The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has called for sweeping reforms across Africa to reduce investment risks and attract more foreign direct investment.
Olukoyede made the remarks on Friday at the EBII Group African Leaders and Partners Forum in Washington DC, according to a statement by EFCC’s Head of Media and Publicity, Dele Oyewale.
He stressed that Africa must embrace “broad-based and radical reforms” to improve the ease of doing business, strengthen the rule of law, and invest in human capital development. He also highlighted the need for strong institutions to address challenges in sectors such as agriculture, renewable energy, and solid minerals.
Despite Africa’s vast natural resources and youthful, tech-driven population, Olukoyede said reforms are critical to unlocking the continent’s full economic potential.
Showcasing Nigeria’s progress, he cited the EFCC’s record of over 13,000 convictions in its 22-year history, including 4,111 in 2024 alone, as proof of institutional reform. The agency has also exposed Ponzi schemes, created a Department of Fraud Risk Assessment and Control, and launched risk-based anti-corruption measures across public institutions.
Other milestones under his leadership include:
- The arrest of 792 suspected cybercriminals in Lagos.
- The forfeiture of 753 fraud-linked properties in Abuja.
- Investigations into cryptocurrency scams, including the Crypto Bridge Exchange case, where investors lost over half a billion dollars.
- Probes into Binance and other digital asset platforms operating outside Nigeria’s financial system.
Olukoyede noted Nigeria’s growing cooperation with global law enforcement bodies such as the FBI, the UK’s National Crime Agency, and the Canadian Royal Mounted Police, underscoring Africa’s role in international anti-financial crime efforts.
“Africa is at the centre of a new scramble,” he said. “But unlike colonial times, this scramble is driven by genuine partnerships and opportunities. The continent holds immense promise, and forward-looking investors who align with Africa’s vision are already laying the foundation for shared prosperity.”
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