Boma Achenimie 
The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede has said the agency will investigate constituency projects managed by lawmakers to ensure accountability and transparency.
Olukoyede who made this remark during a courtesy visit by the Senate Committee on EFCC on Monday disclosed that corruption has long undermined community projects, eroding public trust in the government.
Olukoyede stressed the importance of making the funding, timelines, and contractors for these constituency projects transparent, urging public disclosure to allow communities to monitor these efforts.
“Corruption undermines development, erodes public trust, and stifles the very projects designed to uplift communities,” he noted.
He also noted that many Nigerians have questioned the effectiveness and transparency of projects intended to benefit local areas through investments in infrastructure, education, and healthcare.
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The EFCC chairman also shared updates on recent achievements and ongoing challenges.
The agency, according to Olukoyede, has recovered assets valued at close to $250 million in cash over the last year, tracing properties and funds linked to financial crimes across Nigeria.
Olukoyede explained that these recoveries often face public scrutiny, as many wonder where recovered assets and funds are directed.
He clarified that direct recoveries are funnelled to the Federal Government, while indirect recoveries, such as restitution, benefit victims of crimes, including institutions like the Federal Inland Revenue Service (FIRS) and other agencies.
Reflecting on the EFCC’s priorities, Olukoyede shared his commitment to stimulating the Nigerian economy by fighting corruption in critical sectors, with a particular focus on the extractive industry.
He stressed the need to handle cases from both large and small financial crimes, citing cybercrime as a growing threat.
“The EFCC has responded by establishing a Cybercrime Research Centre to rehabilitate young offenders through training in cybersecurity skills”, he said.
Olukoyede also highlighted the EFCC’s legislative compliance efforts, noting that the agency had submitted its annual reports on time for two consecutive years, marking a shift toward greater operational transparency.
Emmanuel Udende, chairman of the Senate committee on anti-corruption and financial crimes, highlighted the committee’s commitment to holding the EFCC accountable.
“We’re here to review your budget performance, monitor asset recoveries, and offer our continued support,” Udende noted.
He said that oversight was vital for keeping institutions aligned with national goals.
The Senate committee chair, however, praised the EFCC’s commitment to reform and transparency and urged continued collaboration.
Udende reiterated the committee’s oversight role, inviting open engagement to address areas needing improvement.
