Ola Olukoyede, Executive Chairman of the Economic and Financial Crimes Commission (EFCC), has raised concerns over the growing menace of employment fraud, revealing that Nigeria loses over N40 billion annually to fraudulent employment schemes.

He made this disclosure on Friday, February, when the Nigerian Employers? Consultative Association (NECA), led by Adewale Oyerinde, its Director General and Chief Executive Officer, paid a courtesy visit to the EFCC?s corporate headquarters in Abuja.

According to a statement signed by Dele Oyewale, Head, Media & Publicity, EFCC, Olukoyede emphasized that corruption and financial crimes remain Nigeria?s greatest obstacles to economic growth and development.

He noted that employment fraud is a key area of concern, as both employers and employees exploit systemic loopholes for illicit financial gains.

?In 2007, before I joined the EFCC, I conducted research into employment fraud and found that Nigeria lost over N40 billion annually due to fraudulent employment practices. Over the years, this problem has persisted, affecting both the public and private sectors,? Olukoyede stated.

He cited EFCC?s past successes in exposing salary fraud within the Integrated Personnel and Payroll Information System (IPPIS), where individuals received government salaries without being legitimate employees.

He noted that ongoing investigations have helped the government save billions of naira and that the EFCC remains committed to preventive measures in tackling corruption.

Olukoyede stressed that under his leadership, the EFCC has prioritized prevention over post-crime investigations, ensuring that financial loopholes are closed before funds are misappropriated.

?It costs less to prevent than to investigate and recover stolen funds. This is why we established the Fraud Risk Assessment and Control Department, which monitors financial transactions in MDAs, ensuring transparency in budget releases,? he explained.

He urged NECA, as a federation of private sector employers, to play an active role in tackling employment fraud, particularly in preventing cases where employers defraud staff or vice versa.

In response, Oyerinde, highlighted the huge financial losses suffered by the private sector due to financial crimes.

He expressed the association?s willingness to collaborate with the EFCC in curbing money laundering, cybercrime, and identity theft.

?We are here to seek collaboration with the EFCC on tackling financial crimes in the private sector. We propose joint workshops and structured engagement to promote compliance, fraud prevention, and governance ethics,? Oyerinde stated.

Olukoyede welcomed the proposal and assured NECA of EFCC?s commitment to improving financial transparency, safeguarding workers? welfare, and strengthening ethical practices in both the public and private sectors.

In a related development, the Nigeria Customs Service (NCS) has praised EFCC for its relentless fight against economic and financial crimes, emphasizing the agency?s role in fostering national economic growth.

J.O. Adelaja, the Customs Area Controller for Oyo/Osun Command, gave the commendation on Thursday during a familiarization visit to Hauwa Garba Ringim, Acting Zonal Director of the EFCC?s Ibadan Directorate, Assistant Commander of EFCC (ACE 1)

According to EFCC, he led a delegation of senior NCS officers to the EFCC office, where he acknowledged the Commission?s dedication to tackling corruption, money laundering, and illicit trade activities that threaten Nigeria?s economy.

?The EFCC has consistently demonstrated commitment to national security, the rule of law, and economic integrity by combating financial crimes,? Adelaja said.

He stressed the importance of strengthening collaboration between both agencies to track, investigate, and prosecute economic offenders, including smugglers who exploit Nigeria?s borders and trade systems for illegal activities.

Adelaja called for improved intelligence sharing, operational coordination, and capacity building between the EFCC and NCS to enhance their collective fight against economic crimes.

In her response, Ringim reaffirmed the EFCC?s readiness to work closely with the NCS under the leadership of Ola Olukoyede.

She urged Customs to intensify efforts in combating smuggling and illegal wildlife trafficking, stressing that these activities pose serious economic threats. (BusinessDay)

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