The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, highlighted the severe level of corruption in Nigeria’s power sector, describing it as disheartening enough to move people to tears.
He stated, “Currently, we are facing challenges with electricity. If you were to see some of the investigations we are conducting in the power sector, you would be deeply moved.”
Olukoyede explained that contractors assigned to supply electricity equipment often use substandard materials. For example, instead of utilizing the specified 9.0 gauge equipment, they opt for a 5.0 gauge, leading to frequent malfunctions, system burnouts, and power failures. This issue, he noted, contributes significantly to the country’s persistent power problems.
These remarks were made during an oversight visit by the House of Representatives Committee on Financial Crimes to the EFCC headquarters in Abuja. Olukoyede emphasized the need for collaboration between the EFCC and lawmakers to effectively tackle financial crimes. He expressed particular concern over corrupt practices in the power sector, which have hindered national infrastructure development.
Highlighting specific examples, Olukoyede revealed that some contractors intentionally cut corners by supplying substandard materials, exacerbating power outages and infrastructure breakdowns. This, he said, is one among many instances where corruption has impeded the nation’s progress.
Additionally, Olukoyede outlined the EFCC’s new strategic focus on asset tracing and recovery, crediting this shift for the commission’s successes over the past year. He remarked, “For every 10 Naira we recover, it’s possible that 30 or 40 Naira has been stolen. If we recover about 440 billion Naira and several billion dollars annually, the total sum stolen is staggering.”
To counteract these losses, Olukoyede stressed the importance of preventive measures, noting, “To recover 10 Naira, the cost might be between 4 to 5 Naira. However, to prevent the theft of 10 Naira, the cost is less than 1 Naira, according to our research and experience. Prevention is, therefore, the most cost-effective strategy against corruption.”
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He also highlighted the need for better resources and improved staff welfare to bolster the EFCC’s efforts.
In response, Ginger Onwusibe, Chairman of the House Committee on Financial Crimes, pledged the committee’s commitment to supporting the EFCC through legislative measures and increased budget allocations. Onwusibe called on the EFCC to enhance its operational capacity and strengthen partnerships with other agencies and development partners to improve accountability and effectiveness in the fight against corruption.
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