The Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, says the commission is shifting focus from reactive to proactive measures, including early detection and asset freezing. He disclosed this at a media interactive session in Abuja marking his third year in office. The EFCC has established the Fraud Risk Assessment and Control Department (FRAC) to monitor suspicious financial movements and act within 72 hours. Olukoyede cited an example of funds moved from a local government account to a company and then into cryptocurrency wallets, noting that public officials now often move stolen funds into crypto wallets within 24 hours.
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