EFCC: Right Policy, Regulation Will Tame Cybercrime Without Enforcement

EFCC Chairman Ola Olukoyede emphasized that appropriate policy and regulation can effectively combat cybercrime and financial crimes without relying on enforcement strategies. During the inauguration of EFCC's Awka Zone in Anambra State, Olukoyede pointed to the establishment of the Nigerian Education Loan Fund (NELFUND) as an example.

NELFUND, launched under President Bola Ahmed Tinubu's administration, has significantly reduced cybercrime among students by providing financial assistance to pay for tuition and living expenses. With the proceeds of crime channeled to support NELFUND, hundreds of thousands of students have been able to stay in school and away from cybercrime.

Similarly, the removal of fuel subsidies by President Tinubu led to a substantial decrease in corruption related to fuel subsidy cases, as fewer cases were filed post-removal. Olukoyede argued that while some people believe enforcement is the best approach, the principle of responsive elasticity suggests choosing the most effective method, which in this case is policy and regulation.

He advocated for ethical reorientation among Nigerians and called for collaboration between EFCC, the government, and other stakeholders to prevent fraudulent transactions, strengthen procurement systems, and interrupt criminal financial flows. Olukoyede assured Anambra State residents that the EFCC Awka Zone will not engage in witch-hunts but will professionally and courageously enforce the law to protect citizens and the government.