Vice President Kashim Shettima on Tuesday credited the Economic and Financial Crimes Commission (EFCC) with helping improve Nigeria’s investment climate through its anti-money laundering and anti-corruption efforts, saying the agency played a significant role in the country’s removal from the Financial Action Task Force (FATF) grey list.
Mr Shettima spoke during the inauguration of the EFCC’s new zonal office in Ado-Ekiti, Ekiti State, where he also reaffirmed the federal government’s commitment to strengthening anti-corruption institutions through improved infrastructure, operational independence, staff welfare and capacity building.
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The vice president said the commission has become a critical institution in Nigeria’s economic and national security architecture because of its sustained efforts against corruption, financial crimes, cybercrime and illicit financial flows.
“The commission’s efforts have also supported Nigeria’s removal from the Financial Action Task Force grey list and strengthened confidence in our economic reforms, thereby improving the country’s investment outlook,” he said.
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Nigeria was removed from the FATF grey list after implementing reforms to strengthen its anti-money laundering and counter-terrorism financing framework, ending a period of increased international monitoring.
The grey-list designation had subjected the country’s financial system to greater scrutiny and was widely seen as a factor that could discourage foreign investment and complicate cross-border transactions. Its removal has therefore been welcomed by government officials and economic analysts as a positive signal to international investors.
Mr Shettima described corruption as one of the biggest threats to public trust, national development and economic growth, noting that President Bola Tinubu’s administration considers the fight against graft a central pillar of its governance agenda.
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“Public institutions exist because we believe in the promise of a better society. When corruption is allowed to thrive, the trust between citizens and the promises of the state begins to erode,” he stated.
He commended the leadership and personnel of the EFCC for what he described as their determined pursuit of corrupt individuals and financial criminals, stressing that the anti-corruption campaign can only succeed through strong institutions equipped with the right tools and motivated personnel.
The vice president assured the commission of continued government support, saying the administration would continue to improve the working environment and welfare of anti-corruption agencies.
“We will continue to invest in better working environments, competitive welfare packages, operational independence and adequate training opportunities,” he stressed.
EFCC’s expanding role
Highlighting the commission’s recent achievements, Mr Shettima pointed to its growing success in tackling cybercrime, disclosing that the EFCC secured the conviction of 192 cybercrime offenders in a single operation.
He also explained that funds recovered through the commission’s asset recovery programme have been channelled into critical government initiatives, including the Student Loan Scheme and other social intervention programmes.
The use of recovered assets to fund public programmes reflects the Federal Government’s broader strategy of redirecting proceeds of crime towards development projects, with officials arguing that resources recovered from corruption should be used to deliver tangible benefits to Nigerians.
According to him, the agency’s success in prosecuting high-profile corruption cases demonstrates that financial crimes and abuse of public office will not be tolerated.
The vice president urged the commission to intensify efforts to curb money laundering and illicit financial flows, warning that criminal networks often rely on illegal financial channels to finance insecurity and other unlawful activities.
“The EFCC cannot win this fight alone. Other security and law enforcement agencies must continue to cooperate with the commission to ensure that it achieves its objectives,” he said.
Oyebanji welcomes new office
Earlier, Ekiti State Governor Abiodun Oyebanji described the inauguration of the zonal office as a major milestone that would improve access to justice and strengthen anti-corruption enforcement across Ekiti and Ondo states.
He said the state government supported the project by providing critical infrastructure, including a 220KVA standby generator to guarantee uninterrupted operations.
Mr Oyebanji noted that before the establishment of the office, victims of financial crimes, suspects, witnesses and investigators often had to travel long distances to access the commission’s services.
“The distance made access to the Commission expensive, stressful and difficult. Many victims of financial crimes often had to endure significant hardship in pursuing justice,” he said.
He expressed confidence that the new office would enhance operational efficiency while serving as a deterrent to economic and financial criminals operating within the region.
The governor also reiterated his administration’s commitment to transparency and accountability.
“Corruption and financial impropriety have no place in our administration,” he said.
Prevention over prosecution
In his remarks, EFCC Chairman Ola Olukoyede said the commission has adopted a proactive anti-corruption strategy aimed at preventing the diversion of public funds before crimes occur.
“We are no longer waiting for money to be stolen before acting,” Mr Olukoyede stated.
He explained that the commission has established a directorate dedicated to fraud-risk assessment and prevention, which works with federal and state institutions to identify governance vulnerabilities and block opportunities for corruption.
The preventive approach marks a shift from the commission’s traditional emphasis on investigation and prosecution to strengthening public institutions and financial controls before public resources are diverted. According to the EFCC, the strategy has already helped some government agencies identify loopholes and improve financial accountability.
According to him, the initiative has already helped some state governments plug revenue leakages and improve internally generated revenue.
Mr Olukoyede stressed that the EFCC’s presence in Ekiti should be seen as an opportunity for partnership rather than intimidation.
“Let me say in no uncertain terms that our presence here should not scare anybody. We are not here merely to arrest people; we are here to work with you,” he said.
The EFCC chairman also disclosed that proceeds recovered from criminal activities have been deployed to support key government programmes, including the Student Loan Scheme, the Consumer Credit Scheme and educational development initiatives.
He added that about 1.4 million students have benefited from government-backed educational support programmes.
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Assuring Nigerians of transparency in the management of recovered assets, Mr Olukoyede said no proceeds of crime would be diverted under his leadership.
“No proceeds of crime will be mismanaged under my watch. Every kobo recovered is managed transparently,” he said.
He added that billions of naira and millions of dollars recovered by the commission have been returned to the appropriate authorities and deployed to support national development priorities.
Mr Olukoyede thanked the Federal Government, the Ekiti State Government and host communities for supporting the establishment of the new zonal office, pledging that the facility would strengthen the commission’s efforts to combat economic and financial crimes in the region.
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