Failure of compliance, root of corruption- Olukoyede

The Executive Chairman of Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has described compliance with rules and regulations as the key to growth and development, stressing that lack of it was at the root of corruption in Nigeria.

Olukoyede made this disclosure in Abuja when a delegation from the Compliance Institute, Nigeria, CIN, led by its President, Pattison Boleigha paid him a courtesy visit at the corporate headquarters of the Commission.

According to him, “the success of any process or procedure in any society is based on the issue of compliance. The difference between developed countries and undeveloped ones is simply compliance. If you take compliance out of developed countries they would be as terrible and as poor as the undeveloped countries. If we get it right with compliance, we have gotten it right with governance and corporate governance in Nigeria”

While noting that lack of compliance was the primary enabler of corruption in the country, Olukoyede declared support and unalloyed commitment to CIN.

“Compliance has been dear to my heart. In fact it is actually the core of my professionalism and practice. So, you have found the right partner in me”, he said.

He also assured the Institute of EFCC’s cooperation and collaboration in its programmes and activities.

“We are ready on our part in EFCC to collaborate with you. The essence of our work is compliance and enforcement. We make people play by the rules and if they don’t, we apply the force of law. We are much ready to cooperate and collaborate with you. We will support your activities and your programmes”, he said.

Earlier in his address, Boleigha, disclosed that the visit was an offer to the Commission for collaborative engagement and to foster a mutually- beneficial relationship on matters pertinent to compliance.

He commended Olukoyede for extensive contributions to the fields of compliance management, corporate intelligence and fraud management.

Boleigha added that the EFCC Chairman’s track record of undertaking anti-corruption surveys and reviews for various law enforcement agencies, government institutions and corporate organisations, as well as his commitment to manpower development was testament to his dedication and expertise.

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