Unilorin VC Appaluds EFCC Boss Olukoyede On Impactful Fight Against Corruption

The Vice Chancellor of the University of Ilorin, Professor Wahab Egbewole, SAN has commended the Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Mr. Ola Olukoyede for his giant strides in the fight against economic and financial crimes and other acts of corruption in the country.

He gave the commendation in Abuja on Friday, April 17, 2026 when he led a delegation of the management team of the university on a courtesy visit to the EFCC boss at the Commission’s corporate headquarters.

Egbewole, who noted that the success of the anti-corruption fight was central to a better Nigeria, praised Olukoyede for the massive recoveries of proceeds of crime and the channeling of such recoveries to result-oriented national ventures.

“You are doing a wonderful job in the EFCC. I have followed very keenly because I believe that if we are able to solve the challenge of economic and financial crimes in Nigeria, the country will be a lot better than we currently have it. One of the things that I’ve seen is that one of your cardinal programmes as the Executive Chairman is to ensure that we prevent crime. And of course raising over N500 billion from proceeds of crime means that EFCC is doing wonderfully well. More of the difference now is that when we get these recoveries we see them being channeled to more positive and developmental things. You will continue to make better strides,” he said.

He further noted that Olukoyede’s back-to-back election as the chairman of Network of Anti-corruption Institutions in West Africa, NACIWA is unprecedented and an additional testimony to his leadership qualities. He disclosed that the university authorities were motivated to visit the EFCC owing to the need to forge partnership and synergy with it in the fight against corruption as well as in the reorientation of the society towards ethical electoral behaviours.

“Why do we have to pay this courtesy visit? As a university, we have a Center for Peace and Strategic Studies and we believe that one of the challenges of our society is the fact that violence and corruption bedevil our electioneering process. And we believe that it is important for us to engage the stakeholders in a way that they will call attention of the Nigerian people to those preventive measures that we need to take. And we believe that one of the major critical stakeholders in ensuring that we avoid corruption in our process is the EFCC,” he said.

He expressed faith in the ability of the EFCC to provide the platform to get the critical stakeholders to rob minds “and ensure that never again should we get to that point in our electioneering process.”

Speaking further, he stressed that, “ as a University, we believe that collaborating with anti-corruption institutions will assist us in managing our affairs. Universities are expected to be the epitome of the best of everything in any society. But the roles that the university system plays today speak volumes. We believe that partnership and synergy between EFCC and the academia will also go a long way in reducing the challenges of corruption in Nigeria.”

The EFCC Chairman, who was delighted by the visit disclosed that his interest in the educational sector motivated him to convoke a roundtable with the Committee of Vice Chancellors in July 2025.

“We have other activities to also support the educational sector. From our recovery account, we supported NELFund. In fact it was our recovered funds that served as seed fund for it to take off. The same applies to Credit Corporation,” he said.

He reiterated that fraud prevention was the trajectory of his leadership in the EFCC. “We investigated some situations and I saw the trends, and I said look, it’s better we don’t always have to necessarily wait for money to be stolen before we act. But upon my assumption of office, I made prevention one of the hallmarks of my programmes. That was what necessitated my setting up of a new Directorate called Fraud Risk Assessment and Control.”

The EFCC boss noted that all was not well with the Nigerian university system, particularly with respect to behavioural outlook of the students.

“It’s so sad what is going on among our students today. I went on a working visit to my Benin Zonal Office yesterday and I saw that we had over a hundred inmates in our holding facility and that probably more than 80% of them are university students. More than 80% of them are young people, Yahoo Boys. I had to take almost 10 to 20 minutes to address them,” he said.

Unilorin VC Appaluds EFCC Boss

He pledged the readiness of the Commission to work with the university in the area of the enthronement of electioneering integrity and with the Vice Chancellor as the chair of Association of West African Universities.

“ It is very interesting and gladdening to know that you are currently the President or the Chair of the Association of West African Universities. It’s a good area for us to collaborate, knowing that I’m also leading the Network of Anti-Corruption Institutions in West Africa.

We now operate as one. Our protocol has been approved. Now, we can exchange intelligence, exchange information and be able to monitor money laundering activities across West Africa.

So if you look at what your mandate is and what our mandate is with respect to that, you would see where we can collaborate,” he said.

