The EFCC, led by Ola Olukoyede, reports that Nigeria loses over N40 billion annually to employment fraud, underscoring the need for collaboration with private sectors and agencies to combat this issue. The initiative focuses on preventive measures and transparency in financial practices to bolster economic integrity.
Ola Olukoyede, the Executive Chairman of Nigeria’s Economic and Financial Crimes Commission (EFCC), has disclosed that employment fraud is costing Nigeria over N40 billion yearly. This announcement was made during a recent visit from the Nigerian Employers’ Consultative Association (NECA). Olukoyede highlighted that corruption and financial crimes hinder the nation’s economic growth, with employment fraud being a significant concern as it exploits systemic loopholes for illicit gains.
Olukoyede conducted research on employment fraud in 2007, revealing the substantial financial loss, which continues to affect both public and private sectors. He emphasized the EFCC’s efforts in combating such fraud, notably through identifying salary fraud in the Integrated Personnel and Payroll Information System (IPPIS), where bogus recipients obtained salaries without proper employment.
The EFCC has prioritized preventive measures, establishing a Fraud Risk Assessment and Control Department to monitor financial transactions and enhance transparency in budget allocations. Olukoyede advocated for NECA’s engagement in combating employment fraud, calling for cooperation to protect workers and prevent fraudulent practices by both employees and employers.
NECA’s Director General, Adewale Oyerinde, acknowledged the financial damages that the private sector faces due to these crimes. He expressed the organization’s intent to partner with the EFCC in combating financial misconduct, including money laundering, cybercrime, and identity theft, proposing structured engagements and workshops to promote compliance and ethical governance in the sector.
The Nigeria Customs Service (NCS) also commended the EFCC for its relentless fight against economic crimes, signaling the importance of collaboration between both agencies. J.O. Adelaja, the Customs Area Controller, emphasized the need for improved intelligence sharing and operational coordination to tackle smugglers and other economic offenders effectively.
In response, EFCC’s Acting Zonal Director Hauwa Garba Ringim affirmed the commitment to work closely with NCS, highlighting the significance of tackling smuggling and illegal activities that pose threats to Nigeria’s economy.
The EFCC, led by Ola Olukoyede, is taking a proactive stance against employment fraud, which is causing financial losses of over N40 billion annually in Nigeria. The collaboration between the EFCC and NECA aims to strengthen measures against financial crimes in both public and private sectors, while partnerships with agencies like the NCS are vital to counter economic offenses effectively. Through these efforts, the government aims to enhance transparency and integrity in financial operations.
Original Source: businessday.ng
