The Economic and Financial Crimes Commission (EFCC), Olanipekun Olukoyede, has disclosed the anti-graft agency needs software that will cost about N3.4 billion to tackle fraudulent cryptocurrency trading.
This was disclosed by the Senate Committee on Anti-corruption and Financial Crimes.
The committee expressed determination to increase budgetary allocation of the Economic and Financial Crimes Commission (EFCC) to effectively carry out its anti-graft obligation.
The Chairman, Senate Committee on Anti-Corruption and Financial Crimes, Senator Emmanuel Udende, said this when he led the committee members on an oversight visit to the EFCC headquarters in Abuja, on Monday.
The committee chairman said in honesty, the EFCC required more funding.
“When the EFCC chairman is telling you that he needs software that will tackle virtual and fraudulent cryptocurrency trading, valued at about N3.4billion, then, you will understand why they need more funding.
So, they really, really need a lot of money. What you can do is that through budgeting processing, you will be able to also increase their budget,” Senator Udende stated.
He also said that the EFCC deserved a percentage of its recoveries to assist its operations just like the Nigeria Customs Service (NCS) gets a certain percentage of its seizures too.
“Like customs do, they are entitled to a percentage of whatever they get for the year. And if we do it to EFCC, we will be able to work from the proceeds of crime that they recover,” he said.
Olukoyede had earlier called on the National Assembly to support the agency by increasing its allocation in the 2025 budget by 300 per cent.
He said that this was to enable it acquire requisite state of the art technology to fight illicit financial flows, economic sabotage.
According to him, one of the agency’s greatest challenges is inadequate funding, the agency will need about 300 per cent increment of its 2024 budget to carry out its duties effectively
He also sought the cooperation of the lawmakers in terms of changing the negative perception of Nigerians about the agency.
The chairman also stated that the EFCC is currently investigating the extractive industry and very soon, indicted persons will be charged to court.
Olukoyede, who lamented the effects of corruption on the general activities in Nigeria, said EFCC would investigate government agencies, who corruptly divert budgetary allocations to other things or outrightly embezzle the funds.
He announced that the commission had been granted access to the Integrated Personnel and Payroll Information System to monitor and track all disbursements and ensure proper utilisation.
While seeking the cooperation of the senators in carrying out the agency’s duty, Olukoyede said the EFCC would also be monitoring their constituency projects.
“We now have a relationship with the Accountant General’s Office. We have been given access to the IPPIS. We want to monitor the releases and track where the money goes.
“So, I am pleased to inform you, distinguished members of the Senate, that we will be monitoring your constituency projects. I hope you will cooperate with us.
“There will be no problem. We will monitor the allocation, and I believe you will also help us champion this cause,” he said.
