EFCC to monitor govt disbursement of funds through IPPIS

EFCC to monitor govt disbursement of funds through IPPIS

The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has revealed that the commission has been granted access to the Integrated Personnel and Payroll Information System (IPPIS) to track government disbursements and ensure funds are properly utilised.

Speaking during a visit from the Senate Committee on Anti-Corruption and Financial Crimes to the EFCC’s headquarters in Abuja on Monday, Olukoyede emphasised that the EFCC will also monitor constituency projects funded by the government.

“We now have a relationship with the Accountant General’s Office. We have been given access to IPPIS. We want to monitor the releases and track where the money goes,” Olukoyede said. He sought the cooperation of the senators, stating, “We will monitor your constituency projects. I hope you will cooperate with us.”

The EFCC chairman also announced plans to acquire specialised software to track and investigate cryptocurrency trading in Nigeria, an area where the country is reportedly losing billions of dollars due to unregulated activities. Olukoyede said, “We are losing several billions of dollars through unlicensed cryptocurrency trading in Nigeria. The lowest bid we received for the software needed to monitor this activity is 3.4 billion naira.”

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Olukoyede further highlighted the potential revenue from regulating and taxing cryptocurrency trading, noting that Nigeria could generate at least $5 billion annually if the industry were properly monitored.

Reflecting on previous corruption investigations, including the arms procurement scandal, Olukoyede linked the country’s ongoing insecurity challenges to misappropriated funds. He also defended the EFCC’s focus on tackling cybercrime, noting that Nigeria loses approximately $500 million annually to internet fraud.

“People should not criticise us for prosecuting cybercrime. We lose $500 million every year to internet fraud, and it’s a crime that has stained Nigeria’s reputation internationally,” he said.

Olukoyede urged Nigerians to support the EFCC’s efforts to combat corruption and cybercrime, warning that unchecked corruption continues to threaten the country’s stability.

 

EFCC to monitor govt disbursement of funds through IPPIS