Emmanuel Ochayi
In a move aimed at bolstering the growth and sustainability of businesses across Nigeria, the Economic and Financial Crimes Commission (EFCC) and the Small and Medium Enterprise Development Agency of Nigeria (SMEDAN) have joined forces in a new collaborative effort.
The collaborative efforts were solidified during a meeting held on Monday, December 18, 2023, in Abuja, where a delegation from SMEDAN, led by its Director-General, Charles Odii, paid a courtesy visit to the EFCC’s headquarters in Jabi.
Join our WhatsApp ChannelDuring the meeting, EFCC’s Chairman, Ola Olukoyede, expressed the commission’s commitment to partnering with pivotal agencies like SMEDAN for the nation’s economic advancement.
READ ALSO: EFCC Urges Legislation On Unexplained Wealth To Curb Treasury Looting
Olukoyede emphasized the role of small and medium-scale enterprises in economic growth, stating, “If any nation is going to grow economically, you must place your small and medium scale enterprises where they belong, support them, create an enabling environment for them to thrive, and that is exactly what we are going to do with our partnership with you.”
Furthermore, Olukoyede announced a departure from the previous practice of indiscriminately freezing individuals’ or companies’ accounts through the placement of Post No Debit (PND) orders.
He highlighted the importance of distinguishing between illicitly acquired funds and legitimate business proceeds to ensure the unhindered growth of businesses in the country. “The era of PND on peoples’ or companies’ accounts indiscriminately is over,” he affirmed.
However, Olukoyede cautioned that the EFCC would rigorously enforce the law against any business entity found to be detrimental to the economy. “Don’t be surprised that there are businesses set up to destroy our economy as well. Those ones we are going to attack,” he warned.
Charles Odii, leading the SMEDAN delegation, highlighted the essence of trust and partnership in their visit to the EFCC. He stressed the need for a conducive environment where the over 40 million businesses represented by SMEDAN can thrive without fear of undue interference or obstruction from law enforcement agencies.
“Our latest report shows that we lost three million businesses, and this has to do with insecurity, fraud, global competitiveness, and lack of ease of doing business in Nigeria,” Odii lamented.
He reiterated the necessity for a partnership that fosters confidence among businesses, positioning the EFCC as a catalyst for economic growth rather than an impediment.
“We want them to see EFCC as a partner for economic growth and a partner for development,” Odii emphasized.
The collaboration between EFCC and SMEDAN marks a step toward creating an enabling environment for businesses in Nigeria, aimed at stimulating growth and fostering trust among entrepreneurs and small business owners.
