The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has emphasized that only broad-based reforms can significantly reduce investment risks in Africa and position the continent as a competitive destination for global investors.
Olukoyede made this statement on Friday, September 19, 2025, in Washington D.C., United States, while speaking at the EBII Group African Leaders & Partners Forum.
Highlighting Africa’s vast potential in agriculture, renewable energy, and solid minerals, he stressed that reforms in governance, ease of doing business, respect for the rule of law, and human capital development are essential to de-risking the continent for foreign direct investments.
“There can be no greater incentive to investors than assurance of due process and rule of law,” Olukoyede said, showcasing the EFCC’s achievements as proof of Nigeria’s commitment to institutional strengthening.
Since its establishment 22 years ago, the EFCC has recorded over 13,000 convictions, including 4,111 in 2024 alone. The chairman noted that this progress instills investor confidence, assuring them of access to justice in cases of disputes.
Olukoyede also highlighted reforms under his leadership, particularly the creation of the Department of Fraud Risk Assessment and Control in 2023, which applies risk-based strategies to curb corruption in Ministries, Departments, and Agencies. Notable milestones include oversight of a $50m Pi-CNG project with 95% delivery compliance and the arrest of 792 internet fraudsters in Lagos in a single operation.
Additionally, the EFCC has been at the forefront of tackling complex financial crimes involving cryptocurrencies and digital assets. The Commission investigated Binance and recently prosecuted masterminds of the Crypto Bridge Exchange (CBEX) scam, which defrauded investors of over half a billion dollars.
Olukoyede reaffirmed EFCC’s commitment to global partnerships, citing ongoing collaborations with the FBI, the UK’s National Crime Agency, and the Canadian Royal Mounted Police.
He called on world leaders and investors to draw confidence from the EFCC’s track record, noting that fraud prevention, accountability, and institutional integrity remain critical to Africa’s economic growth and sustainability.
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