In a strategic move to bolster the fight against corruption and promote economic integrity, the Economic and Financial Crimes Commission (EFCC) and the Corporate Affairs Commission (CAC) have agreed to deepen their collaboration.
This initiative aims to curb fraudulent business activities, enforce regulatory compliance, and create a more transparent and investor-friendly business environment in Nigeria.
The partnership was announced in a statement issued on Tuesday in Abuja following a courtesy visit by EFCC Executive Chairman, Olanipekun Olukoyede, to the CAC headquarters.
During the meeting, Olukoyede expressed gratitude to the CAC management for their support and swift response to EFCC’s requests. He emphasized that both agencies are dedicated to fulfilling their mandates for the benefit of Nigerian citizens and the nation’s economic stability.
Olukoyede reiterated the commitment of the EFCC to using anti-corruption measures to stimulate economic growth and create a conducive environment for businesses.
He stated that fighting corruption would help attract investors and ensure that all companies operate within the bounds of the law. According to him, eliminating fraudulent business practices is key to enhancing regulatory oversight and fostering long-term economic growth.
Responding to Olukoyede’s remarks, CAC Registrar-General Hussaini Magaji reaffirmed the commission’s commitment to strengthening its collaboration with the EFCC.
He emphasized that the partnership would focus on knowledge and information sharing, which would ensure businesses operate with transparency and accountability.
Magaji also noted that the CAC has adopted artificial intelligence (AI) technology to improve its registration processes, aligning with President Bola Tinubu’s 7-point transformation agenda aimed at revitalizing the economy.
He revealed that the ultimate goal is to ensure companies are registered within one hour, similar to the UK Companies House, in line with international best practices.
The meeting was attended by key officials from both agencies, including EFCC Special Investigation Officer Chris Odofin and CAC officials such as Director of Human Resources, Mrs. Olayemi Oyeniyi; Director of Customer Service, Mr. Deinma Anga; and Director of Public Affairs, Mr. Dominic Inyang, among others.
With this strengthened partnership, the EFCC and CAC aim to foster transparency, combat financial crimes, and improve the ease of doing business in Nigeria.
As both agencies work together, the country’s economic landscape is set to benefit from enhanced regulatory measures and a more robust anti-corruption framework.