The Centre for Convention on Democratic Integrity (CCDI) has condemned the call by certain political actors to dismantle the Economic and Financial Crimes Commission (EFCC).
The President of the Centre, Olufemi Aduwo, in a statement said the call represents a grave threat to Nigeria’s anti-corruption efforts.
Aduwo said the EFCC was integral to efforts that not only improved Nigeria’s international reputation but also secured crucial debt relief during a time when corruption had left the country isolated on the global stage.
He said: “At a time when Nigeria’s image was marred by financial mismanagement, the creation of the EFCC was a clear signal that the country was serious about reform.
“Debt relief negotiations with international creditors, including the Paris Club, were tied to Nigeria’s ability to demonstrate tangible anti-corruption measures.
“Without the EFCC, it is unlikely that Nigeria would have secured the $18 billion debt cancellation in 2005. The establishment of the EFCC was not the only reform but played a vital role in gaining the trust of international partners who demanded accountability and transparency in Nigeria’s governance structures.
“Eliminating the EFCC would not only undermine the fight against corruption but would also have devastating consequences for Nigeria’s governance and development.
“The EFCC has been the cornerstone of Nigeria’s anti-corruption framework, recovering stolen assets and deterring financial crimes in both the public and private sectors.
“Despite its imperfections, dismantling the EFCC would have severe implications, in several areas with serious consequence.
“The international community, including development partners and donors, has confidence in Nigeria’s anti-corruption efforts, in part due to the existence of institutions like the EFCC.
“Humanitarian aid, grants, and other forms of financial assistance for development projects in key sectors such as education, healthcare, and infrastructure are often dependent on the presence of robust anti-corruption bodies. Without the EFCC, these partnerships and funding would be jeopardised.
“Foreign investors value transparency and the rule of law when choosing investment destinations. The absence of a functional anti-corruption commission would exacerbate Nigeria’s already negative reputation as a high-risk environment for investment.
“This, combined with concerns about the judiciary’s inefficiency, would discourage investors from committing to Nigeria.
“The lack of transparency would create doubt about the security of investments and financial transactions.”
According to Aduwo, the EFCC has been working closely with international law enforcement agencies like INTERPOL and the Financial Action Task Force (FATF), collaborating to combat crimes such as money laundering, terrorism financing, cybercrime, and fraud.
He said dismantling the EFCC would severely compromise Nigeria’s ability to engage in these international efforts, likely resulting in sanctions or a downgrade in the country’s global financial system status.
“Nigeria cannot afford to lose these critical partnerships at a time when transnational crime is increasingly globalised.
“Corruption remains a major barrier to Nigeria’s economic development, with staggering financial losses every year. While estimating the exact amount lost to corruption in 2023 is difficult, various reports provide insight into the scale of the problem.
“Transparency International ranked Nigeria 150th out of 180 countries in its 2023 Corruption Perception Index, underscoring the depth of corruption in the public sector.
“The Nigerian government, through agencies like the EFCC and Independent Corrupt Practices Commission (ICPC), has acknowledged that recoveries of stolen assets only scratch the surface of the total funds lost.
“Nigeria’s Minister of Finance once estimated that illicit financial flows result in losses of up to $18 billion annually. Estimates suggest that Nigeria loses around 20% to 30% of its public budget to corruption and mismanagement each year.
“With Nigeria’s 2023 budget of ₦21.83 trillion (around $47 billion), this translates to a loss of approximately ₦4.36 trillion (or around $9 billion) annually due to corruption.
“This staggering figure reflects the severe impact of corruption on sectors such as infrastructure, healthcare, and education, all of which are critical for Nigeria’s development.
“The solution to Nigeria’s corruption problem is not to dismantle the EFCC but to strengthen it. While the commission is not without its faults, dismantling it would only benefit those who have profited from corruption and the theft of public funds.
“These individuals and groups, eager to escape accountability, are the driving force behind efforts to abolish the EFCC. Nigeria’s fight against corruption is far from over, and the EFCC remains one of the few institutions standing in the way of unbridled looting of public resources.
“Rather than dismantling the commission, the focus should be on improving its operational efficiency, addressing institutional shortcomings, and enhancing its capacity to carry out its mandate without interference.
“Dismantling the EFCC would not only be a step backward but a disservice to the Nigerian people, who are the primary victims of the corruption that has plagued the nation for decades.
“Nigeria needs stronger anti-corruption institutions, not fewer. Disbanding the EFCC would send a clear message to the world, that corruption is not only tolerated but allowed to flourish unchecked.
“This is not the message Nigeria should be sending at a time when it must demonstrate a serious commitment to good governance and transparency,” he said.
