Ola Olukoyede, EFCC Executive Chairman, reported that Nigeria loses over N40 billion yearly due to employment fraud, highlighting the impact on economic growth. The EFCC prioritizes preventative measures against financial crimes. Collaboration with NECA is sought to tackle these issues in the private sector, while the NCS commended EFCC’s role in combating corruption and enhancing economic integrity.
Ola Olukoyede, the Executive Chairman of the Economic and Financial Crimes Commission (EFCC), has raised alarms regarding the increasing issue of employment fraud in Nigeria, which costs the nation over N40 billion annually. This disclosure was made during a courtesy visit from the Nigerian Employers’ Consultative Association (NECA) to the EFCC headquarters in Abuja.
Olukoyede linked employment fraud to broader systemic corruption, which hinders Nigeria’s economic growth. He cited his early research in 2007, which revealed that fraudulent employment practices continued to drain resources from both public and private sectors.
The EFCC has made strides in combating employment fraud, including exposing salary fraud within the government’s Integrated Personnel and Payroll Information System (IPPIS). Ongoing investigations have reportedly saved the government substantial funds, underscoring the EFCC’s commitment to tackling corruption proactively.
Under Olukoyede’s leadership, the EFCC has shifted its focus towards preventing fraud rather than only investigating it post-factum. This is exemplified by the establishment of the Fraud Risk Assessment and Control Department, designed to ensure financial transactions within ministries, departments, and agencies are monitored for transparency.
During the meeting, Olukoyede called on NECA to assist in preventing employment fraud, urging collaboration to combat fraudulent activities between employers and employees. In response, NECA’s General Director Adewale Oyerinde expressed the association’s readiness to work with the EFCC to address various financial crimes affecting the private sector.
Additionally, the Nigeria Customs Service (NCS) expressed gratitude to the EFCC for its persistent efforts against economic crimes, highlighting the importance of cooperation in combatting these threats. J.O. Adelaja, Customs Area Controller for Oyo/Osun, emphasized the need for better intelligence sharing and operational coordination between the agencies in their fight against corruption and illegal activities.
In conclusion, the collaboration between the EFCC and NECA is vital in combating employment fraud and ensuring financial integrity within Nigeria’s economic landscape. The commitment of both agencies to tackle these systemic issues suggests a concerted effort towards enhancing economic stability and growth in the country.
The EFCC, under the leadership of Ola Olukoyede, is actively addressing employment fraud costing Nigeria over N40 billion annually, advocating for a proactive approach to combating corruption. Through collaboration with NECA and extending efforts with the Nigeria Customs Service, the commission aims to enhance financial integrity and strengthen measures against economic crimes, ensuring future economic stability in Nigeria.
Original Source: businessday.ng
