The Economic and Financial Crimes Commission, EFCC and the National Office of Investigation, Korean National Police Agency, KNPA, have signed a Memorandum of Understanding, MoU, on tackling economic and financial crimes and strengthening institutional capacities.
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 Defense against Evolving Threats," hosted by the Korean National Police Agency.
The MoU focusses 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 and was signed by Olukoyede and the Deputy Commissioner General of KNPA, Park Seong-Ju.
The pact represents formalization of bilateral commitment to enhanced cooperation in combating economic and financial crimes between the two agencies.
The EFCC’s boss articulated how the partnership aligned with his strategic agenda of economic development focus, transparency and accountability and international image boosting of Nigeria as contained in his three-pronged agenda on his appointment by President Bola Ahmed Tinubu in 2023
Commenting on the MoU, Olukoyede stressed that anti-corruption work is fundamentally about building stronger societies. "This partnership represents more than just institutional cooperation, it embodies our shared commitment to creating a safer, more transparent global financial ecosystem", he said. He further stated that “we are creating a model for how nations can collaborate effectively against crimes that know no boundaries"
In his own remark, 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 organizations worldwide. He expressed commitment that the MoU would provide an enhanced platform for information-sharing, capacity-building, and joint operations . He further acknowledged Nigeria's reputation as a reliable partner in international crime-fighting efforts and commended the EFCC's “operational excellence and strategic partnerships globally”
Seong-Ju 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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