The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has disclosed that the anti-graft agency conducted a six-month investigation into Jerry Eze, the Lead Pastor of Streams of Joy International, over suspected money laundering activities.
Olukoyede made the revelation on Wednesday in Abuja during the Jerry Eze Foundation Business Grant Award Ceremony, where he provided rare insight into the agency’s investigative process and the circumstances that led to the probe.
According to the EFCC chairman, the investigation was triggered by intelligence reports indicating unusual financial inflows into a domiciliary account linked to the cleric. He described the transactions as significant and originating from multiple international locations, raising initial red flags within the commission.
“We work based on intelligence and petitions,” Olukoyede said. “At some point, there was a domiciliary account where foreign currencies—dollars and pounds—were coming in at a very rapid rate from different parts of the world.”
He listed countries such as Colombia, the United States, Sri Lanka, and Togo among the sources of the inflows, noting that the pattern and volume of transactions necessitated a thorough probe to determine their legitimacy.
The EFCC boss admitted that, prior to the investigation, he had only limited awareness of Pastor Eze, despite the cleric’s growing public profile. However, the financial activity associated with the account prompted the commission to initiate a detailed examination of the records.
“I asked, ‘Who is this individual?’ I had heard the name in passing and seen his face a few times, but I had not paid much attention to his work,” Olukoyede explained. “When I was informed that the account belonged to Pastor Jerry Eze, we proceeded with a full investigation.”
He said EFCC operatives meticulously reviewed financial documents and transaction histories over a six-month period, tracking the flow of funds and assessing compliance with financial regulations.
Following the preliminary findings, Olukoyede instructed that Pastor Eze be invited for questioning. The EFCC chairman recounted his initial impression when the cleric appeared at his office, describing a moment of surprise due to his informal appearance.
“When he came in, I saw someone dressed casually—baggy trousers, a T-shirt—and I almost asked him to bring his pastor,” he said, drawing laughter from the audience. “I did not immediately recognise that he was the person we had been investigating.”
Despite the initial lighthearted moment, Olukoyede noted that the engagement with the cleric was professional and focused. He emphasised that by the time of the meeting, the commission had already conducted extensive due diligence and was not relying solely on verbal explanations.
According to him, Pastor Eze provided clarity on the nature of the funds and the sources of the international inflows, explaining that the money was tied to religious activities and charitable initiatives associated with his ministry, including outreach programmes and support for individuals in need.
Olukoyede stated that after reviewing the explanations alongside the investigative findings, the EFCC found no evidence of wrongdoing or financial misconduct.
“I told him clearly that I did not invite him to defend himself because we had already completed our work,” he said. “I invited him to commend him.”
The EFCC chairman used the occasion to underscore the agency’s dual mandate—not only to investigate and prosecute financial crimes but also to prevent misconduct and recognise individuals who demonstrate integrity in their financial dealings.
He stressed that the commission’s preventive role includes monitoring financial systems, identifying potential risks, and engaging with individuals and organisations to ensure compliance with anti-money laundering regulations.
“We are not only about enforcement; we are also about prevention,” Olukoyede said. “It is important that we identify with people who are doing the right thing and encourage transparency and accountability.”
At the same time, he issued a cautionary note, emphasising that the absence of wrongdoing in one investigation does not exempt individuals or organisations from future scrutiny.
“The fact that you have been cleared does not mean we will not continue to monitor,” he said, addressing Pastor Eze directly. “Our responsibility is ongoing. We will always keep an eye on financial activities to ensure compliance with the law.”
He added that while the EFCC could issue formal validation in such cases, the agency deliberately maintains a posture of continuous oversight to safeguard the integrity of the financial system.
The revelation has drawn attention to the increasing scale of financial transactions associated with religious organisations in Nigeria, particularly those with global followings. Many such institutions receive donations and support from diaspora communities and international partners, often resulting in substantial cross-border financial flows.
Analysts note that these developments have made it necessary for regulatory bodies to strengthen oversight mechanisms while balancing the need to respect legitimate religious and charitable activities.
For Pastor Eze, who is also the convener of the widely followed New Season Prophetic Prayers and Declarations (NSPPD), the EFCC chairman’s public remarks serve as both a validation of his ministry’s financial practices and a reminder of the importance of transparency in managing funds.
Olukoyede concluded by reiterating that the EFCC remains committed to upholding financial integrity across all sectors, including religious institutions, and will continue to deploy intelligence-driven investigations to detect and prevent illicit financial activities.
The disclosure offers a rare glimpse into the inner workings of the commission and highlights the growing intersection between faith-based organisations and financial regulation in Nigeria’s evolving economic landscape.
