The Economic and Financial Crimes Commission (EFCC) and the Nigerian Employers’ Consultative Association are joining forces to combat employment fraud, money laundering, and other financial crimes affecting the public and private sectors. During a recent meeting at the EFCC headquarters, the chairman, Ola Olukoyede, highlighted the alarming annual loss of over N40 billion to employment fraud in Nigeria.
Olukoyede emphasized that both employers and employees contribute to fraudulent activities, exacerbating the country’s financial challenges. He shared findings from EFCC investigations into payroll fraud through the Integrated Personnel and Payroll Information System, exposing individuals illicitly receiving government salaries without legitimate employment.
NECA’s Chief Executive Officer, Adewale Oyerinde, expressed concern over escalating financial losses due to fraud, cybercrime, and identity theft among businesses. Oyerinde called for enhanced collaboration with the EFCC to address these critical issues and proposed joint workshops to tackle money laundering, cybercrime, and identity theft.
Olukoyede reaffirmed the EFCC’s dedication to combating financial crimes, underscoring corruption as a significant barrier to Nigeria’s economic progress. He stressed the agency’s mandate to tackle corruption and financial crimes, recognizing them as major threats to the country’s development.