NAIC Boss Hails EFCC on Nigeria’s Progress on Corruption Rating

The Managing Director/ Chief Executive Officer, CEO,   Nigerian Agricultural Insurance Corporation, NAIC, Mrs. Folashade Joseph has  attributed the improved rating of Nigeria in Transparency International’s Corruption Perception Index, CPI in the period covering 2019 to 2024 to the heightened anti-corruption fight of the Economic and Financial Crimes Commission, EFCC under the leadership Mr. Ola Olukoyede.

She expressed this in Abuja on Thursday, February 20, 2025 when she led a delegation of NAIC management team on a courtesy visit to the EFCC Chairman at the Commission’s corporate headquarters. 

“Let me use this opportunity to express my sincere gratitude to the Commission and especially to you, Mr.Chairman for your dedication and enthusiasm in working towards building a strong, resilient, inclusive and corruption-free economy. Under your leadership the Commission has made significant strides in the fight against corruption. Your efforts have been instrumental in restoring public confidence in our country's anti-corruption initiatives. This progress is evident in the recent 2024 Corruption Perceptions Index, CPI,  released by Transparency International. While we have not yet reached our ultimate goal, we are certainly moving in the right direction and making tremendous progress in the fight against corruption and financial crimes,” she said.

Speaking further, she disclosed the desire of NAIC to partner with the  EFCC for Nigeria’s food security. “The Nigerian Agricultural Insurance Corporation, NAIC,  is seeking to partner with the Economic and Financial Crimes Commission , EFCC,  to contribute to the achievement of food security. This initiative aligns with the priority areas of the Renewed Hope Agenda of His Excellency, President Bola Tinubu, GCFR. The partnership is one that is germane to ensuring food security, boosting our economy and securing the future of our nation.”

According to her, “The fight against corruption in Nigeria's agricultural sector is fundamental to achieving food security in the country. The partnership between the Nigerian Agricultural Insurance Corporation , NAlC,  and the Economic and Financial Crimes Commission, EFCC,  will not only ensure that funds designated for agricultural development are used efficiently, it will also ensure that farmers receive the timely support they deserve in achieving sustainable agricultural production. Achieving these goals requires a multi-stakeholder strategy, making our partnership with EFCC very crucial.”

While appealing for capacity building and intelligence sharing, she noted that “exchange of knowledge

between the two organizations can greatly contribute to the development of strong financial tracking systems and fraud detection mechanisms within the agricultural seetor. Providing periodic training to NAlC staff on anti-corruption measures and financial crime prevention will enable them to easily identify suspicious transactions and patterns that may indicate fraud or money laundering in the agricultural sector. This training will not only reduce the risk

of financial crimes but also increase awareness of NAIC's products and services. Furthermore, the ability to track claims and verify their legitimacy will help to prevent scams that exploit the insurance system. This will ultimately lead to a more secure and transparent agricultural sector.”

In his response, Olukoyede who spoke through the Secretary to the Commission, Mr. Mohammed Hammajoda assured the delegation of the Commission’s collaboration and partnership.

“We will work together, particularly on food security, timely support to farmers and general insurance as well as capacity building and intelligence sharing. In all these aspects, we are willing and ready to work with you. NAIC collaborating with us in ensuring that we have adequate food for the citizens is a welcome development. We have to feed ourselves even our neighbours,” he said.

While lending his voice, the Chief of Staff to the Executive Chairman, Mr. Michael Nzekwe noted that the country’s biggest problem was corruption and expressed delight at the preparedness of NAIC to explore opportunities with the EFCC to stem the scourge in the agricultural sector.

“One of the greatest banes that we have is corruption. What you're doing is for the average man, the average Nigerian. So if we have a team that is involved with farmers that understand the role of the anti corruption agency and are seeking collaboration in that area, then there is hope for Nigeria and that brings a lot of joy. That means that corruption will be seriously minimized and eventually eradicated,” he said.