The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has stated that policy reforms are the most effective approach to combating corruption, economic crimes, and financial crimes.

He made the statement on Tuesday, August 4, 2026, when the Managing Director of the Nigerian Consumer Credit Corporation (CREDICORP), Uzoma Nwagba, led the corporation’s top management team on a courtesy visit to the EFCC’s corporate headquarters in Jabi, Abuja.

“Being part of the system, I did a bit of analytical presentation on how we can effectively curb corruption and financial crimes in Nigeria, and we came to the conclusion that it is not just the work of law enforcement agencies alone. As a matter of fact, law enforcement agencies should be at the lowest rung of the ladder in the fight against corruption and economic crimes. Policy reform is the best approach in the fight against corruption all over the world. It is when that fails that enforcement comes in,” he said.

He further described the CREDICORP scheme as one of the greatest legacies the administration of President Bola Ahmed Tinubu would leave for Nigerians, adding that any country without an effective consumer credit system creates conditions that encourage corruption.

According to Olukoyede, access to affordable consumer credit significantly reduces the incentive for public servants to engage in fraudulent practices.

“Any country that does not have a functional credit system cannot effectively fight financial crimes because its absence creates the propensity for people to commit such crimes,” he said.

He recalled stating during his confirmation hearing before the Senate that the fight against corruption, economic crimes, and financial crimes would become much easier if Nigeria implemented a robust consumer credit system. He expressed satisfaction that “eventually, the President came up with the idea.”

The EFCC Chairman linked the rising wave of cybercrime among young Nigerians to poverty and limited access to education, which, he said, necessitated the establishment of the Nigerian Education Loan Fund (NELFUND). He disclosed that Nigeria lost more than $500 million to cybercriminals in 2022 alone.

“I advocated for two things: a consumer credit scheme and NELFUND because of the challenge of internet fraud in our country. In 2022 alone, we lost over $500 million to the activities of cybercriminals, most of whom are young people who should be in school.

“We are not just interested in sending them to jail. When we interrogate some of them, they tell us, ‘We want to go to school. We want to graduate with certificates, but we cannot afford it.’ That was how the idea of NELFUND came about, and we said we needed to support the Fund.”

Commending the student loan programme, Olukoyede disclosed that it had already supported about 1.5 million students, thereby reducing the number of young people vulnerable to financial crimes.

“Effectively, that has taken about 1.5 million people off my docket of those who have the potential to commit financial crimes. The scheme has supported about 1.5 million students by paying their tuition fees and providing them with ₦20,000 monthly to support themselves. That is how to fight corruption,” he said.

Speaking on CREDICORP, Olukoyede observed that many public servants resort to corrupt practices because their earnings are insufficient to meet basic needs such as housing, transportation, education, and the welfare of their families.

He explained that if workers could access affordable mortgages and consumer loans repayable over an extended period, the pressure to acquire wealth through illicit means would be significantly reduced.

“If an average public servant believes that after working for 35 years, he can access credit to own a home and repay it over a long period, that will reduce the propensity to commit financial crimes,” he said.

The EFCC Chairman also disclosed that President Tinubu, in recognition of the successes of both the CREDICORP scheme and NELFUND, had approved the disbursement of ₦50 billion each from the EFCC’s Proceeds of Crime Account to the two intervention agencies.

“I believe you must have received the money by now because it has already been taken from our account. If you have not, follow up with the Central Bank of Nigeria (CBN),” he said.

While commending the performance of CREDICORP, Olukoyede urged its leadership to maintain the highest standards of transparency and ensure that recovered public funds are used solely for the benefit of Nigerians.

“The money is not EFCC money; it belongs to Nigerians. Please use it to benefit Nigerians, particularly public servants and civil servants. If a civil servant has access to credit, he probably will not steal.

“Again, I plead with you not to lend the proceeds of crime we are entrusting to you at interest rates above single digits, and do not repeat the mistakes of past intervention programmes,” he said.

He also advised the CREDICORP leadership to exercise due diligence in carrying out its responsibilities.

“Be careful about those working with you. When they bring anything for your approval, make sure you read it between the lines because you are the chief accounting officer. If anything goes wrong, you will be held accountable,” he warned.

In his introductory remarks, Nwagba disclosed that the visit was to express the corporation’s gratitude to the EFCC for its financial support.

He revealed that CREDICORP had disbursed about ₦47 billion in consumer credit to more than 301,000 Nigerians within two years while maintaining a 100 per cent repayment rate with no non-performing loans.

“The biggest message we have here today is simply to say thank you for remembering us,” he said.

He added that the corporation had set a target of assisting one million Nigerians with new consumer credit in 2026.

Nwagba noted that expanding access to credit serves as an anti-corruption tool by reducing the pressures that often drive people to engage in illicit financial activities.

He further explained that increased consumer credit stimulates economic growth because greater purchasing power enables Nigerians to buy locally produced goods and services, allowing businesses to expand and create more jobs.

He disclosed that the corporation is collaborating with the Central Bank of Nigeria (CBN) to develop a robust national credit infrastructure that will link borrowing records to the National Identification Number (NIN), enabling lenders to instantly verify applicants’ credit histories before granting loans.

Nwagba also stated that the scheme is expanding targeted programmes for youths, women, pensioners, and persons with disabilities. He added that it has financed 10,000 women to become first-time owners of commercial tricycles as part of efforts to promote economic inclusion.

He concluded by thanking Olukoyede for his continued support, noting that the EFCC’s encouragement had strengthened the corporation’s resolve to expand access to consumer credit for more Nigerians.