The Economic and Financial Crimes Commission (EFCC) has received funding totalling $40m from a variety of donor agencies to fund its operations, Head of the Commission, Mrs. Farida Waziri, has revealed.
Mrs. Waziri made the disclosure in the federal capital of Abuja at a meeting held with the donor agencies.
Rising fraud cases in the country’s financial sector was announced in the meeting and it was also reported that over $1 trillion was being laundered yearly worldwide.
The EFCC chief said: ‘The commission currently has a credit portfolio of about $40 million from six bilateral and multilateral donors, aside the non-monetary support such as sharing intelligence report, information sharing, capacity building and a host of others.’
Mrs. Waziri stressed the need for coordination in view of the commission’s renewed and broadened scope in the fight against economic and financial crimes.
It was said that a large portion of the financial crimes stemmed from drug trafficking, insider’s trading in banks and stock exchanges, oil, human trafficking and Internet-related activities. The EFCC was commended for their efforts in checking crimes.