The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has called for sweeping reforms across Africa as a key measure to mitigate investment risks and unlock the continent’s vast economic potential.
Speaking on Friday, September 19, 2025, in Washington D.C., United States, at the EBII Group African Leaders & Partners Forum, Olukoyede said Africa must embrace broad-based and radical reforms to become a “beautiful bride” for global investors.
“De-risking Africa requires us to pay attention to reforms to improve the ease of doing business, respect for the rule of law, and human capital development. Success in this regard requires strong institutions in view of the challenges which already exist in the agricultural, renewable energy, and solid minerals sectors”, he stated.
Olukoyede, who joined other global leaders to discuss investment opportunities in agriculture, energy transition, and critical minerals, stressed that Africa possesses immense wealth in natural resources and a young, tech-savvy population.
However, he maintained that these advantages can only translate into prosperity through fully integrated reforms that guarantee transparency, fairness, and institutional strength.
Highlighting the Nigerian experience, the EFCC boss showcased the Commission’s rising successes in combating economic and financial crimes through reforms and operational innovations. He revealed that the Commission has, in its 22 years of existence, secured more than 13,000 convictions, including 4,111 in 2024 alone, a remarkable leap from its early days of “zero convictions.”
“There can be no greater incentive to investors than assurance of due process and the rule of law. This rekindles confidence that investors who, for whatever reason, felt cheated can seek redress and get justice”, he said.
Olukoyede further disclosed that the EFCC has taken proactive measures to protect investors by offering advisory services and issuing public alerts on high-risk investment trends. In March 2025, for instance, the agency published warnings on 58 Ponzi schemes masquerading as legitimate businesses.
Citing milestones under his leadership, he noted that the Commission strengthened its corruption prevention mandate through the Department of Fraud Risk Assessment and Control, created in 2023.
The unit, he said, had tracked the disbursement and utilization of public funds, including a $50 million Pi-CNG contract, which achieved 95 percent delivery of buses and conversion kits.
Other achievements presented to the global audience include the arrest of 792 cryptocurrency and internet fraudsters in Lagos in a single operation, the forfeiture of 753 luxury duplexes and apartments in Abuja linked to illicit funds, and Nigeria’s ongoing efforts with EFCC’s involvement to exit the Financial Action Task Force (FATF) grey list.
Olukoyede also mentioned the Commission’s expanding work in tackling sophisticated digital assets and investment fraud, underscoring its resolve to ensure that Nigeria remains a safe and attractive destination for legitimate investors.
