Ola Olukoyede, the Executive Chairman of the Economic and Financial Crimes Commission (EFCC), has urged ministries, departments, and agencies (MDAs) in Nigeria to prioritize improved financial discipline and integrity in their operations. This call was made during a courtesy visit to the EFCC’s corporate headquarters in Abuja by a delegation from the Financial Reporting Council of Nigeria (FRCN), led by its Executive Secretary/Chief Executive Officer, Dr. Rabiu Olowo.
Olukoyede emphasized the critical role that financial discipline and integrity play in fostering economic growth and development in the country. He specifically challenged MDAs to enhance their financial reporting practices, highlighting the Commission’s commitment to conducting internal audits to address malpractices in financial reporting within MDAs before extending such scrutiny to corporate entities.
The EFCC Chairman underscored the seriousness of President Bola Ahmed Tinubu’s administration in advancing the nation, insisting that government appointees must exhibit heightened responsibility and integrity in fulfilling their roles. Olukoyede stated, “We believe the government of Asiwaju Bola Ahmed Tinubu is very serious. By virtue of the appointment he has been making, he will move this country forward.”
Assuring Dr. Olowo of increased collaboration and synergy between the EFCC and FRCN, Olukoyede emphasized the shared objectives of the two agencies. He noted, “You as a regulator of accounting standards and also we as a law enforcement agency, we will be doing a lot of great work in order to move this country forward.”
Furthermore, Olukoyede stressed the collective responsibility in combating corruption, asserting that the fight against corruption is a collaborative effort that extends beyond the EFCC alone. He urged stakeholders to unite with the EFCC in the pursuit of national greatness.
Dr. Rabiu Olowo, in his remarks, highlighted the need for improved synergy between the EFCC and FRCN, especially in addressing challenges related to the compromise of corporate governance rules and the enforcement of standards in both private and public organizations. Olowo drew parallels between the core values of the EFCC and FRCN, emphasizing the potential benefits of collaboration in achieving the mandates of both organizations.
He further sought the EFCC’s support in enforcing standards in financial reporting and enhancing codes of corporate governance, stating, “Enforcement in the sense that we want to hold to account those who are responsible for delivering standards and the codes of corporate governance that Nigeria set; those who are falling by we will make sure they are held to account for it.”
