UNILORIN Vice Chancellor says EFCC's war on corruption is crucial to Nigeria's advancement

The fight against corruption, as spearheaded by the Economic and Financial Crimes Commission, is a crucial step towards creating a better Nigeria, according to Wahab Egbewole, the Vice Chancellor of the University of Ilorin, who emphasized that effectively tackling economic and financial crimes would greatly improve the country.

n

Egbewole made these remarks on Friday in Abuja, during a courtesy visit to the EFCC headquarters, where he was accompanied by a delegation of the university's management team to discuss potential collaboration and national development with the Commission's leadership.

n

He praised the EFCC for its outstanding work, stating, "You are doing a wonderful job in the EFCC, and I have been closely following your progress, as I firmly believe that resolving the issue of economic and financial crimes in Nigeria would significantly enhance the country's current state."

n

The Vice Chancellor also commended the Commission's impressive record of recoveries, highlighting that the EFCC's ability to raise over N500 billion from the proceeds of crime demonstrates its remarkable performance, and noting that one of the Commission's key programs is to prevent crime.

n

Egbewole further emphasized the importance of redirecting recovered funds into developmental projects, adding that the EFCC's efforts to channel these funds into positive and developmental initiatives would lead to greater progress.

n

The University of Ilorin, according to Egbewole, sought to partner with the EFCC due to its vital role in addressing corruption, particularly in Nigeria's electoral process, where corruption and violence often occur.

n

He explained that the university's Centre for Peace and Strategic Studies recognizes the challenges posed by corruption in the electioneering process, and believes that the EFCC is a crucial stakeholder in preventing such corruption.

n

Egbewole suggested that collaboration between academic institutions and anti-corruption agencies would help instil ethical values and strengthen institutional integrity across Nigeria, stating that a partnership between the EFCC and academia would significantly reduce corruption in the country.

n

The Vice Chancellor also praised EFCC Chairman Ola Olukoyede for his leadership as head of the Network of Anti-Corruption Institutions in West Africa, describing it as a testament to his growing influence and credibility.

n

Olukoyede responded by expressing his appreciation for the visit and reaffirming the Commission's commitment to prevention as a cornerstone of its anti-corruption strategy, stating that upon his assumption of office, he made prevention a key aspect of his programs.

n

The EFCC chairman revealed that recovered funds had been channelled into supporting the education sector, including serving as seed funding for the Federal Government's Nigerian Education Loan Fund, and disclosed that the Commission had other initiatives to support the educational sector.

n

Olukoyede, however, raised concerns over the increasing involvement of young Nigerians, including students, in cybercrime, stating that it is unfortunate to see a significant number of young people, often referred to as "Yahoo Boys," engaging in such activities.

n

He assured the university that the Commission is ready to collaborate in promoting integrity within the education system and across West Africa, and expressed his commitment to addressing the issue of cybercrime among young Nigerians.

n

The EFCC was established in 2003 under the administration of former President Olusegun Obasanjo, through the EFCC (Establishment) Act, as Nigeria's primary agency for investigating and prosecuting economic and financial crimes, including money laundering, advance fee fraud, cybercrime, and corruption.

n

Since its inception, the Commission has prosecuted thousands of cases and recovered billions of naira in assets from convicted and suspected offenders, demonstrating its significant role in combating economic and financial crimes in Nigeria.