The Economic and Financial Crimes Commission (EFCC) and the Korean National Police Agency’s (KNPA) National Office of Investigation have formalized a collaborative agreement through a Memorandum of Understanding (MoU) aimed at combating economic and financial crimes while enhancing institutional capabilities.
This agreement was officially signed on Tuesday, September 16, 2025, in Seoul, South Korea, during the 3rd International Counter-Fraud Conference. The event, hosted by the KNPA, carried the theme “Global Fraud Shield: Coordinated Defense against Evolving Threats.”
As detailed in a statement shared on the EFCC’s verified Facebook page, the MoU emphasizes several key areas: exchanging intelligence, sharing best practices, capacity development, strengthening organizational frameworks, joint research efforts, coordinating asset recovery, public awareness campaigns, establishing mutual support mechanisms, training exchanges, fostering international collaboration, and allowing for adaptive growth. The agreement was signed by EFCC Chairman Olanipekun Olukoyede and KNPA Deputy Commissioner General Park Seong-Ju.
This pact marks a significant step in formalizing the commitment between Nigeria and South Korea to intensify cooperation in the fight against economic and financial crimes.
Chairman Olukoyede highlighted that this partnership aligns seamlessly with his strategic vision, which prioritizes economic growth, transparency, accountability, and enhancing Nigeria’s global standing-pillars central to his three-point agenda since his appointment by President Bola Ahmed Tinubu in 2023.
Reflecting on the MoU, Olukoyede emphasized that anti-corruption efforts are fundamentally about fostering resilient societies. He remarked, “This alliance transcends mere institutional collaboration; it symbolizes our joint dedication to establishing a safer and more transparent international financial environment.” He added, “We are setting a precedent for how countries can unite effectively against crimes that transcend borders.”
Deputy Commissioner General Park Seong-Ju praised Olukoyede’s visionary leadership in bringing the MoU to fruition, noting that it underscores the EFCC’s proven track record of successful partnerships with global law enforcement agencies. He affirmed that the agreement would serve as a robust platform for enhanced intelligence sharing, capacity building, and coordinated operations. Park also lauded Nigeria’s standing as a dependable ally in global crime prevention and commended the EFCC’s operational proficiency and strategic alliances worldwide.
Seong-Ju also reflected on the enduring partnership between Nigeria and South Korea, recalling the 2019 visit by KNPA experts to Nigeria, where they conducted capacity-building workshops in digital forensics. The benefits of this MoU are already evident, as KNPA is currently engaged in an investigation involving fraudulent activities linked to Nigeria.
