The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has raised an alarm on widespread corruption in Nigeria’s power sector, revealing details that he says “would make people cry.”
During an oversight visit by the House of Representatives Committee on Financial Crimes at the EFCC’s headquarters in Abuja, Olukoyede said, “As we speak, we are grappling with electricity. If you see some of the investigations we are carrying out within the power sector, you will shed tears.”
He elaborated on cases where contractors awarded to supply essential electricity equipment compromised on quality.
“People were awarded contracts to supply electricity equipment. Instead of using what they call 9.0 gauge, they will go and buy 5.0. Every time you see the thing tripping off, the thing gets burnt, and all of that, it falters and it collapses. It’s part of our problems,” he lamented.
Olukoyede emphasized that corruption in the power sector has severely undermined Nigeria’s infrastructure, contributing to frequent power outages and system failures.
He also discussed the EFCC’s new strategic focus on asset tracing and recovery, noting that for every 10 Naira recovered, as much as 30 or 40 Naira may have been stolen.
“If we recover about 440 billion Naira and several billions of dollars in a year, imagine the total amount siphoned from our system. That’s the unfortunate reality,” he stated.
The EFCC chairman explained the importance of shifting to prevention as a more cost-effective approach. “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, based on our research and experience. Prevention is, therefore, the more effective way to combat corruption,” Olukoyede added.
He also called for better funding to enhance the welfare of EFCC staff, whom he noted are underpaid.
In response, Ginger Onwusibe, Chairman of the House Committee on Financial Crimes, pledged the committee’s support for the EFCC through legislative backing and increased budget allocations.
Onwusibe encouraged the Commission to further strengthen its operational capacity and collaboration with other agencies and development partners to improve accountability and efficiency in the fight against corruption.
