The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has warned that no major financial fraud, particularly illicit financial flows, can occur without the involvement of lawyers.
Speaking at the sixth Annual Criminal Law Review Conference in Abuja, Olukoyede highlighted the role of legal professionals in facilitating the transfer of vast sums of money into offshore accounts, often in tax havens.
He pointed out several high-profile cases, such as the P&ID scam, Mambilla Power Project, and Sunrise issues, where lawyers had been complicit in dubious transactions that undermined national interests. “The most traumatic discovery of the EFCC in recent years,” Olukoyede stated, “was how lawyers aided briefcase foreign investors in fleecing the nation.”
Despite prosecuting judicial officers and senior lawyers, Olukoyede emphasized his respect for the judiciary and the legal profession but called for systemic reforms in the justice delivery system. He specifically mentioned the need for reforms in the regulation of legal practitioners, ethics, values, and standards in the legal field.
He also urged the judiciary to address the growing issue of exorbitant legal fees earned by senior lawyers from public officeholders, particularly those who collect large sums from governors and other politicians involved in electoral disputes. Olukoyede expressed concern that such payments often violated money laundering regulations and were aimed at evading taxes.
In response, the Attorney General of the Federation (AGF), Lateef Fagbemi, stressed the need for innovative and collaborative approaches to address the challenges in the justice system to ensure it remains fair and effective in tackling corruption.
