WorldStage Newsonline– The Economic and Financial Crimes Commission (EFCC) has confirmed that proceeds of crime recovered by the commission include the take-off fund for critical national social investment programmes, including the Nigerian Education Loan Fund (NELFund) and the Consumer Credit Scheme.
The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede said at the National Conference on Public Accounts and Fiscal Governance convened by the Public Accounts Committee of the Senate and House of Representatives, that the commission also recovered and returned funds to critical institutions such as Niger Delta Development Commission (NDDC) and NOK University to the Federal Government as restitution.
The EFCC’s boss, who spoke through the Director of Public Affairs, Commander of the EFCC, CE Wilson Uwujaren declared that only accountable and transparent public officers are good enough to run the affairs of government.
He called for integrity examination of public officers in Ministries, Departments and Agencies, MDAs of government to curb economic and financial crimes and other acts of corruption.
He made the call in Abuja at the National Conference on Public Accounts and Fiscal Governance convened by the Public Accounts Committee of the Senate and House of Representatives.
“No system will work without the right people. That’s why the EFCC is pushing for integrity testing for public officers across all MDAs,” he said.
He decried the yawning gap between policy formulation and impact on Nigerians, stressing that systemic weaknesses are largely responsible for the lack of appreciable impact on the people. He also pointed at waste, inefficiency, stealing and other acts of dishonesty as threats to development.
“Despite years of reforms and development plans, the gap between policy intent and public impact remains wide. A major part of the problem lies in systemic weaknesses that encourage waste, inefficiency, and outright theft of public resources.
“Some of the vulnerabilities include: Non-compliance with financial regulations— such as approvals beyond limits, unapproved Duty Tour Allowances, and diversion of public funds to private accounts.
“Weak oversight and budget padding— projects with no developmental value routinely pass through the system. Opaque financial reporting, especially in the oil and gas sector, where earnings remain speculative rather than factual”, he said.
He called for transparency and accountability from all organs of government, especially the Parliament, stressing that “Parliament cannot demand accountability if it doesn’t practice it.
“Fiscal integrity must be the norm in all organs of government. Legislators must embrace transparent appropriation, resist personal enrichment schemes, and any action that erodes public trust”.
The EFCC’s boss disclosed that the Commission is focused on recovery of stolen assets and their deployment to meet the needs of the people.
He assured Nigerians that the Commission’s approach is no longer just about chasing after stolen funds but proactively stopping financial crimes from happening. He pointed at the establishment of the new-fangled Fraud Risk Assessment and Control Department to strengthen internal controls in MDAs as a pragmatic framework of preventing looting of funds.
“We established the Fraud Risk Assessment and Control Department to strengthen internal controls in MDAs. We have also strengthened synergy and collaboration with other international and local law enforcement agencies to proactively stop illicit financial flows.”
“We believe that these steps coupled with the bold fiscal reforms under the current administration—especially the removal of fuel subsidy and unification of exchange rates, will enhance fiscal transparency in the public sector”
He called on Nigerians to be more vigilant, stressing that “ the time we are in calls for greater vigilance by all stakeholders in the Nigerian project – public officers, non-state actors and members of the public.”
