The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has advocated for comprehensive reforms as the key to mitigating investment risks across Africa.
Speaking at the EBII Group African Leaders & Partners Forum in Washington D.C., Olukoyede stated that “de-risking Africa requires us to pay attention to reforms to improve the ease of doing business, respect for the rule of law and human capital development.”
Olukoyede, who participated in a discussion on de-risking investments in sectors like agriculture, energy, and minerals, highlighted Africa’s vast potential in both natural resources and a tech-savvy youth population.
READ ALSO: EFCC urges South-South youths to shun fraud, embrace productivity
However, he stressed that these potentials can only be fully realised through integrated reforms that will attract more foreign direct investment.
The EFCC Chairman showcased the agency’s growing success in combating economic and financial crimes in Nigeria.
He cited the EFCC’s 22-year track record of investigations, prosecutions, and asset recovery, which he said has bolstered investor confidence.
“There can be no greater incentive to investors than assurance of due process and rule of law,” Olukoyede said, noting that the agency has achieved over 13,000 convictions in its history, with a record 4,111 convictions in 2024 alone.
He also highlighted the EFCC’s advisory services for foreign investors and its public alerts on fraudulent schemes, such as the warning issued about 58 Ponzi schemes in March 2025.
Olukoyede detailed recent reforms and initiatives introduced since he took office two years ago.
He mentioned the creation of the Department of Fraud Risk Assessment and Control in 2023, which has been instrumental in tracking public fund utilisation, including the successful oversight of a $50 million Pi-CNG project.
He also highlighted other major milestones, including the arrest of 792 crypto and internet fraudsters in a single operation in Lagos, the forfeiture of 753 duplexes and apartments in Abuja, and the EFCC’s role in helping Nigeria get off the FATF’s grey list.
READ ALSO: NBA, EFCC agree to deepen partnership in anti-corruption efforts
Olukoyede also spoke about the agency’s successful investigations into sophisticated digital asset fraud, such as the Crypto Bridge Exchange (CBEX) and Binance scams, where subscribers lost hundreds of millions of dollars.
Olukoyede called on the global community to learn from the EFCC’s successes and to partner with Africa to build a foundation for shared prosperity.
