Olanipekun Olukoyede is the 5th Executive Chairman of the Economic and Financial Crimes Commission (EFCC). His first full year as head of the law enforcement and anti-graft agency has been defined by a mix of operational successes and high-profile blunders. In this period of his leadership, the EFCC secured 3,455 convictions and recovered N248 billion in proceeds of crime, including $105.4 million and £53,133 in foreign currencies. His tenure has also seen the strengthening of international partnerships, exemplified by the September 2024 transfer of $180,300 and 53 vehicles to Canadian authorities in a cross-border fraud case. The assets had been traced to Canadian victims of Nigerian fraud schemes.
Even so, these achievements have been overshadowed by the commission’s handling of politically sensitive cases. The most notable is the prolonged pursuit of former Kogi State Governor, Yahaya Bello, charged with diverting over N80 billion in state funds. The case descended into a farce on 18 September 2024 when Bello, who had been declared wanted, visited the EFCC’s headquarters but was turned back by operatives of the commission on account he was accompanied by his successor, Governor Usman Ododo, who has constitutional immunity from arrest. This incident raised serious questions about the EFCC’s operational capabilities and strategy in pursuing powerful political figures. However, the EFCC finally arrested Mr. Bello late in November and kept him in custody.
The legitimacy of Olukoyede’s appointment has remained a contentious issue throughout 2024, with critics arguing that his selection violated the EFCC Act’s requirement for the chairman to have security or law enforcement experience. Although the Supreme Court’s November 2024 ruling handed a win to the EFCC, affirming the commission’s constitutional authority, which 16 state governments had challenged, debates around the specific appointment process and adherence to the EFCC Act may persist.
Olukoyede’s reforms, including the establishment of a Fraud Risk Assessment and Control (FRAC) department and the launch of an anti-corruption radio station, suggest an emphasis on prevention and public engagement. However, the persistent challenges in prosecuting high-profile cases have reinforced longstanding concerns about the EFCC’s effectiveness as Nigeria’s premier anti-corruption agency. These contradictions between institutional modernisation and operational effectiveness continue to define Olukoyede’s leadership as 2024 draws to a close.