Nigeria loses N40 Billion Yearly to employment fraud – EFCC Chairman

Nigeria loses N40 Billion Yearly to employment fraud – EFCC Chairman
Nigeria Loses Over N40bn Annually to Employment Fraud, EFCC Chairman Reveals

The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, disclosed that Nigeria has been losing upwards of N40 billion each year due to employment fraud since 2007. This revelation was made during a recent meeting with the Nigerian Employers’ Consultative Association (NECA) at the EFCC headquarters.

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Reflecting on his prior research into employment fraud before joining the EFCC, Olukoyede expressed concern over fraudulent practices among both employers and employees. “In 2007, while I was conducting research on employment fraud, I discovered that Nigeria was hemorrhaging over N40 billion annually to this issue,” he stated.

Upon taking on the role of Chief of Staff at the EFCC, Olukoyede initiated investigations into the Integrated Personnel and Payroll Information System. This led to significant findings, including numerous instances of individuals receiving salaries for positions they did not hold within the government. His team’s intervention resulted in savings of billions of naira. “We continue to pursue these fraudulent activities since criminals are constantly adapting their methods. It’s imperative that we innovate in response,” he added.

Olukoyede underlined the need for ongoing vigilance and preventive measures to combat financial crimes across the nation. He characterized corruption and financial offenses as critical barriers to Nigeria’s economic growth and development. “It is evident that our primary challenges revolve around financial crimes and corruption—issues that are significant impediments to our economic progress,” he pointed out.

In the meeting, NECA’s Chief Executive Officer, Adewale Oyerinde, emphasized the pressing need for collaboration with the EFCC due to the alarming amounts of money lost to fraud in the private sector. “We are eager to foster a partnership with the EFCC to address these issues,” he stated.

Oyerinde proposed initiatives such as joint workshops focusing on the private sector’s role in combatting money laundering, cybercrime, and identity theft—issues that pose growing concerns for both the EFCC and the business community.


Copyright 2024 REPORT AFRIQUE (RA). Permission to use portions of this article is granted provided appropriate credits are given to www.reportafrique.com and other relevant sources. This Article is Fact-Checked. See Policy.
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