Ola Olukoyede EFCC Chairman Calls for Global Collaboration in Recovering Illicit Assets

In response to the growing concerns over illicit financial flows and hidden assets, the Executive Chairman of Nigeria’s Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, emphasized the need for greater international cooperation. Speaking during Session 16 of the ongoing International Symposium on Economic Crime at the University of Cambridge on September 6, 2024,Ola Olukoyede highlighted the importance of working together across borders to track and recover stolen wealth. Ola Olukoyede noted that the challenge of illicit financial flows (IFFs) is complex and demands a collective effort from both source and destination countries.

Ola Olukoyede’s message particularly targeted destination countries, where illicit assets are often hidden. He stressed that no asset recovery effort can succeed without the cooperation of these nations. “In our pursuit of asset recovery, we advocate for a more concerted effort by destination countries to prevent the entry of illicit funds,” he said, urging these nations to improve their regulatory frameworks and block the entry points for illegal financial activities.

Ola Olukoyede Position On Legal and Moral Responsibility in Combatting Illicit Financial Flows

Ola Olukoyede also addressed the legal and moral responsibilities that countries face in building financial systems that are resistant to illicit financial infiltration. Speaking through the Special Assistant to the President on Prosecution of Economic Crimes, Mr. Rotimi Oyedepo, SAN, he highlighted the role of mutual legal assistance, information sharing, and joint initiatives as key to solving the issues related to IFFs. He argued that preventing the flow of illicit funds must be a top priority for both origin and destination countries, with each playing a part in strengthening due diligence processes.

He further pointed out that regulatory frameworks must align with international standards, ensuring financial institutions uphold transparency and accountability. By advocating for simplified legal procedures in destination countries, Ola Olukoyede called for holding facilitators of illicit financial flows accountable. He noted that addressing the root causes of financial crime would be essential to creating a system that is resilient against these practices.

Nigeria’s Efforts in Asset Recovery

During the symposium, Mr. Rotimi Oyedepo presented Nigeria’s ongoing efforts to recover illicit assets, highlighting the country’s adoption of key principles from the Common African Position on Asset Recovery (CAPAR). According to Oyedepo, Nigeria has made significant progress in integrating these principles, including promoting transparency, aligning legal and taxation systems with international norms, and holding those who facilitate financial crimes accountable.

He went on to explain that Nigeria has been actively using both conviction-based and non-conviction-based asset recovery approaches. “The legal frameworks being used in Nigeria are yielding robust benefits,” he said, underscoring the progress made in reclaiming stolen assets. Oyedepo noted that the country has had considerable success in recovering illicit assets through these two modalities, but emphasized the need for international collaboration to ensure continued success in asset recovery efforts abroad.

The Importance of Global Cooperation in the Fight Against Economic Crimes

Ola Olukoyede’s message at the Cambridge symposium echoed a broader call for global unity in the fight against economic crimes. He argued that no single nation can effectively combat illicit financial flows on its own, and therefore urged for sustained collaboration between countries. His speech emphasized the importance of international cooperation, especially in offering Nigeria the necessary assistance and responses when recovering stolen assets stashed overseas.

As the 41st International Symposium on Economic Crime draws to a close on September 8, 2024, Ola Olukoyede’s remarks leave a lasting call for stronger, more coordinated efforts in tackling illicit financial activities globally. By focusing on transparency, accountability, and legal reform, the international community has the opportunity to make significant strides in asset recovery and financial integrity.