The Economic and Financial Crimes Commission (EFCC) has announced plans to tighten its control over financial transactions in order to disrupt funding for bandits and other criminal activities in Nigeria.
EFCC Chairman Ola Olukoyede, represented by Commander Wilson Uwujaren, Director of Public Affairs, made the announcement at the 2024 Annual Civil-Military Conference organized by the Civil-Military Cooperation (CIMICO) at the National Defence College, Abuja.
The EFCC is focusing on monitoring bank transactions to identify and cut off the flow of illicit funds that fuel insecurity, terrorism, and banditry in the country. This initiative is part of a broader effort to combat corruption, which the EFCC has identified as a major driver of insecurity in Nigeria.
The EFCC said, “Corruption is the key issue in terms of the promotion of insecurity in this nation. When people talk about insecurity and national development, one factor that is important to note is the implication of corruption on national security management and development.
“It is time for us to collectively fight corruption which has become a major challenge to our nation’s development. The loss of resources to corruption denies our nation the resources we should have used to provide infrastructure and digital services for our people, deepening the poverty we experience in this country.
“Corruption breeds poverty, which in turn makes the jobless embrace recruitment into banditry, kidnapping, and terrorism. We will continue to monitor the flow of funds, especially in the banking sector, to ensure that illicit money doesn’t get into the hands of bandits, kidnappers, and terrorists.”
