Financial Fraud: EFCC Chair Exposes Lawyers’ Role in Mega Scams

EFCC Chair Olukoyede Exposes the Role of Lawyers in Facilitating Mega Financial Frauds

iexclusivenews – Financial fraud, particularly mega financial frauds and illicit financial flows, cannot occur without the involvement of lawyers, according to Mr. Ola Olukoyede, Chairman of the Economic and Financial Crimes Commission (EFCC).

Speaking at the 6th Annual Criminal Law Review Conference in Abuja, Olukoyede highlighted the critical role lawyers play in facilitating these fraudulent activities.

The Role of Lawyers in Financial Fraud

During the opening of the conference, Olukoyede stated that the transfer of huge funds into offshore accounts, often in tax havens, is typically aided by lawyers. He emphasized that the most traumatic discovery by the EFCC in recent years has been the subjugation of national interest to personal gain by lawyers who assist foreign investors in dubious transactions. He cited the P&ID scam, the Mambilla Power Project, and Sunrise issues as examples of such cases.

However, Olukoyede acknowledged that the EFCC has prosecuted judicial officers and senior lawyers, earning convictions in some cases. Despite this, he maintained his respect for the bench and senior members of the bar. He called for systemic reforms in the justice delivery system, focusing on the discipline and regulation of judicial officers and legal practitioners, as well as the ethics, values, and standards of legal practice.

The EFCC Chair urged the judiciary to address the issue of obscene legal fees charged by senior lawyers, particularly those defending political office holders. He pointed out that lawyers must be mindful of the source of such fees and ensure they are collected through the financial system to avoid violating money laundering regulations. He stressed that hauling millions of naira in liquid cash from public office holders is aimed at tax evasion.

Mentoring the Younger Generation and Government’s Commitment to Reform

Olukoyede emphasized the importance of mentoring the younger generation of lawyers by living out the ethical demands of the profession. He stated that the best act of mentoring from leaders of the bar is to demonstrate ethical behavior and adherence to professional standards.

Mr. Lateef Fagbemi, SAN, the Attorney-General of the Federation (AGF) and Minister of Justice, also spoke at the conference. He highlighted the nation’s critical juncture, where insecurity and economic adversity present profound challenges to the rule of law and the administration of justice. Fagbemi, represented by the Director of Public Prosecutions, Abubakar Baba-Doko, reiterated the Federal Government’s commitment to reforming and strengthening the criminal justice system under President Bola Ahmed Tinubu’s leadership.

Fagbemi outlined the government’s decisive steps to address the root causes of crime, improve law enforcement capabilities, and enhance the efficiency of the courts. He emphasized the need to strengthen institutions and legal frameworks, leverage technology and innovation, and foster collaboration to build public trust.

The Administration of Criminal Justice Act (ACJA)

Justice B.B. Kanyip, President of the National Industrial Court of Nigeria, discussed the significance of the Administration of Criminal Justice Act (ACJA), 2015. Represented by Justice Olufunke Anuwe, Kanyip noted that the ACJA has enhanced efficiency and effectiveness in the justice delivery system, expedited criminal trials, decongested correctional centers, and protected the rights and interests of marginalized persons. However, he acknowledged that insecurity and economic hardship pose serious threats to the implementation of the Act.

Mr. Joseph Daudu, the Coordinator of the Rule of Law Development Foundation and organizer of the event, explained that the Criminal Law Review Conference commenced six years ago as one of the foundation’s flagship events. The conference provides an annual forum for reviewing developments in crime apprehension, prosecution, adjudication, and post-adjudicatory processes within the criminal justice system. The event, held in Abuja, also took place virtually at various locations within Nigeria and abroad.

What You To Know

The 6th Annual Criminal Law Review Conference highlighted the critical role of lawyers in facilitating mega financial frauds and the need for systemic reforms in Nigeria’s justice delivery system. EFCC Chair Ola Olukoyede’s call for ethical behavior and adherence to professional standards underscores the importance of integrity in the legal profession. As the government commits to strengthening the criminal justice system, collaboration and innovation will be key to addressing the challenges of insecurity and economic hardship.