EFCC pledges to drive economic growth through anti-corruption efforts
The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, reaffirmed the Commission’s commitment to leveraging its anti-corruption efforts for driving Nigeria’s economic growth.
He made this statement on Thursday, during a courtesy visit by Mallam Abba Bello, the Managing Director/CEO of the Nigerian Export-Import (NEXIM) Bank, at the EFCC headquarters in Abuja.
Olukoyede noted that both the EFCC and NEXIM Bank share a common goal of stimulating economic growth. He emphasized that while NEXIM Bank focuses on promoting exports, the EFCC uses its anti-corruption mandate to foster a healthy economic environment. “We have shared mandates with your bank… to grow the economy, and on our part, one of our mandates is to use the instrumentality of the fight against corruption,” he stated.
The EFCC boss praised Bello for his leadership in transforming NEXIM Bank, which was once struggling with insolvency, into a profitable institution. He commended Bello for his efforts in addressing both external and internal challenges, noting that it was no easy feat to turn around the bank’s fortunes.
Olukoyede also discussed the EFCC’s role in tackling economic sabotage linked to bad loans. While the Commission is not a debt recovery agency, it intervenes when loans are misused or diverted, particularly when they involve public funds or investors’ resources. He pointed out that most non-performing loans are linked to fraud, emphasizing the Commission’s resolve to address these cases.
Bello expressed his appreciation for the EFCC’s support in recovering funds that were fraudulently disbursed or mismanaged at NEXIM Bank. He acknowledged the Commission’s crucial role in rectifying abuses in the bank’s lending processes and commended its involvement in recovering misappropriated funds.
The NEXIM Bank MD also appealed for continued collaboration with the EFCC, particularly in recovering loans taken by former staff members of the bank. In addition, Bello proposed a partnership in fraud prevention, highlighting the need to stop individuals from engaging in corruption and unethical practices.
In conclusion, both Olukoyede and Bello emphasized the importance of working together to combat corruption and promote ethical business practices, with a shared commitment to enhancing Nigeria’s economic stability and growth.
