Mkpoikana Udoma
Port Harcourt — The Economic and Financial Crimes Commission, EFCC, has raised the alarm over the escalating threat of illicit financial flows and cyber-enabled fraud draining the economies of West and Central Africa.
To this end, the Chairman of the EFCC, Ola Olukoyede, has called for urgent inter-agency collaboration and long-term investment in law enforcement capacity to combat the crisis.
Olukoyede said these at the opening of a three-day regional training workshop themed “Strengthening Capacity and Coordination against Transnational Regional Financial Crimes,” organized by Interpol and the Japan International Cooperation Agency, JICA.
He said: “The security challenges we face in this region today are largely funded by money laundering and illicit financial flows. Our poorly regulated mining sectors, cash-based economies, and an ungoverned virtual assets ecosystem have made West and Central Africa extremely vulnerable.”
From resource smuggling to cryptocurrency fraud, Olukoyede warned that criminal enterprises are evolving quickly, and increasingly transnational in nature.
“Recent EFCC operations have uncovered syndicates involving foreign nationals, especially from Southern Asia. They are setting up operational cells in Nigeria and other countries. Dismantling such networks requires a coordinated, multi-agency response both locally and internationally,” he stated.
The EFCC boss emphasized the need for collaboration beyond borders, through intelligence sharing, joint tactical operations, and specialized training, especially in new frontiers like sextortion and crypto scams.
“We are not just dealing with traditional financial crimes anymore. The future of economic security in our region depends on how fast we can adapt to the evolving typologies of cybercrime,” he said.
Olukoyede, who also serves as President of the Network of Anti-Corruption Institutions in West Africa, NACIWA, outlined a vision for tighter regional enforcement partnerships.
He added: “My goal is to ensure that all anti-corruption agencies in West Africa collaborate through sustained training, joint operations, and data sharing to make the region a hostile environment for financial criminals. The EFCC is committed to this vision and maintains robust relations with both international and domestic law enforcement agencies.”
The economic implications are stark. According to African Union estimates, the continent loses over $50 billion annually to illicit financial flows, undermining infrastructure, employment, and sustainable development efforts.
Susumu Yuzurio, JICA’s Chief Representative in Nigeria, said his agency’s mission aligns with halting these illicit flows as part of broader human security and sustainable development objectives.
Yuzurio said, “Money laundering and other transnational financial crimes pose direct threats to national and regional security. We aim to build stronger institutions and contribute to global goals like the Sustainable Development Goals, SDGs, ensuring no one is left behind.”
He emphasized the critical role of professionals attending the training, including investigators, prosecutors, regulators, and judges, in defending the region’s financial systems.
“It is your vigilance, expertise, and integrity that form the first line of defence against these crimes,” he said.
Also speaking, Theos Badege, Director Pro Tempore of Interpol’s Financial Crime and Anti-Corruption Centre, IFCACC, said the training would equip regional personnel with tools to trace illicit flows, map criminal networks, and understand new crime patterns.
“Knowledge alone is not enough. We need your commitment, and that of your leaders, to prioritize continuous cross-border collaboration and sustained enforcement action.”
The workshop drew participants from anti-corruption agencies in Ghana, Rwanda, Cape Verde, Sierra Leone, and Southern Africa, as part of a growing regional response to rising financial crime threats that continue to erode public finances, disincentivize investment, and facilitate organized crime.
