The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has called on Commonwealth nations to draw inspiration from Nigeria’s proactive reforms and collaborative efforts in combating financial crimes.
Speaking on Monday, April 7, 2025, at the opening session of the five-day Commonwealth Law Conference in Malta—organized by the Commonwealth Lawyers Association (CLA) and themed “Combating Transnational Organised Crime in the Commonwealth: Opportunities and Challenges”—Olukoyede emphasized Nigeria’s strides in curbing illicit financial activities.
Delivering a presentation titled “Combating Financing of Terrorism and Proliferation Financing: Has FATF Enhanced Monitoring Made any Difference in Non-Compliant Countries?”, Olukoyede noted that while the Financial Action Task Force’s (FATF) enhanced monitoring mechanism presents challenges, it also offers a roadmap for meaningful reform.
“Nigeria’s experience shows that the value of monitoring goes beyond mere compliance,” he said. “It’s about building a resilient financial system capable of intercepting funds intended for terrorism and proliferation.”
Olukoyede urged Commonwealth nations to advocate for fairer treatment of Sub-Saharan countries, many of which remain disproportionately represented on FATF’s enhanced monitoring list. He acknowledged recent FATF efforts to refine its criteria—reducing pressure on less developed nations—but stressed the need for continued support and inclusivity.
Highlighting Nigeria’s progress, he revealed that the country has addressed nearly all its FATF action items, with the exception of those under Immediate Outcome 8, which relates to asset confiscation. He encouraged other member countries to learn from Nigeria’s reforms and resilience in the face of financial crime challenges.
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