Olanipekun Olukoyede, Executive Chairman of the Economic and Financial Crimes Commission (EFCC), shared alarming insights into Nigeria’s power sector corruption during a visit by the House of Representatives Committee on Financial Crimes.
Addressing the committee at the EFCC headquarters, Olukoyede detailed some disturbing discoveries that he claims have seriously undermined the country’s infrastructure.
In a statement, Olukoyede painted a grim picture: “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 revealed that several contractors awarded projects for power infrastructure supply cut corners, opting for substandard materials.
These actions, he noted, contribute to the ongoing power issues, with equipment frequently malfunctioning and collapsing under strain. According to Olukoyede, this corruption has caused a cycle of inefficiency that impacts millions of Nigerians daily.
“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.
“Thus, we are focusing on prevention. Over the last year, we have established a new directorate for risk assessment and control.
“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.
“We need more resources to carry out our mandate effectively. Our staff are underpaid, and we need to improve their welfare.”
He emphasized the EFCC’s focus on prevention and efficiency in combating financial crimes, noting that proactive measures are more cost-effective than recovery efforts. To this end, the Commission has established a new directorate focused on risk assessment and control.
During the meeting, House Committee Chairman Ginger Onwusibe expressed the legislature’s support for the EFCC’s mission. Onwusibe pledged that the committee would advocate for better funding and increased legislative support to bolster the Commission’s resources.
He encouraged the EFCC to strengthen partnerships with other agencies to ensure better accountability in the power sector and beyond.
