If Nigeria is a startup, by now, we would have credited it with pioneering many business models in the last 12 months. Indeed, it is not usual for one federal agency to donate money to another agency. See something novel: the Economic and Financial Crimes Commission (EFCC) has reportedly donated N50 billion to support the Nigerian Education Loan Fund.
For this move, it is something to celebrate since it is going to do something amazing for the future of young people. Yet, as I have posited many times, the grand success of EFCC should not be how many people it prosecuted or the amount of money recovered, but how many frauds it PREVENTED. And certainly, it cannot be a revenue generating agency if it is re-structured to prevent over prosecuting.
In other words, flip the strategic objective of EFCC to become an agency that will PREVENT fraud rather than one that prosecutes frauds. Frauds and corruptions on the commonwealth are irreversible actions which carry pain on the citizens. I have shared a recommendation on how we can reduce most procurement corruptions in the nation.
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Indeed, move 80% of EFCC budget to PREVENTION with 20% focusing on prosecution and recovery. And when next they are in the Presidency or National Assembly to give an update, begin with “Tell me how many frauds and corruptions you prevented with associated amounts”.
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