The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, recently shed light on the deep-rooted corruption within Nigeria’s power sector during an oversight visit by the House of Representatives Committee on Financial Crimes to the EFCC headquarters in Abuja. His statements, highlighting the shocking extent of fraudulent practices, offer a glimpse into the complex challenges facing the sector.
In an emotional revelation, Olukoyede described the alarming scale of corruption. He 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.” His words underscored the frustration and despair experienced by millions of Nigerians dealing with erratic electricity supply while grappling with high costs.
Olukoyede provided details of how systemic corruption manifests in contracts related to electricity infrastructure. For example, some contractors awarded contracts to supply crucial electrical components used substandard materials, including inferior wires and components. He cited instances where, instead of using the prescribed 9.0 gauge wires, contractors opted for the cheaper and less durable 5.0 gauge wires, resulting in frequent power failures, tripped circuits, and unstable electrical systems. These practices have not only wasted significant funds but also hindered the progress of critical infrastructure, perpetuating power shortages and increasing repair costs.
The EFCC Chairman also highlighted how such systemic corruption goes beyond power supply and affects broader national development. “This is one of many examples of how corruption in critical sectors holds back our development,” Olukoyede lamented. He called for sustained collaboration between anti-corruption agencies and lawmakers to create a more robust framework for combating financial crimes.
Beyond exposing the rot, Olukoyede detailed the EFCC’s shift towards proactive measures aimed at preventing corruption before it occurs. “For every 10 Naira recovered, perhaps 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,” he stated. Olukoyede emphasized that prevention is a cost-effective approach, sharing insights into the Commission’s new directorate for risk assessment and control, which focuses on identifying and mitigating risks before funds can be misappropriated.
Despite the successes, Olukoyede acknowledged the challenges faced by the Commission, including inadequate resources and the welfare of its personnel. “Our staff are underpaid, and we need to improve their welfare,” he stressed, calling on the government for better funding to support the anti-graft body’s mandate.
Ginger Onwusibe, Chairman of the House Committee on Financial Crimes, voiced the committee’s commitment to aiding the EFCC. Onwusibe pledged legislative backing and better budget allocations to enhance the Commission’s capacity. He also encouraged improved collaboration with other agencies and development partners, expressing optimism about the collective efforts required to combat corruption.
This discussion brings to light the critical importance of transparency, accountability, and partnership in addressing the multifaceted challenges in Nigeria’s power sector. It underscores the broader implications of unchecked corruption on economic development, public trust, and national well-being. As Nigeria confronts these realities, the focus must remain on meaningful reforms and strengthening institutions to ensure sustainable progress.
