EFCC Under Olukoyede: Two Years of Reform, Results, and Renewed Credibility
Nearly two years into the appointment of Olanipekun “Ola” Olukoyede as Chairman of the Economic and Financial Crimes Commission (EFCC), the agency has undergone a quiet transformation marked by structural reforms, increased convictions, and renewed internal accountability.
Appointed in October 2023 by President Bola Ahmed Tinubu, Olukoyede inherited an institution burdened by years of politicization and public skepticism. Since assuming office, he has focused on professionalizing the EFCC, shifting its operational culture from spectacle to substance.
Under his leadership, the EFCC implemented a far-reaching internal restructuring. All Zonal Commands were elevated to Directorate status and are now headed by Directors. The Security Unit was upgraded to a full department, while the former Department of Internal Affairs was rebranded as the Department of Ethics and Integrity.
A new Fraud Risk Assessment and Control Department was also created to strengthen the Commission’s preventive capabilities, offering support to Ministries, Departments, and Agencies (MDAs) in identifying and closing financial risk gaps.
“These reforms are designed to build a more efficient, accountable, and forward-thinking institution,” Olukoyede said during a press briefing in Lagos in April 2024.
Operational results under his leadership have been equally significant. Between October 2023 and October 2024, the EFCC secured 3,455 convictions and recovered over ₦248 billion in illicit funds. In the full calendar year of 2024, the Commission recorded 4,111 convictions and recovered ₦365.4 billion, in addition to millions in foreign currency.
According to EFCC reports, these represent some of the highest annual figures in the agency’s history.
“This administration is more interested in systemic impact than media trials,” Olukoyede noted. “We are focused on facts, law, and sustainable enforcement.”
Beyond enforcement, the EFCC launched several new initiatives. A Special Task Force on Naira Abuse and Dollarization was activated to address currency-related crimes. The Commission also reintroduced interfaith anti-corruption education manuals for Christian and Islamic leaders, aimed at grassroots civic education.
In May 2024, EFCC Radio 97.3 FM was commissioned to promote transparency and public awareness of the Commission’s work.
Internally, Olukoyede has taken disciplinary measures to uphold integrity within the EFCC.
In early 2025, 27 staff members were dismissed for offenses ranging from corruption to dereliction of duty, following investigations by the Department of Ethics and Integrity. The move has been widely welcomed by civil society organizations.
“No agency can fight corruption effectively if it tolerates it within,” Olukoyede said. “We are committed to cleaning our own house.”
While the EFCC has recorded measurable progress, challenges remain. Judicial delays, limited resources, and ongoing public skepticism regarding political impartiality continue to test the Commission’s credibility.
However, observers note a marked shift in tone and method under the current leadership.
“We are seeing less drama and more outcomes,” said Dr. Amina Yusuf, a governance expert at the Centre for Transparency and Development. “That’s a notable shift from the past.”
With three years remaining in his tenure, Olukoyede has pledged to deepen the Commission’s preventive strategy, enhance cooperation with global anti-corruption partners, and expand forensic capabilities.
“We are building an institution that will outlive its leaders,” he said during the EFCC’s 2025 strategy summit.
As Nigeria continues its ongoing fight against corruption, the EFCC under Olukoyede offers a renewed sense of purpose and progress. Whether these reforms can be sustained remains a key question, but the early indicators suggest a significant step toward restoring institutional credibility and public trust.
