We’ll tighten grip on banks to cut off funds to bandits – EFCC

The Economic and Financial Crimes Commission (EFCC) has vowed to disrupt terrorist financing networks by monitoring banking transactions and cutting off funds to bandits.

EFCC Chairman, Ola Olukoyede, made this commitment through his representative, Commander Wilson Uwujaren, Director of Public Affairs Directorate, at the 2024 Annual Civil-Military Conference organized by Civil-Military Cooperation (CIMICO) at the National Defence College, Abuja.

The move aims to curb rising insecurity and banditry in Nigeria, which has been linked to corruption and illicit financial flows.

To achieve this goal, Olukoyede said that the EFCC will work closely with the armed forces.

According to him, corruption breeds poverty, which in turn drives jobless individuals to embrace recruitment into banditry, kidnapping, and terrorism.

He explained that by blocking illicit funds, the commission hopes to reduce the financial incentives for these criminal activities.

The EFCC said, “Corruption is the key issue in terms of the promotion of insecurity in this nation. When people talk about insecurity and national development, one factor that is important to note is the implication of corruption on national security management and development.

“It is time for us to collectively fight corruption which has become a major challenge to our nation’s development. The loss of resources to corruption denies our nation the resources we should have used to provide infrastructure and digital services for our people, deepening the poverty we experience in this country.

“Corruption breeds poverty, which in turn makes the jobless embrace recruitment into banditry, kidnapping, and terrorism. We will continue to monitor the flow of funds, especially in the banking sector, to ensure that illicit money doesn’t get into the hands of bandits, kidnappers, and terrorists.”

Also speaking, the Minister of State for Police Affairs, Imaan Sulaiman Ibrahim, called for a concerted effort from all Nigerians to address insecurity.

“Security affairs are everybody’s business, not just the police and other law enforcement agencies. We must join hands with the police and other law enforcement agencies to end the menace of insecurity,” he said.

In his remarks, the Commandant of the National Defence College, Rear Admiral Olumuyiwa Morakinyo Olotu, noted that the conference seeks to develop implementable strategies to tackle insecurity and promote national development.

Earlier, the conference convener, Adams Otakwu, emphasized the need for genuine civil society organizations to promote patriotism and accountability.

He said, “Civil societies must be genuine and not be involved in fraudulent activities. Our role is to call public institutions to accountability, not to indulge in blackmail. That is not activism, and we must desist from that and engage in productive ventures.

“As civil society organizations, we are conscious of the society; if we lose it, we lose everything. It is not about money; it is about patriotism.”

The conference brought together stakeholders from various sectors to forge solutions to insecurity and promote national development.