Shettima praises EFCC for improving Nigeria's investment image as new office opens in Ekiti

Vice President Kashim Shettima on Tuesday praised the Economic and Financial Crimes Commission (EFCC) for helping to improve Nigeria’s investment climate. He highlighted the agency’s work in fighting money laundering and corruption. He said these efforts helped Nigeria get off the Financial Action Task Force (FATF) grey list.

Mr Shettima spoke at the opening of the EFCC’s new zonal office in Ado-Ekiti, Ekiti State. He added that the federal government is committed to strengthening anti-corruption agencies by improving infrastructure, independence, staff welfare, and training.

The vice president said the EFCC has become an important part of Nigeria’s economic and security system. He noted its ongoing fight against corruption, financial crimes, cybercrime, and illegal money 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,” he said.

Nigeria was removed from the FATF grey list after making reforms to strengthen its anti-money laundering and counter-terrorism financing framework. This ended a time of increased international monitoring.

The grey-list status had put Nigeria’s financial system under more scrutiny. Many believed it could scare away foreign investors and complicate cross-border transactions. So, its removal has been welcomed by government officials and economic experts as a good sign for international investors.

Mr Shettima called corruption one of the biggest threats to public trust and national growth. He said President Bola Tinubu’s government sees fighting corruption as a key part of its agenda.

“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.

He praised the EFCC’s leadership and staff for their hard work in chasing corrupt individuals and financial criminals. He stressed that the anti-corruption fight can only succeed with strong institutions that have the right tools and motivated staff.

The vice president assured the commission of the government’s ongoing support. He said the administration would work to improve the working conditions and welfare of anti-corruption agencies.

“We will continue to invest in better working environments, competitive welfare packages, operational independence and adequate training opportunities,” he stressed.

Highlighting the EFCC’s recent successes, Mr Shettima mentioned its growing success against cybercrime. He revealed that the EFCC secured the conviction of 192 cybercrime offenders in one operation.

He also noted that funds recovered through the EFCC’s asset recovery program have been used for important government initiatives, such as the Student Loan Scheme and other social programs.

Using recovered assets to fund public programs shows the Federal Government’s strategy to redirect crime proceeds to development projects. Officials argue that money recovered from corruption should benefit Nigerians directly.

According to him, the agency’s success in prosecuting high-profile corruption cases shows that financial crimes and abuse of public office will not be tolerated.

The vice president urged the commission to step up efforts to fight money laundering and illegal financial flows. He warned that criminal networks often use illegal financial channels to fund insecurity and other unlawful activities.

“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 said.

Earlier, Ekiti State Governor Abiodun Oyebanji called the new zonal office a major step that will improve access to justice and strengthen anti-corruption work in Ekiti and Ondo states.

He said the state government supported the project by providing key infrastructure, including a 220KVA standby generator for continuous operations.

Mr Oyebanji pointed out that before this office opened, victims of financial crimes, suspects, witnesses, and investigators had to travel long distances for the commission’s services.

“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,” he said.

He expressed confidence that the new office would enhance operations and act as a deterrent to economic and financial criminals in the area. The governor also reiterated his government’s commitment to transparency and accountability.

“Corruption and financial impropriety have no place in our administration,” he said.

In his remarks, EFCC Chairman Ola Olukoyede said the commission has a new proactive anti-corruption strategy to stop public funds from being stolen before crimes happen.

“We are no longer waiting for money to be stolen before acting,” Mr Olukoyede stated.

He explained that the EFCC has set up a directorate for fraud-risk assessment and prevention. This team works with federal and state institutions to find governance weaknesses and stop corruption.

This preventive approach marks a shift from the commission’s usual focus on investigation and prosecution. It aims to strengthen public institutions and financial controls before resources are misused. The EFCC says this strategy has already helped some government agencies find gaps and improve financial responsibility.

Mr Olukoyede stressed that the EFCC’s presence in Ekiti should be seen as a chance to partner rather than intimidate.

“Let me say in no uncertain terms that our presence here should not scare anybody. We are not here merely to arrest people; we are here to work with you,” he said.

He also shared that money recovered from crimes has been used to support key government programs, including the Student Loan Scheme and educational development efforts.

He added that about 1.4 million students have benefited from these government-backed educational support programs.

Assuring Nigerians of transparency in managing recovered assets, Mr Olukoyede said no crime proceeds would be misused under his leadership.

“No proceeds of crime will be mismanaged under my watch. Every kobo recovered is managed transparently,” he said.

He also mentioned that billions of naira and millions of dollars recovered by the commission have been returned to the right authorities for national development.

Mr Olukoyede thanked the Federal Government, the Ekiti State Government, and the local communities for supporting the new zonal office. He promised that this office would boost the commission’s efforts to fight economic and financial crimes in the region.