EFCC to Strengthen Grip on Banks, Disrupt Terrorist Financing Networks
The Economic and Financial Crimes Commission (EFCC) has pledged to intensify its efforts to disrupt terrorist financing networks by monitoring banking transactions and cutting off financial resources to bandits and other criminal elements. EFCC Chairman, Ola Olukoyede, through the agency’s representative, Commander Wilson Uwujaren, made this commitment during the 2024 Annual Civil-Military Conference organized by the Civil-Military Cooperation (CIMICO) at the National Defence College in Abuja.
The move comes amid growing concerns about the link between corruption, poverty, and rising insecurity in Nigeria. Olukoyede highlighted how illicit financial flows fuel terrorism, banditry, and kidnapping, pointing out that corruption leads to poverty, which in turn drives unemployed youths into the arms of criminal organizations.
“Corruption is at the root of insecurity in this nation. The loss of resources to corruption deprives us of the funds we need to provide infrastructure and services, deepening poverty and making individuals more susceptible to recruitment into banditry and terrorism,” he explained.
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To counter this, the EFCC plans to collaborate closely with the armed forces to block illicit financial channels, especially within the banking sector. The commission aims to reduce the financial incentives for criminal activities, thereby contributing to national security.
Also speaking at the event, Minister of State for Police Affairs, Imaan Sulaiman Ibrahim, emphasized that tackling insecurity is a collective responsibility, urging all Nigerians to work together with law enforcement agencies to combat the menace.
The conference, which gathered key stakeholders from various sectors, aimed to develop actionable strategies for addressing insecurity and promoting national development. The event also stressed the need for genuine civil society organizations to promote accountability and patriotism, avoiding fraudulent activities that undermine societal progress.
The EFCC’s commitment is part of a broader effort to tackle the growing threat of banditry, terrorism, and other forms of organized crime in Nigeria, which have been exacerbated by corruption and financial mismanagement.
Source: Vanguard
https://www.vanguardngr.com/2024/09/well-tighten-grip-on-banks-to-cut-off-funds-to-bandits-efcc/
