Vice President Kashim Shettima has praised the Economic and Financial Crimes Commission (EFCC) for its role in strengthening Nigeria’s financial system and improving the country’s attractiveness to investors.
Speaking on Tuesday during the inauguration of the EFCC’s new zonal office in Ado-Ekiti, Ekiti State, Shettima said the commission’s anti-money laundering and anti-corruption efforts contributed significantly to Nigeria’s removal from the Financial Action Task Force (FATF) grey list.
According to the vice president, the EFCC has evolved into a vital institution within Nigeria’s economic and security framework through its sustained fight against corruption, cybercrime, financial fraud 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.
Nigeria’s removal from the FATF grey list followed a series of reforms aimed at strengthening anti-money laundering and counter-terrorism financing measures. The grey-list designation had placed the country under increased international scrutiny and was viewed as a challenge to attracting foreign investment and facilitating cross-border financial transactions.
The vice president described corruption as one of the greatest threats to public trust, economic development and national progress, stressing that the Tinubu administration remains committed to supporting anti-corruption institutions.
“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 stated.
Shettima assured the EFCC of continued federal government support through improved infrastructure, enhanced staff welfare, operational independence and regular capacity-building programmes. He added that effective anti-corruption campaigns require strong institutions equipped with adequate resources and motivated personnel.
Highlighting the commission’s recent achievements, the vice president revealed that the EFCC secured the conviction of 192 cybercrime offenders during a single operation. He also noted that assets recovered from financial crimes have been redirected into public programmes, including the Student Loan Scheme and other social intervention initiatives.
“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 added.
Earlier, Ekiti State Governor Biodun Oyebanji described the new EFCC zonal office as a major step towards improving access to justice and strengthening anti-corruption enforcement across Ekiti and Ondo states.
According to Oyebanji, the state government supported the project with critical infrastructure, including a 220KVA standby generator, to ensure uninterrupted operations.
“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,” the governor said.
In his remarks, EFCC Chairman Ola Olukoyede disclosed that the commission has shifted part of its focus towards preventing corruption before it occurs, rather than relying solely on investigation and prosecution.
“We are no longer waiting for money to be stolen before acting,” Olukoyede said.
He explained that the EFCC has established a dedicated fraud-risk assessment and prevention directorate to help identify governance weaknesses, block corruption opportunities and improve accountability in public institutions.
Olukoyede also reassured Nigerians that all recovered assets are being managed transparently and deployed to support national development priorities.
“No proceeds of crime will be mismanaged under my watch. Every kobo recovered is managed transparently,” he stated.
The EFCC chairman added that billions of naira and millions of dollars recovered by the commission have been returned to the appropriate authorities and invested in programmes such as the Student Loan Scheme, Consumer Credit Scheme and educational development initiatives.
The inauguration of the new zonal office is expected to strengthen the EFCC’s operations in the South-West region while enhancing efforts to combat economic and financial crimes.
