By Tokunbo2

Copyright thesun

From Sola Ojo, Abuja

The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has called for sweeping reforms to reduce investment risks in Africa, declaring that the continent is a “beautiful bride” waiting for global investors.

But his remarks at the EBII Group African Leaders & Partners Forum in Washington DC have stirred debate back home, where critics argue that Nigeria—Africas largest economy—still battles entrenched corruption, policy flip-flops, and regulatory uncertainties that scare investors away.

Olukoyede, who joined global leaders at the EBII Group African Leaders & Partners Forum in Washington DC to discuss de-risking investments in agriculture, energy transition, and critical minerals, said Africa’s fortunes could only change with bold reforms.

“De-risking Africa requires us to pay attention to reforms to improve the ease of doing business, respect for the rule of law and human capital development. Success in this regard requires strong institutions,” he said.

The EFCC boss cited his agency’s record of over 13,000 convictions in 22 years, including 4,111 in 2024 alone, as proof that Nigeria was tightening its anti-corruption noose.

He also pointed to EFCC’s clampdown on Ponzi schemes, internet fraud, and cryptocurrency scams, including the $500 million CBEX fraud and investigations into Binance.

Olukoyede insisted that Nigeria and Africa remain the next frontier for global investment, warning that the new “scramble for Africa” is already underway, this time for economic resources rather than colonial territories.

But whether Nigeria can truly lead that scramble depends on if the reforms he preached abroad would actually be implemented at home.