The EFCC’s Chairman, Ola Olukoyede, reported that Nigeria loses over N40 billion annually to employment fraud. He emphasized the need for preventive measures to combat corruption and engage stakeholders such as NECA for collaboration. The Customs Service also acknowledged the EFCC’s efforts in addressing financial crimes, advocating for enhanced cooperation to tackle economic offenses.
Ola Olukoyede, the Executive Chairman of the Economic and Financial Crimes Commission (EFCC), expressed significant concern regarding the alarming rise of employment fraud, revealing that Nigeria suffers financial losses exceeding N40 billion annually due to such fraudulent activities. This information was disclosed during a recent visit from the Nigerian Employers’ Consultative Association (NECA) to the EFCC headquarters in Abuja
Olukoyede highlighted that corruption and financial crimes are critical barriers to Nigeria’s economic growth. He pointed out that both employers and employees exploit weaknesses in the system for personal gain. The EFCC has previously uncovered instances of salary fraud in the government’s Integrated Personnel and Payroll Information System (IPPIS), where individuals received unearned salaries.
He reiterated that ensuring prevention over investigation is a priority for the EFCC, as this strategy leads to significant financial savings for the government. To bolster this effort, the agency has established a Fraud Risk Assessment and Control Department dedicated to monitoring financial transactions within Ministries, Departments, and Agencies (MDAs).
Furthermore, Olukoyede urged NECA to be proactive in addressing employment fraud issues, particularly those involving malpractices in the employer-employee relationship. In response, Adewale Oyerinde, NECA’s Director General, acknowledged the private sector’s substantial economic losses due to financial crimes and expressed NECA’s readiness to collaborate with the EFCC on initiatives targeting money laundering, cybercrime, and identity theft.
Additionally, the Nigerian Customs Service (NCS) commended the EFCC for its relentless fight against economic crimes. J.O. Adelaja, the Customs Area Controller, affirmed the importance of collaboration between the two agencies to effectively combat financial misconduct. He called for enhanced intelligence sharing and operational coordination to better tackle smuggling and illicit trade which threaten Nigeria’s economy.
The Acting Zonal Director of the EFCC, Hauwa Garba Ringim, responded positively to the Customs Service’s commendation and reiterated the EFCC’s commitment to partnership. Addressing the need for stronger efforts against smuggling and illegal wildlife trafficking, she acknowledged the detrimental impact these activities have on the nation’s economic stability.
Ola Olukoyede, Chairman of the EFCC, has highlighted the pressing issue of employment fraud in Nigeria, indicating a loss of N40 billion annually. The EFCC’s focus on prevention strategies and collaboration with organizations like NECA and the NCS is essential in the fight against corruption and financial crimes. Through proactive measures, the EFCC aims to strengthen financial integrity and protect Nigeria’s economic future.
Original Source: businessday.ng
