The Chairman of the Economic and Financial Crimes Commission, Ola Olukoyede, stated on Wedneday that the commission will continue to monitor bank transactions to curb financial flows to criminals, including bandits and terrorists.

Olukoyede also highlighted the connection between corruption and insecurity, noting that corruption fosters poverty, which in turn makes unemployed citizens vulnerable to recruitment into banditry, kidnapping, and terrorism.

Represented by the Director of the Public Affairs Directorate, Wilson Uwujaren, Olukoyede made these remarks at the 2024 Annual Civil-Military Conference organized by Civil-Military Cooperation at the National Defence College, Abuja.

Olukoyede vowed that the EFCC would intensify efforts to monitor the flow of funds, particularly in banking transactions, to prevent money from reaching bandits and terrorists. He added that these efforts would help reduce the financial incentives driving these criminal activities.

He said, “Corruption is a key issue when it comes to the promotion of insecurity in this nation. When discussing insecurity and national development, it’s essential to recognise the impact of corruption on national security management and development.

“It is time for us to collectively fight corruption, which has become a major challenge to our nation’s progress. The loss of resources to corruption deprives our nation of the funds needed to provide infrastructure and digital services for our people, exacerbating the poverty we face.

“Corruption breeds poverty, which in turn leads the jobless to engage in banditry, kidnapping, and terrorism. We will continue to monitor the flow of funds, especially in the banking sector, to ensure that illicit money doesn’t end up in the hands of bandits, kidnappers, and terrorists. This will help reduce the financial incentives for these criminal activities.”

The Minister of State for Police Affairs, Imaan Ibrahim, called for collective efforts from all Nigerians to tackle insecurity.

“Security is everyone’s responsibility, not just that of the police and other law enforcement agencies. We must join forces with the police and other law enforcement bodies to end the menace of insecurity,” he said.