The EFCC Chairman, Ola Olukoyede, revealed that Nigeria loses over N40 billion annually to employment fraud. Emphasizing the need for preventive measures, he highlighted the EFCC’s successes in uncovering fraudulent practices while urging NECA to collaborate in addressing these issues. The Nigeria Customs Service also praised the EFCC’s efforts in combating economic crimes, advocating for enhanced collaboration to protect national interests.
Ola Olukoyede, Chairman of the Economic and Financial Crimes Commission (EFCC), has highlighted the significant issue of employment fraud in Nigeria, noting an annual loss of over N40 billion due to such fraudulent activities. This announcement was made during a courtesy visit by the Nigerian Employers’ Consultative Association (NECA) on February 17. Olukoyede asserted that corruption remains a formidable barrier to Nigeria’s economic growth, with employment fraud exploiting systemic weaknesses for illegal profit.
Prior to joining the EFCC, Olukoyede conducted a study in 2007 revealing that Nigeria’s annual losses from employment fraud exceeded N40 billion. He recounted the EFCC’s achievements in uncovering salary fraud within the Integrated Personnel and Payroll Information System (IPPIS), where non-existent employees received government salaries. The EFCC’s investigations have resulted in significant financial savings for the government, with an enhanced focus on preventive strategies against corruption.
Under his leadership, Olukoyede emphasized the importance of preventive measures rather than merely reacting to crimes. He founded the Fraud Risk Assessment and Control Department to oversee financial operations within Ministries, Departments, and Agencies (MDAs), ensuring budgetary transparency. He urged NECA to actively aid in combating employment fraud, protecting employees and employers alike, from fraudulent practices.
In response, Adewale Oyerinde, the Director General of NECA, acknowledged the substantial financial losses faced by the private sector due to financial crimes. He expressed NECA’s readiness to partner with the EFCC to address issues such as money laundering and cybercrime. Oyerinde proposed collaborative workshops aimed at enhancing compliance, fraud prevention, and ethics in governance.
Olukoyede welcomed NECA’s collaboration proposal and affirmed the EFCC’s commitment to enhancing financial transparency and protecting worker welfare across all sectors. In a related note, the Nigeria Customs Service (NCS) commended the EFCC for its continuous battle against economic crimes, particularly its role in promoting national growth. J.O. Adelaja, Area Controller for the NCS, emphasized the need for collaborative efforts to combat smuggling and other illicit activities threatening the economy.
Adelaja advocated for enhanced intelligence sharing and operational coordination between the EFCC and NCS to effectively tackle economic offenders, including smugglers who exploit national borders for illegal activities. In her response, Acting Zonal Director Hauwa Garba Ringim reaffirmed the EFCC’s commitment to cooperate closely with the NCS, urging increased measures against smuggling and illegal trafficking to mitigate economic threats in Nigeria.
In conclusion, the EFCC under Ola Olukoyede is tackling the pervasive issue of employment fraud, which causes Nigeria significant financial losses each year. The collaboration with NECA and other agencies highlights a concerted effort to enhance transparency and prevent fraud. The shared commitment by these organizations to combat economic crimes underscores the importance of collaboration in securing Nigeria’s economic future.
Original Source: businessday.ng
