Nigeria, South Korea Sign MoU to Strengthen Fight Against Financial Crimes
By NaijaEnquirer Staff
The Economic and Financial Crimes Commission (EFCC) and the Korean National Police Agency (KNPA) have signed a landmark Memorandum of Understanding (MoU) to intensify cooperation in tackling economic and financial crimes.
MoU Signed at Global Fraud Conference
The agreement was signed on September 16, 2025, in Seoul, South Korea, during the 3rd International Counter-Fraud Conference themed “Global Fraud Shield: Coordinated Defense against Evolving Threats.”
EFCC Chairman Ola Olukoyede and Park Seong-Ju, Deputy Commissioner General of KNPA, endorsed the pact, which formalizes bilateral cooperation between the two agencies.
Areas of Cooperation
The MoU covers a wide range of collaborative initiatives, including:
- Information exchange and sharing of best practices
- Capacity building and institutional strengthening
- Research collaboration and asset recovery coordination
- Public education and awareness campaigns
- Training exchanges and joint operations
- International cooperation frameworks
The agreement also provides a flexible platform for expanding future partnerships in combating transnational economic crimes.
Commitment to Transparency and Global Trust
Olukoyede emphasized that the partnership aligns with his three-pronged agenda on assuming office in 2023: promoting economic development, strengthening transparency and accountability, and enhancing Nigeria’s international image.
“This partnership represents more than institutional cooperation — it embodies our shared commitment to creating a safer, more transparent global financial ecosystem,” he said. “We are creating a model for how nations can collaborate effectively against crimes that know no boundaries.”
Korean Perspective
In his remarks, Seong-Ju praised Olukoyede’s leadership, describing the MoU as proof of EFCC’s operational excellence and growing network of strategic partnerships worldwide. He affirmed that the pact would strengthen information-sharing, joint investigations, and training opportunities.
Seong-Ju recalled that KNPA experts had previously visited Nigeria in 2019 to conduct digital forensics training. He noted that the MoU is already bearing fruit, citing an ongoing KNPA investigation with Nigerian links into fraudulent activities.
A New Chapter in Nigeria-Korea Relations
Officials say the agreement deepens the longstanding Nigeria-Korea partnership, underscoring both countries’ commitment to cross-border crime prevention and the protection of the global financial system.
