RismadarVoice Reporters
August 4, 2026
The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has identified policy reforms as the most effective strategy for combating corruption and economic and financial crimes in Nigeria, stressing that law enforcement should only serve as a last resort.
Olukoyede stated this on Tuesday in Abuja while receiving the Managing Director of the Nigerian Consumer Credit Corporation (CreditCorp), Uzoma Nwagba, and members of his management team during a courtesy visit to the EFCC headquarters.
He said experience from around the world has shown that sustainable success in the fight against corruption is driven by sound policies that address the root causes of financial crimes rather than relying solely on arrests and prosecutions.
“Law enforcement agencies should be at the lowest rung of the ladder in the fight against corruption and economic crimes. Policy reform is the best approach. It is only when policy fails that enforcement becomes necessary,” he said.
The EFCC chairman described the Federal Government’s consumer credit initiative as one of the landmark legacies of President Bola Tinubu’s administration, arguing that an effective credit system reduces the temptation for public servants to engage in corrupt practices.
According to him, countries without functional consumer credit systems create conditions that encourage financial crimes, as many workers are forced to seek illegal means of meeting basic needs such as housing, education and transportation.
Olukoyede also linked the growing incidence of cybercrime among young Nigerians to poverty and limited access to education, revealing that Nigeria lost more than $500 million to cybercriminals in 2022.
He said the establishment of the Nigerian Education Loan Fund (NELFUND) was informed by the need to address some of the socio-economic factors driving internet fraud.
He disclosed that about 1.5 million students have already benefited from the scheme, noting that increased access to education significantly reduces the pool of young people vulnerable to financial crimes.
The EFCC chairman further revealed that President Tinubu recently approved the disbursement of ₦50 billion each from the Commission’s Proceeds of Crime Account to CreditCorp and NELFUND to strengthen their intervention programmes.
He urged CreditCorp to maintain transparency in the management of the funds, stressing that recovered assets belong to Nigerians and must be utilised solely for public benefit.
“The money is not EFCC’s money; it belongs to Nigerians. Ensure it is used to benefit the people, especially public servants and civil servants. Also ensure that the loans are offered at single-digit interest rates and avoid the mistakes of previous intervention programmes,” he advised.
Olukoyede also cautioned the leadership of the corporation to maintain strict accountability in its operations, noting that the chief executive bears ultimate responsibility for the agency’s financial decisions.
Earlier, CreditCorp Managing Director Uzoma Nwagba expressed appreciation to the EFCC for its support, disclosing that the corporation has disbursed about ₦47 billion in consumer credit to more than 301,000 Nigerians within two years while maintaining a 100 per cent repayment rate without any non-performing loans.
He said expanding access to affordable credit would help reduce corruption by easing financial pressures on citizens while stimulating economic growth through increased consumer spending.
Nwagba also disclosed that CreditCorp is working with the Central Bank of Nigeria to establish a national credit infrastructure that will integrate borrowing records with the National Identification Number (NIN) to strengthen credit assessment and improve lending decisions.
He added that the corporation is expanding targeted credit programmes for youths, women, pensioners and persons with disabilities, including a scheme that has enabled 10,000 women to acquire commercial tricycles to improve their livelihoods.
