EFCC Vows to Clamp Down on Banks Aiding Bandits, Cut Off Funding

The Economic and Financial Crimes Commission (EFCC) has pledged to intensify its efforts to disrupt the flow of funds to criminal groups, particularly bandits, by closely monitoring banking transactions. This initiative aims to weaken the financial networks that support terrorism and other forms of criminal activity.

EFCC Chairman, Ola Olukoyede, made this commitment through his representative, Commander Wilson Uwujaren, Director of Public Affairs, during the 2024 Annual Civil-Military Conference. The event, organized by the Civil-Military Cooperation (CIMICO), was held at the National Defence College in Abuja.

Olukoyede emphasized the critical link between corruption, poverty, and rising insecurity in Nigeria. He explained that the EFCC plans to collaborate closely with the armed forces to track and block illicit financial flows, which have been fueling banditry, kidnapping, and terrorism.

“Corruption is a key driver of insecurity in our nation. The loss of resources to corrupt practices denies the country the funds necessary for development, leading to deepening poverty,” the EFCC said. “This poverty pushes the jobless to embrace recruitment into banditry and terrorism. By cutting off the financial incentives through rigorous monitoring of banking transactions, we aim to reduce these activities.”

The EFCC reiterated that its efforts would focus on ensuring that illegal money does not reach criminal elements, including bandits and kidnappers. “We will continue to monitor the flow of funds, especially in the banking sector, to prevent illicit money from getting into the wrong hands,” the commission stated.

At the same conference, Minister of State for Police Affairs, Imaan Sulaiman Ibrahim, called for a united national effort to address the growing insecurity. “Security is everyone’s business, not just the responsibility of law enforcement agencies. We must work together to end this menace,” she said.

Rear Admiral Olumuyiwa Morakinyo Olotu, Commandant of the National Defence College, echoed similar sentiments. He noted that the conference was designed to develop actionable strategies to combat insecurity and foster national development.

The event’s convener, Adams Otakwu, stressed the importance of accountability and patriotism within civil society. He urged civil society organizations to avoid fraudulent practices and focus on promoting genuine activism. “Our role is to hold public institutions accountable, not to engage in blackmail. True activism is about patriotism and the pursuit of a better society,” Otakwu remarked.

The conference brought together key stakeholders from various sectors to devise solutions aimed at addressing the country’s security challenges and promoting long-term national development.