Olukoyede made these comments during an oversight visit by the House of Representatives Committee on Financial Crimes to the EFCC headquarters in Abuja. He emphasized the dire consequences of corruption on the country’s electricity infrastructure.
Abuja, Nigeria – The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has decried the widespread corruption plaguing Nigeria’s power sector.
According to him, ongoing investigations into fraudulent activities in this sector have revealed shocking details that would bring tears to people’s eyes.
Olukoyede made these comments during an oversight visit by the House of Representatives Committee on Financial Crimes to the EFCC headquarters in Abuja. He emphasized the dire consequences of corruption on the country’s electricity infrastructure. “If you see some of the investigations we are carrying out within the power sector, you will shed tears,” he stated.
The EFCC boss highlighted how some contractors, awarded lucrative contracts to supply electrical equipment, have been using substandard materials. He explained that instead of purchasing equipment with the required specifications, contractors were cutting corners, opting for cheaper, inadequate alternatives. “Instead of using what they call 9.0 gauge, they will go and buy 5.0,” he explained, noting that this leads to system failures, frequent power outages, and equipment burning out easily. “Every time you see the thing tripping off, it falters and it collapses. It’s part of our problems,” he added.
Olukoyede stressed the urgent need for collaboration between the EFCC and lawmakers to address financial crimes effectively, with a particular focus on sectors critical to national development, such as energy.
He also discussed the EFCC’s new strategic focus on asset tracing and recovery, highlighting the financial scale of corruption. “For every 10 Naira recovered, perhaps 30 or 40 Naira may have been stolen,” he said, outlining the challenge. He revealed that the Commission had recovered over 440 billion Naira and billions of dollars in the past year but underscored that these recoveries represent only a fraction of what has been looted.
Emphasizing prevention, Olukoyede said, “To recover 10 Naira, you may spend between 4 and 5 Naira. But to prevent 10 Naira from being stolen, you spend less than 1 Naira.” He cited the establishment of a new directorate for risk assessment and control as part of efforts to curb corruption proactively. He further noted the need for more resources and better welfare for EFCC staff to strengthen the agency’s effectiveness.
Responding to Olukoyede’s presentation, Ginger Onwusibe, Chairman of the House Committee on Financial Crimes, assured the EFCC of the committee’s support. Onwusibe pledged to back the Commission through improved budget allocations and legislative efforts.
He also urged the EFCC to boost collaboration with other agencies and development partners to enhance efficiency and accountability in the fight against corruption.
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