EFCC battles religious sect over N13bn money laundering for terrorists

In Abuja, Mr. Ola Olukoyede, Chairman of the Economic and Financial Crimes Commission, shed light on the prolonged battle against insecurity, citing a significant hurdle. He revealed that a powerful religious group in the country had obtained a court order to halt investigations into the N7 billion allegedly tied to certain terrorists.

The commission initially probed a N13 billion fraud case, uncovering a link to N7 billion deposited in an account affiliated with a religious organization. Speaking at a sensitization event themed “Youth, Religion, and the Fight Against Corruption” held at the Yar’Adua Centre in Abuja, Olukoyede disclosed another instance where a religious entity shielded a money launderer whose illicit funds were traced to the organization’s account.

While not specifying the names of the sect or terrorist group involved, Olukoyede emphasized the involvement of various religious bodies in money laundering activities. He recounted an incident where the commission faced legal barriers while investigating a religious group’s financial transactions, hindering their efforts to combat corruption effectively.

Despite the EFCC’s relentless efforts to curb corruption, financial crimes continue to rise, prompting a reassessment of anti-graft strategies. Olukoyede advocated for a preventive approach, aligning with the United Nations Convention Against Corruption recommendations.

He highlighted the need for new strategies to tackle financial crimes, particularly addressing the involvement of youth in cybercrimes and the susceptibility of government agencies to corruption. Olukoyede stressed the importance of discouraging the youth from viewing fraud and corruption as pathways to success, as well as addressing the vulnerability of government institutions to corrupt practices.

The EFCC chairman urged religious leaders to promote messages that discourage corruption and encourage contentment among their followers, emphasizing the role of religious institutions in combating corruption in society.