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Mr. Ola Olukoyede, the Chairman of the Economic and Financial Crimes Commission (EFCC), has stated unequivocally that no major financial fraud, particularly involving illicit financial flows, can occur without the involvement or assistance of legal professionals.
According to Olukoyede, the intricate nature of such fraudulent schemes often necessitates the expertise of lawyers who facilitate the movement of illicit funds, helping to cover up or legitimize criminal activities.
The statement was made by Mr. Ola Olukoyede during the opening ceremony of the 6th Annual Criminal Law Review Conference, which was held in Abuja.
The conference, a key event for legal practitioners and law enforcement officials, provided a platform for Olukoyede to address the complex intersections of law and financial crime, particularly focusing on the role of legal professionals in enabling illicit financial flows.
The 5-day event was titled: “Optimising the Administration of Criminal Justice in Nigeria: How to Navigate Emerging and Systemic Challenges of Insecurity and Economic Hardship.”
The EFCC Chairman, Mr. Ola Olukoyede, pointed out that the movement of vast sums of money into offshore accounts, particularly those located in tax havens, is often facilitated by legal professionals.
He noted that lawyers play a critical role in structuring these transactions, ensuring that illicit funds are successfully hidden from regulatory scrutiny and detection by authorities.
“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.
Olukoyede conveyed that the EFCC had, in the course of its operations, been compelled to prosecute judicial officers and senior lawyers involved in corruption, with convictions resulting from these legal proceedings. Nevertheless, he reaffirmed that his respect for the judiciary and senior members of the bar remains unwavering.
“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.
Read also: 1M Blackmail: Fake EFCC Agents Nabbed In NPA Scandal
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.
Mr. Lateef Fagbemi, SAN, the Attorney-General and Minister of Justice, remarked that Nigeria finds itself at a decisive moment, where the increasing tide of insecurity and the persistent economic downturn pose serious threats to both the rule of law and the administration of justice.
He called attention to the urgency of addressing these intertwined issues, stressing that the country’s legal system is under unprecedented strain and must adapt to safeguard justice and maintain order.
“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.
