The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has identified corruption as the major driver of insecurity in Nigeria, insisting that factors such as religion and ethnicity only mask the deeper problem.

Olukoyede made the assertion while presenting a paper titled “Corruption, National Security and Economic Prosperity” at the Annual Lecture Series of the Nigeria Air Force Officers Mess Honourary Members’ Forum in Lagos.

Speaking through the EFCC Director of Public Affairs, Commander CE Wilson Uwujaren, the EFCC chairman said poor accountability in the management of public and private resources has entrenched corruption across the country.

While acknowledging that religious extremism, ethnic rivalries and agitation for self-determination are often blamed for widespread insecurity, he stressed that “the real elephant in the room is corruption.”

According to him, corruption fuels insecurity when funds meant for security operations are stolen or when resources that should be invested in poverty reduction are diverted by members of the ruling elite. He specifically criticised the abuse of security votes, describing them as opaque channels for siphoning public funds, citing the prosecution of a former governor over the alleged diversion of more than ₦4 billion in security votes.

Olukoyede said the EFCC supports the fight against terrorism and violent extremism through non-kinetic measures, including tracking illicit financial flows, monitoring designated non-financial institutions and Bureau De Change operators, and preventing money laundering.

He added that the Commission also monitors local and international non-governmental organisations in the North-East to prevent them from being used as fronts for subversive activities, while collaborating with anti-corruption agencies in West Africa under the Network of Anti-Corruption Institutions in West Africa (NACIWA).

The EFCC boss noted that the Commission’s asset recovery efforts have contributed to Nigeria’s economic recovery, with portions of recovered funds invested in social intervention programmes such as the students’ loan and consumer credit schemes.

He further said the EFCC has supported economic stability by combating currency racketeering, mutilation of the naira and illegal foreign exchange trading, actions he said helped ease pressure on the naira.

Olukoyede also disclosed that upon assuming office, the Commission adopted a policy of not shutting down businesses under investigation in order to preserve jobs and livelihoods during the period of economic turbulence.

The head of media and publicity of the commission, Dele Oyewale in a statement on Monday said, the Chairman of NAFOM-HMF, Ikeja, Dr. Goke T. Akinrogun, commended the EFCC chairman for the lecture, while the Chief Host, Air Commodore Ewejide Akintunde, praised the organisers for sustaining the annual forum.