Chairman of the Economic and Financial Crimes Commission, EFCC, Mr. Ola Olukoyede has disclosed that policy reforms are the most result-oriented approach to fighting corruption, economic and financial crimes.
He made the disclosure on Tuesday, when the managing director of the Consumer Credit Corporation, Creditcorps, Uzoma Nwagba led his top management team on a courtesy visit to EFCC’s corporate headquarters in Jabi, Abuja.
“Being part of the system, I did a bit of analytical presentation on how we can effectively curb corruption and financial crimes in Nigeria and we have come to the conclusion that it is not just the work of law enforcement agencies alone. As a matter of fact, law enforcement agencies should be at the lowest rung of the ladder in the fight against corruption and economic crimes. Policy reform is the best approach in the fight against corruption all over the world. It is when that fails that enforcement comes in,” he said.
He further disclosed that the Creditcorps scheme was one of the greatest legacies the government of President Tinubu was going to leave for Nigerians, adding that any country without an effective credit transaction system creates conditions that encourage corruption.
According to Olukoyede, access to affordable consumer credit significantly reduces the incentive for public servants to engage in fraudulent practices. “Any country that does not have a credit transactional system cannot fight financial crimes because the lack of it creates the propensity for the people to commit financial crimes.”
He recalled having stated on the floor of the Senate during his confirmation that the fight against corruption, economic and financial crimes would be much easier if the country could implement a credit system and expressed joy that “eventually, the president came up with the idea.”
The EFCC boss linked the rising wave of cybercrime among young Nigerians to poverty and limited educational opportunities, necessitating the establishment of the Nigerian Education Loan Fund, NELFUND. He revealed that the country lost more than $500 million to cybercriminals in 2022 alone.
“I begged for two things, one, consumer credit scheme and the issue of NELFund because of the issue of internet fraud in our country. In 2022 alone we lost over $500 million to the activities of cyber criminals, most of whom are young people who are supposed to be in school. “We are not just interested in sending them to jail. When we interrogate some of them, they tell us, “We want to go to school. We want to graduate with certificates, but cannot afford it. That was how the idea of NELFund came and we said that we needed to support the Fund.”
In praising the students’ loan programme, he disclosed that it has already supported about 1.5 million students, thus reducing the number of young people vulnerable to financial crimes.
“Effectively, that has taken about 1.5 million out of my docket of people who have the potential to commit financial crimes. It has done about 1.5 million students, paying their tuition fee and giving them N20,000 per month to support themselves. That is how to fight corruption,” he said.
On Creditcorps, Olukoyede observed that many public servants resort to corrupt practices because their earnings cannot adequately meet their basic needs, including housing, transportation, education and feeding for their children.
He explained that if workers could access affordable mortgages and consumer loans repayable over a long period, the pressure to acquire wealth through illicit means would be greatly reduced.
“If an average public servant believes that after working for 35 years, he can access credit to own a home and pay over a long period, that will reduce the propensity on their part to commit financial crimes,” he said.
The EFCC boss used the occasion to disclose that President Tinubu in recognition of the successes of both the Creditcorps scheme and the NELFund has approved a fresh disbursement of N50 billion each from EFCC’s Proceeds of Crime Account for disbursement to the intervention agencies. “I believe that you must have received the money now, because it has been taken away from our account. If you have not, follow up with CBN,” he said.
While commending the performance of the Creditcorps, he urged the leadership to maintain a high level of transparency and ensure that the recovered public funds are used solely for the benefit of Nigerians.
“The money is not EFCC money; it belongs to Nigerians. Please use it to benefit Nigerians, particularly public servants and civil servants. If a civil servant has access to credit, he probably will not steal. Again, I will plead with you not to give out the proceeds of crime that we are giving you beyond a single digit interest rate, and do not repeat the mistakes of past intervention programmes,” he said.
He urged the Creditcorps boss to be circumspect so as to avoid pitfalls. “Check those who are working with you. When they bring anything before you to approve, make sure you read it between the lines because you are the chief accounting officer. If anything happens, you are the one that will hold accountable,” he said.
Nwagba in his introductory remarks disclosed that the visit was to express the gratitude of the Corporation to the EFCC for its financial support, noting that his agency has disbursed about N47 billion in consumer credit to more than 301,000 Nigerians in just two years, while maintaining a 100 per cent repayment rate with no non-performing loans.
“The biggest message we have here today, is to say thank you for remembering us,” he said, adding that his agency has set a target of 1000 people to be assisted with new credit in 2026.
He noted that expanding access to credit serves as an anti-corruption tool by reducing the pressures that often drive people to engage in illicit financial activities.
Speaking further, he stated that increased consumer credit also stimulates national economic growth because with more purchasing power, Nigerians will buy available locally produced goods and services, enabling businesses to expand and create jobs.
He explained that the corporation is collaborating with the Central Bank of Nigeria to develop a robust national credit infrastructure that will link borrowing records to the National Identification Number (NIN), allowing lenders to instantly verify applicants’ credit history before granting loans.
He also disclosed that the scheme was expanding targeted programmes for youths, women, pensioners and persons with disabilities and has financed 10,000 women to become first-time owners of commercial tricycles, describing the initiative as part of efforts to promote economic inclusion.
He thanked Olukoyede for supporting the corporation, noting EFCC’s encouragement had strengthened its resolve to expand access to consumer credit to more Nigerians.