EFCC, CAC collaborate to tackle corruption, boost business integrity

• EFCC and CAC strengthened their partnership to tackle corruption and improve business transparency
• Both agencies discussed enhancing collaboration in combating financial crimes
• The CAC modernised its operations, introducing AI-driven company registration to streamline processes

The Economic and Financial Crimes Commission (EFCC) and the Corporate Affairs Commission (CAC) have announced a deepened collaboration aimed at tackling corruption and promoting transparency in Nigeria’s business sector.

In a statement released on Tuesday, February 18, in Abuja, the two agencies outlined their commitment to working together to curb fraudulent activities, ensure businesses operate with integrity, and create a more stable economic foundation for the country. 

This new phase of cooperation was disclosed following a courtesy visit by EFCC Executive Chairman, Olanipekun Olukoyede, to the CAC headquarters.

Speaking at the meeting, Olukoyede expressed his gratitude for the prompt and consistent support provided by the CAC in response to EFCC's requests. 

He stressed the importance of both agencies fulfilling their mandates to improve the lives of Nigerian citizens and boost national development.

The EFCC chair further highlighted that this enhanced collaboration would not only contribute to the fight against corruption but would also stimulate economic growth, attract investment, and foster a business-friendly environment.

“We have resolved to use the instrumentality of fighting corruption to stimulate the economy, create a conducive environment for investors to run their business, and ensure that everyone plays by the rules,” Olukoyede remarked.

Hussaini Magaji, the Registrar-General of the CAC, welcomed the partnership, noting that it would provide a valuable opportunity to strengthen existing collaborations, particularly in the areas of knowledge exchange and information sharing. 

He also reaffirmed the CAC’s commitment to supporting President Muhammadu Buhari’s 7-point transformation agenda, which focuses on economic development and governance reforms.

“We are aligned with the President’s vision for a better economy, and this strengthened partnership with the EFCC will contribute to promoting transparency, combating financial crimes, and facilitating ease of doing business in Nigeria,” Magaji said.

Magaji also revealed that the CAC has made significant strides in modernising its operations. 

The registration process for businesses is now AI-driven, and the Commission has introduced an intelligent company registration portal designed to streamline the process. 

According to Magaji, the ultimate goal is to ensure that companies can be registered in just one hour, a standard comparable to that of the UK Companies House and in line with international best practices.

EFCC says it has recovered N248bn, $105m, secured 3455 convictions in 1 year

Earlier, TheRadar reported that the Economic and Financial Crimes Commission (EFCC) reported significant achievements in its fight against corruption, recovering over N248 billion and $105 million while securing 3,455 convictions in the past year. 

The commission also revealed that it has initiated legal proceedings against several former governors and ministers for corruption, including high-profile cases involving billions in mismanaged public funds.