Monday, September 22, 2025 - The pact formalises a bilateral commitment to enhanced cooperation in combating economic and financial crimes between the two agencies.
The Economic and Financial Crimes Commission (EFCC) has
entered into a Memorandum of Understanding (MoU) with the National Office of
Investigation of the Korean National Police Agency (KNPA) to combat economic
and financial crimes while enhancing institutional capacity.
The signing of the MoU took place on Tuesday, September 16,
2025, in Seoul, South Korea, at the 3rd International Counter-Fraud Conference,
themed “Global Fraud Shield: Coordinated Defence against Evolving Threats,”
hosted by the Korean National Police Agency.
The MoU signed by the EFCC boss, Ola Olukoyede, and the
Deputy Commissioner General of KNPA, Park Seong-Ju, focuses on information
exchange, best practices sharing, capacity building, institutional
strengthening, research collaboration, asset recovery coordination, public
education, mutual support platform, training exchange, international
cooperation and flexible expansion.
The pact formalises a bilateral commitment to enhanced
cooperation in combating economic and financial crimes between the two
agencies.
According to Olukoyede, the partnership aligned with his
strategic agenda of economic development focus, transparency, accountability
and international image boosting of Nigeria as contained in his three-pronged
agenda on his appointment by President Bola Ahmed Tinubu in 2023
He stressed, “This partnership represents more than
just institutional cooperation, it embodies our shared commitment to creating a
safer, more transparent global financial ecosystem. We are creating a model for
how nations can collaborate effectively against crimes that know no boundaries”
On his part, Seong-Ju appreciated Olukoyede’s visionary
leadership in driving the MoU, stressing that the agreement was proof of EFCC’s
successful collaborations with law enforcement organisations worldwide.
While acknowledging Nigeria’s reputation as a reliable
partner in international crime-fighting efforts, Seong-Ju expressed commitment
that the MoU would provide an enhanced platform for information sharing,
capacity building, and joint operations.
Seong-Ju also recalled the longstanding Nigeria-Korea
partnership, particularly noting that KNPA experts had previously visited
Nigeria in 2019 to deliver capacity-building initiatives in digital forensics.
Already, the MoU has begun to yield dividends with an ongoing KNPA
investigation with Nigerian connections on some fraudulent dealings.
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