Economic and Financial Crimes Commission (EFCC) Chairman Ola Olukoyede has called upon Commonwealth Nations to adopt Nigeria's proactive reforms and collaborative strategies in the fight against corruption. Olukoyede made this statement on Monday, April 7, 2025, while speaking at the opening of the Commonwealth Law Conference in Malta.
Focus on Terrorism Financing
Addressing the conference on "Combating Financing of Terrorism and Proliferation Financing: Has FATF Enhanced Monitoring Made any Difference in Non-Compliant Countries?", Olukoyede highlighted the Financial Action Task Force's (FATF) monitoring framework, emphasizing that it provides a clear path for reforms and the creation of a resilient financial system capable of disrupting the financing of terrorism and proliferation activities.
Key Lessons from Nigeria's Experience
Olukoyede shared key lessons from Nigeria's experience, including the importance of:
- High-level political commitment
- Proactive compliance measures
- Building enforcement capacity
- Harnessing technology
- Fostering public-private partnerships
- Continuous international engagement
Advocacy for Sub-Saharan African Countries
Olukoyede urged Commonwealth members to advocate for greater consideration for Sub-Saharan African countries, which constitute the highest number of nations on FATF's enhanced monitoring list. He pointed out that Nigeria has addressed all its action items under the monitoring process, except for those related to Immediate Outcome 8 (Confiscation).
Prestigious Legal Event
The Commonwealth Law Conference, held biennially, is a significant event attracting legal experts, academics, and senior justice leaders from the 56 member nations of the Commonwealth. Other speakers at the event included Juliet Ibekaku-Nwagwu, founder of Africa Centre for Governance, Asset Recovery and Sustainable Development; Richard Salter KC, Barrister 3 Vericulam Building, London; and Loretta Joseph, Senior Policy Adviser and Consultant to the Commonwealth Secretariat on Virtual Asset Model Law.
