
According to the chairman, “The issue of Halliburton. The scandal took place in Nigeria. The bribe was given in Nigeria. All the proofs of evidence were collected in Nigeria.
“Where the fine was charged against some of the perpetrators in the U.S. So the last time I heard that I was contacted over that matter, American system had already gotten over three billion dollars.
“And that in the form of fine, plea bargain, with respect to Halliburton and some of those cases. And where the matter was perpetrated, not one dollar came to us.
All the proof of evidence they used in America and all of that, they took it from here. They paid fine to America. They really didn’t seem it fit to give us one dime.
“I promise that none of that will happen again.”
Olukoyede said wherever anti-corruption was working, the first thing was for it to stimulate the economy, adding that the mandate of the anti-graft agency as well as that of the Senate committee was to stimulate the Nigerian economy and not to harm the people.

EFCC thieves! The crime happened in Nigeria and rather than file cases against them in Nigeria where it happened, fine and even pronounce judgment, una allow say make America do all the work necessary only so you can receive pay from all of that at the end? Nonsense!

Lazy people always looking to get paid for work they never really do well or effectively at that.

Ok then.

Even if we made money from it another set of thieves will steal it.... It's like fetching water from river lokoja in kogi state and travelling down to river Niger in niger state and pour d water u fetch into the river

frog12:
blame goodluck jonathan for bowing to america pressure and allowing cheney to get away.

Rubbish!

Because they case could have still been bribed and till now the case could have been in court

Islie:
Global loss to cybercrimes to reach $10.5trn by 2025 — EFCC Chairman




https://tribuneonlineng.com/halliburton-scandal-us-made-over-3bn-nigeria-lost-out-efcc-chairman/amp/

It hsall never be well with Nigerian leaders

Oakenshield:
Because they case could have still been bribed and till now the case could have been in court

No mind dem! You only need to consider what happened to all of the Nigerians— including Obasanjo— that were implicated in the case. Didn't they all get away with it? Which one of the many politicians investigated was fined or even jailed by the EFCC?

why rubbish? tell us.
americans like to use people and get away like that binance guy, but nigeria plenty for their prisons

Kobojunkie:
Rubbish!

Islie:
Global loss to cybercrimes to reach $10.5trn by 2025 — EFCC Chairman




https://tribuneonlineng.com/halliburton-scandal-us-made-over-3bn-nigeria-lost-out-efcc-chairman/amp/

Most of those who cashed out are now big men politicians.

frog12:
why rubbish? tell us

Stop gulping down moronic tales fed you! EFCC watched as the many Nigerians implicated in the scam walked away scott-free... many of them are celebrated in Nigeria even today all thanks to EFCC. Now this same EFCC is insisting it should have been paid for what exactly? Nonsense!

Would have been relooted,so whats the need?

Mr EFCC Chairman that was a grave sign of unseriousness that is still afflicting Nigeria to this day

Islie:
Global loss to cybercrimes to reach $10.5trn by 2025 — EFCC Chairman




https://tribuneonlineng.com/halliburton-scandal-us-made-over-3bn-nigeria-lost-out-efcc-chairman/amp/

We lack structure.
The only structure we can boast of is for electoral malpractices.

I know somewhere, deep down in that woman's heart,she wished their election held in Nigeria.

It's better US made all the monies cos if it was naija una for theive all the money again.

All heads of EFCC no dey end well. I don't know for this one with his selective witch-hunt.

Islie:
Global loss to cybercrimes to reach $10.5trn by 2025 — EFCC Chairman




https://tribuneonlineng.com/halliburton-scandal-us-made-over-3bn-nigeria-lost-out-efcc-chairman/amp/

Trueprophet91:
■ We lack structure

And embolden corruption over common sense!

american vice president cheney was indicted then until hilary clinton came to nigeria and do whatever until they drop it. na interference from jonathan.

Kobojunkie:
Stop gulping down moronic tales fed you! EFCC watched as the many Nigerians implicated in the scam walked away scott-free... many of them are celebrated in Nigeria even today all thanks to EFCC. Now this same EFCC is insisting it should have been paid for what exactly? Nonsense!

shut your mouth your corrupt fellow nigerians invited the USA to scam them ...Ordinary yahaya bello is giving you guys the runaround your credibility as an organisation is shot!!

Atiku was fingered by the American congressman. Efcc would still not get a dime because they are not bold enough to even name the culprits

Kobojunkie:
And embolden corruption over common sense!

Correct