CBN, FMDA Announces New Financing Rate To Boost Market Transparency

The Central Bank of Nigeria (CBN), in collaboration with the Financial Markets Dealers Association (FMDA), on Friday, announced the introduction of the Nigerian Overnight Financing Rate (NOFR), a new benchmark for the country’s money market aimed at improving transparency, strengthening monetary policy transmission, and deepening financial market operations.

This was dated in a memo issued by the director of corporate communications, Hakama Sidi Ali.

The memo reads, “The Central Bank of Nigeria (CBN), in collaboration with the Financial Markets Dealers Association (FMDA), today announced the introduction of the Nigerian Overnight Financing Rate (NOFR), a standardized benchmark aimed at enhancing transparency, strengthening monetary policy transmission, and deepening Nigeria’s money market. NOR was developed to align Nigeria with global best practices in short-term interest rate benchmarks.

The apex bank said the new benchmark is designed to align Nigeria with global best practices in short-term interest rate benchmarks and enhance the pricing of money market instruments.

According to the CBN, NOFR will improve price discovery, promote consistent market pricing, and support better risk management across the financial system

“The introduction of NOR positions Nigeria alongside leading global benchmarks such as SOR (United States), SONIA (United Kingdom), €STR (Eurozone), and TONA (Japan). It also complements African benchmarks such as JIBAR (South Africa),” Mrs Ali said.

CBN

Mrs Ali further noted that a stakeholder engagement session was held on February 27,2026, where market participants formally adopted the benchmark, and subsequent regulatory approval, NOR is now in use, with the CBN serving as the benchmark administrator.

She further added the bank will ensure governance, transparency, and regular publication of the rate.

Nigerian Navy Busts Billion-Naira Oil Theft Rings Under Operation Delta Sentinel

Operation Delta Sentinel. The Nigerian Navy has intensified its offensive against crude oil theft under Operation Delta Sentinel, recording major operational successes across multiple domains and disrupting illegal activities worth billions of naira in Rivers State.

Leading the operations, Nigerian Navy Ship (NNS) PATHFINDER conducted a series of intelligence-driven raids targeting large-scale illegal refining and crude oil storage facilities in the Ndoni/Egbema axis.

During one of the operations in Umoku, Ndoni, naval personnel uncovered a major illegal refining site consisting of several dugout pits and locally fabricated refining ovens used for processing stolen crude oil. An assessment of the site revealed about 708,000 litres of suspected illegally refined petroleum products, including Automotive Gas Oil and Dual Purpose Kerosene, as well as approximately 310,000 litres of suspected stolen crude oil stored in pits.

The recovered products were valued at over ₦1.06 billion for refined products and about ₦288 million for crude oil. Suspects fled the scene upon sighting the patrol team, while the products were handled in line with established operational procedures.

In a related development, the Forward Operating Base (FOB) Bonny, with support from Nigerian Navy air assets, uncovered and dismantled multiple illegal crude oil storage sites in the Allison Community of Bonny Local Government Area. The operation led to the recovery of about 231,000 litres of suspected stolen crude oil valued at over ₦215 million, concealed in dugout pits and connected to waterways through improvised distribution systems.

These latest achievements build on earlier successes recorded between January and March 2026, during which the Navy recovered more than 457,000 litres of stolen crude oil and illegally refined petroleum products, valued at over ₦600 million, and deactivated several illegal refining sites and logistics networks across the Niger Delta.

Beyond inland operations, the Navy also recorded significant breakthroughs at sea. Notably, three vessels—Motor Tankers MKPODU, WESTAF, and STELIOS K—were arrested with over 900 metric tonnes of suspected stolen crude oil, equivalent to approximately 1.04 million litres, estimated at over ₦967 million.

The combined inland and maritime operations highlight a coordinated multi-domain strategy by the Nigerian Navy aimed at dismantling the entire crude oil theft value chain and protecting the nation’s critical oil and gas infrastructure.

Navy

In response to the impact of the operation, the Chief of the Naval Staff, Vice Admiral Idi Abbas, has approved a 90-day extension of Operation Delta Sentinel to sustain operational momentum and intensify the crackdown on economic saboteurs.

The Nigerian Navy reaffirmed its commitment to maintaining pressure on criminal networks and safeguarding Nigeria’s economic interests through the protection of vital oil assets.