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No mega financial fraud possible without lawyers’ support, says EFCC Chairman

The Editor by The Editor
November 19 2024
in Financial Crimes
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No mega financial fraud possible without lawyers’ support, says EFCC Chairman

Ola Olukoyede - Chairman, Economic and Financial Crimes Commission (EFCC)

The Chairman, Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, says no mega financial fraud, especially illicit financial flows, is possible without lawyers’ support.

Olukoyede stated this during the opening of the 6th Annual Criminal Law Review Conference in Abuja.

The News Agency of Nigeria (NAN) reports that the 5-day event is titled: “Optimising the Administration of Criminal Justice in Nigeria: How to Navigate Emerging and Systemic Challenges of Insecurity and Economic Hardship.”

According to the EFCC chairman, the transfer of huge funds into offshore accounts, preferable in tax haven are aided by lawyers.

“The most traumatic discovery of the EFCC in recent years was the subjugation of national interest and wellbeing to personal interest by lawyers who aided briefcase foreign investors to fleece the nation in dubious transactions.”

“The P&ID scam, the Mambilla Power Project and Sunrise issues are cases in point,” he said.

He said while the anti-graft agency had had cause to prosecute judicial officers and senior lawyers and earned conviction, his respect for the bench and senior members of the bar remained undiminished.

“However, based on the unique experiences of the EFCC in the prosecution of corruption cases, I am particularly interested in systemic reforms in our justice delivery system that capture: The process for the discipline and regulation of judicial officers. The regulation and discipline of legal practitioners. Ethics, values and standards of legal practice. These are essential to me because the job of EFCC is ensuring that the corrupt does not find space in our national life. And when they do, to make them pay for their deeds,” he said.

Olukoyede urged the judiciary “to address the issue of obscene legal fees senior lawyers earn from political office holders, particularly the manner in which they collect such fees which clearly conflicts with existing statutes.”

“If a lawyer would not care about the source from which a sitting governor or any other public servant pays him millions of naira to defend him in electoral tribunal, the lawyer must necessarily be mindful of the fact that the only proper way to collect such humongous amounts is through the financial system.

“Aside from violating money laundering regulations, hauling millions of naira of professional fees from public office holders in liquid cash as senior lawyers do is only aimed at tax evasion. It is needless to stress that the best act of mentoring from leaders of the bar to the younger generation of lawyers is by living out the ethical demands of the profession,” he said.

Lateef Fagbemi, SAN, Attorney-General of the Federation (AGF) and Minister of Justice, said the nation stands at a critical juncture where insecurity and economic adversity present profound challenges to the rule of law and the administration of justice.

“These challenges demand innovative, practical and collaborative approaches to ensure that our justice system remains robust, fair and effective.”

“The Federal Government, under the leadership of His Excellency, President Bola Ahmed Tinubu, is committed to reforming and strengthening our criminal justice system,” he said.

Fagbemi, who was represented by the Director of Public Prosecutions, Abubakar Baba-Doko, said the FG is taking decisive steps to address the root causes of crime, improve law enforcement capabilities and enhance the efficiency of the courts.
He said there is the need to strengthen institutions and legal frameworks; leverage on technology and innovation, and foster collaboration and build public trust.

The President of the National Industrial Court of Nigeria, Justice B.B. Kanyip, said the Administration of Criminal Justice Act (ACJA), 2015, is unmistakably a significant legislation in enhancing efficiency and effectiveness in the justice delivery system in Nigeria.

Kanyip, who was represented by Justice Olufunke Anuwe, said the ACJA helps in expediting criminal trials, decongestion of the correctional centres and the protection of the rights and interests of marginalised persons.
He, however, said that insecurity and economic hardship poses a serious threat to the implementation of the provision of the Act.  – NAN.

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