A renewed commitment to capacity building, digital forensics, and public education—particularly among young entrepreneurs—has been identified as central to Nigeria’s fight against emerging economic crimes, according to the Economic and Financial Crimes Commission (EFCC). The agency says these efforts form part of a broader strategy to strengthen the country’s business climate and address factors that suppress productivity.
Delivering an address at the WorldStage Economic Summit 2025 (WES 2025) in Lagos, EFCC Executive Chairman, Mr. Olanipekun Olukoyede—represented by Chief Superintendent Adeniran Adebayo—stressed that corruption is increasingly adaptive, evolving alongside new technologies and economic trends. He warned that threats such as cybercrime, cryptocurrency-related fraud, and illicit trade financing are expanding, requiring continuous innovation in both enforcement and preventive measures.
Speaking on the topic “Anti-Corruption Efforts of the EFCC to Boost the Ease of Doing Business in Nigeria,” the EFCC chair described corruption as an economic burden that erodes productivity, weakens investor confidence, and undermines public trust. Every naira lost to corrupt practices, he noted, represents less investment in schools, hospitals, infrastructure and job creation—core pillars of a productive economy.
He added that global investors routinely assess corruption risks before making decisions, avoiding environments where governance failures distort competition, inflate operational costs, and reduce innovation. For Nigeria, he said, curbing corruption is therefore not just about enforcing laws; it is about cultivating a transparent and efficient ecosystem where legitimate enterprise can thrive.
Olukoyede highlighted reforms undertaken by the EFCC, including a restructuring of its operational model around prevention, investigation, and prosecution. These efforts have been complemented by partnerships with both international and local institutions to enforce laws related to financial and economic crimes.
He outlined several key initiatives that have contributed to improving Nigeria’s business climate. These include the development of an anti-corruption compliance framework for businesses, collaboration with the Presidential Enabling Business Environment Council (PEBEC), adoption of digital tools and data analytics, strengthening cross-border partnerships, and expanding asset recovery programs. The Commission, he said, has secured a growing number of convictions and recovered billions of naira now being channeled into sectors that directly enhance productivity.
Beyond enforcement, the EFCC is working to promote integrity as a catalyst for economic growth. Transparent processes, he argued, reduce uncertainty for entrepreneurs, encourage fair competition, inspire innovation, attract investment, and strengthen public trust—an essential currency in any economy. He emphasized that the EFCC is not an adversary to business but a partner committed to creating an environment where ethical practices form the foundation for sustainable prosperity.
The Commission is also actively engaging the judiciary, the National Assembly, and civil society to ensure that anti-corruption reforms become institutionalized and sustainable. However, Olukoyede noted that the agency cannot win the fight alone. He called on all segments of society—businesses, public servants, and citizens—to embed integrity as a national culture.
According to him, progress will be measurable when individuals refuse corrupt practices, public servants uphold professional ethics, and institutions enforce accountability. Only then, he said, can Nigeria build an economy where productivity rises and poverty meaningfully declines.
He concluded by stating that improving the ease of doing business goes beyond removing bureaucratic obstacles; it requires building confidence in Nigeria’s systems and institutions. The EFCC’s mission, he stressed, is to make corruption unprofitable and integrity rewarding, laying the groundwork for a fair, productive, and innovation-driven economy.
Olukoyede commended WorldStage Limited for choosing a topic that strengthens national dialogue on economic governance and productivity, and for sustaining a platform that promotes collaboration among policymakers, business leaders, and academics.
Other speakers at the summit included Dr. Olasupo Olusi, Managing Director/CEO of the Bank of Industry (BoI), and Dr. Abidemi Adegboye, economist and lecturer at the University of Lagos.