The chairperson of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has called for sweeping reforms to reduce investment risks and unlock Africa’s economic potential.
Speaking at the EBII Group African Leaders & Partners Forum in Washington D.C, the United States. on Friday, Mr Olukoyede said Africa must strengthen institutions, improve the ease of doing business, and uphold the rule of law to attract sustainable foreign direct investment (FDI).
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“De-risking Africa requires us to pay attention to reforms that improve business processes, respect for the rule of law and human capital development,” he said. “Our huge potential in agriculture, renewable energy and solid minerals can only be harnessed if we build strong, credible institutions.”
Mr Olukoyede pointed to the EFCC’s track record as an example of how reforms can boost investor confidence. Since its creation 22 years ago, the commission has secured more than 13,000 convictions, including 4,111 in 2024 alone, he said.
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He added that the EFCC regularly issues investor advisories and recently exposed 58 Ponzi schemes operating in Nigeria.
He also pointed to recent achievements under his leadership, such as monitoring the $50 million Pi-CNG project with a 95 per cent delivery rate, the arrest of 792 internet fraudsters in Lagos in a single operation, and the forfeiture of 753 properties in Abuja.
On digital assets, Mr Olukoyede cited EFCC’s ongoing prosecution of masterminds behind the $500 million Crypto Bridge Exchange (CBEX) fraud and earlier investigations into Binance, which revealed “the quantum of resources controlled outside Nigeria’s financial system.”
“There can be no greater incentive to investors than assurance of due process and rule of law,” he stressed, noting that EFCC works closely with the FBI, the UK’s National Crime Agency, and the Royal Canadian Mounted Police on joint operations.
Describing the current wave of global investment interest as a “new scramble for Africa,” Mr Olukoyede said this time it was about partnerships, not colonial influence.
“Forward-looking partners are already active on the continent, helping to build the foundation of our prosperity,” he added.
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Other speakers at the Forum included Commonwealth Secretary-General Shirley Ayorkor Botchwey, U.S. Congressman Jonathan Jackson, AUDA-NEPAD CEO Nardos Bekele-Thomas, Rwanda’s Ambassador to the U.S. Matilde Mukantabana, and National Bankers Association CEO Nicole Elam.
Earlier pact with PEAC
The EFCC chief’s remarks followed a fresh partnership with the Presidential Economic Advisory Council (PEAC) to strengthen Nigeria’s investment climate ahead of the World Investment Summit in November.
Earlier this month, PEAC Director-General Prince Adeniyi Adeyemi led a delegation to EFCC headquarters in Abuja, where he stressed the need for due diligence on potential investors.
“Some investors are ready to bring in funds, but we must be sure these resources are not tied to terrorism or other illicit activities. That is why we are partnering with EFCC,” Mr Adeyemi said.
Mr Olukoyede welcomed the collaboration, insisting that anti-corruption efforts would go hand-in-hand with efforts to attract legitimate investment.
“When you are fighting corruption, the aim is to build the economy, not bring it down,” he said. “But rogue investors who set up businesses to undermine our economy will face the law.”
The World Investment Summit, to be hosted in Abuja this November, will be the first of its kind in Africa.
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