Executive Chairman of the Economic and Financial Crimes Commission, Ola Olukoyede, has warned Nigerian lawyers against aiding money laundering and other financial crimes, describing such conduct as unethical and detrimental to the country’s fight against corruption.
Speaking at the Canada-Nigeria Legal exchange at the International Bar Association conference held at the Intercontinental Toronto Centre on Monday, Olukoyede said the EFCC had prosecuted several senior lawyers found complicit in laundering illicit funds for corrupt officials.
He said, “Equally disturbing is the disposition of some in our ranks who have become complicit in money laundering by schooling corrupt Nigerian officials to launder ill-got wealth abroad.
“The Commission has had cause to prosecute very senior lawyers for being accessory to money laundering.”
“We cannot, in one breath, bemoan corruption in our nation and, in another, make our skills available to the corrupt to pillage our common patrimony. Is there no ethics or conscience in practice?” he queried.
The EFCC chairman urged members of the Nigerian diaspora, particularly lawyers in Canada, to play an active role in helping Nigeria overcome its corruption challenge by remaining vigilant and reporting suspicious transactions.
He said, “The diaspora community, especially members of the bar, have crucial roles to play in helping Nigeria overcome the corruption challenge.
“For those of you in Canada, I recommend vigilance. The increasing number of Nigerians migrating to this country points ominously to Canada emerging as another axis for the laundering of ill-got wealth from Nigeria. You will help us prevent this by providing information to law enforcement agencies,” he added.
Olukoyede emphasised that corruption thrives not only through public officials but also through the complicity of professionals who facilitate the movement or concealment of illicit funds.
He said the EFCC would continue to uphold integrity within the legal and financial systems while deepening collaboration with international partners to trace and recover stolen assets.
Olukoyede also disclosed that the anti-graft agency secured 7,503 convictions and recovered N566.3 bn, $411.6 m, and 1,502 properties in the last two years.
Speaking as the special guest of honour, he highlighted the EFCC’s sweeping institutional reforms, renewed emphasis on transparency, and collaborative strides with international law enforcement bodies.
Olukoyede said his tenure as EFCC chairman had been anchored on using the anti-corruption fight to stimulate economic development, enhancing Nigeria’s global reputation, and entrenching accountability across government institutions.
“I consider the anti-corruption fight not as a vocation but as a tool to drive economic growth.”
“I consider the anti-corruption fight not as a vocation but as a tool to drive economic growth.”
He revealed that the EFCC has introduced key institutional reforms, including new policies on gift handling, exhibit room security, and sting operations, as well as a restructured bail process to prevent its misuse.
He added that the agency also established several new departments and units, such as the Department of Ethics and Integrity, Fraud Risk Assessment and Control, Digital Transformation and Innovation Unit, International Asset Tracing and Recovery Unit, and a Visa and Migration Fraud Section.
“I also declared my assets upon assuming office and directed all EFCC staff to do the same, and erring officers have been disciplined or dismissed to preserve the agency’s integrity,” he said.
Olukoyede announced that some of the recovered funds, N100bn, have been channelled into national social investment programmes such as the Students Loan Scheme and the Consumer Credit Scheme.
“Agencies like the NDDC, AMCON, FIRS, and the National Health Insurance Authority have also benefited from EFCC’s recovered funds,” he stated.