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.
