Olanipekun Olukoyede, the Chairman of the Economic and Financial Crimes Commission (EFCC), has urged for enhanced financial discipline and integrity in the operations of ministries, departments, and agencies (MDAs) across the country.
This call was made during a meeting in Abuja with a delegation from the Financial Reporting Council of Nigeria (FRCN), led by Executive Secretary Dr. Rabiu Olowo, at the EFCC’s corporate headquarters.
Olukoyede emphasised that financial discipline and integrity play a pivotal role in stimulating economic growth and development. He challenged MDAs to elevate their financial reporting standards, announcing the EFCC’s commitment to focusing on internal cleansing within these entities.
“By virtue of the financial investigations we are doing, we discovered a lot of malpractices in financial reporting, particularly in the MDAs, so we are starting with internal cleansing before we move to corporate bodies,” he explained.
Highlighting the seriousness of President Bola Ahmed Tinubu’s administration in advancing the nation, Olukoyede stressed the need for government appointees to demonstrate increased responsibility and integrity in fulfilling their roles.
“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,” he affirmed.
Assuring Olowo of strengthened collaboration and synergy, the EFCC Chairman expressed optimism about the significant achievements that can result from the combined efforts of the two agencies.
“As a regulator of accounting standards and as a law enforcement agency, we will achieve great strides to move this country forward,” Olukoyede stated.
Earlier, Dr. Rabiu Olowo, the Executive Secretary of the Financial Reporting Council of Nigeria, called for increased synergy between the EFCC and FRCN, particularly in addressing issues related to the compromise of corporate governance rules and the enforcement of standards in private and public organisations.
Olowo drew parallels between the EFCC and FRCN, highlighting shared core values and mandates. He emphasised the potential benefits of collaboration in achieving the objectives of both organisations, seeking EFCC’s support in enforcing standards in financial statement reporting and enhancing codes of corporate governance.