The Economic and Financial Crimes Commission (EFCC) has received approval from President Bola Tinubu to monitor funds distributed to states and local governments through the Federation Account Allocation Committee (FAAC).
EFCC Chairman Ola Olukoyede disclosed this on Thursday while speaking at the commissioning of the commission’s new Zonal Directorate in Awka, Anambra State.
According to Olukoyede, the move is part of a shift in the agency’s approach from investigating financial crimes after they occur to preventing the diversion of public funds.
“Mr President has gracefully approved for us to also monitor FAAC releases to states and to local government,” Olukoyede said.
EFCC shifts focus to prevention
Olukoyede said the commission was increasingly focused on identifying weaknesses in government systems that could allow public funds to be diverted.
He said the EFCC had established a Department of Fraud Risk Assessment and Control to examine financial releases and track how government resources are being used.
“So we are now in the business of preventing while we are still enforcing the one that fits us out. We no longer wait for money to be stolen before EFCC acts,” he said.
The chairman explained that recovering stolen funds can be costly and may not result in the full recovery of the amount lost.
“Which one is the most effective or more effective way of fighting financial crimes? Prevention,” he said.
The commission’s preventive monitoring will now extend to FAAC allocations received by state and local governments, with the aim of identifying financial vulnerabilities before funds are diverted.
EFCC reports thousands of cases and convictions
Olukoyede said the EFCC received 49,673 petitions between October 2023 and July 2026. During the same period, it investigated 39,615 cases and filed 14,476 cases in court.
He added that the commission secured 10,872 convictions and recorded recoveries of N1.2 trillion, $684 million, £373,000 and €9.3 million, among other currencies.
In the first half of 2026, the EFCC secured 1,370 convictions from 1,889 cases filed, according to the chairman.
States urged to strengthen financial controls
Olukoyede also called on state governments to work with the EFCC to identify areas vulnerable to financial crimes, including internally generated revenue and land registries.
“We look at vulnerable areas, your IGR, land registry particularly, and areas that are vulnerable to fraud,” he said.
He said the commission would support governments in developing fraud-risk assessments and stronger controls to improve revenue collection and reduce opportunities for financial crimes.
The EFCC chairman stressed that the new preventive strategy would not replace the commission’s existing enforcement duties. The agency would continue investigating and prosecuting financial crimes while also working to prevent them through stronger systems and controls.
He also encouraged citizens, civil society groups, traditional rulers, professional bodies and communities to report suspected financial crimes and monitor public projects and government spending.
The new Awka directorate will cover Anambra and Imo states as part of the EFCC’s broader expansion across the country.
