EFCC Condemns Corruption in Power Sector Urges Stronger Asset Recovery Action
The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has underscored the significant harm that financial crimes and corruption have inflicted on Nigeria’s development. Speaking during an oversight visit by the House of Representatives Committee on Financial Crimes at the EFCC headquarters in Abuja, Olukoyede emphasized the need for stronger collaboration between the commission and lawmakers to effectively address corruption. He stressed that both entities share a common mandate to fight financial crimes, and that successful enforcement would ultimately be remembered positively by Nigerians.
A critical area of concern for Olukoyede is the power sector, where corruption has severely impacted infrastructure development. He revealed that some contractors in the sector, awarded contracts for supplying electricity equipment, have been involved in cutting corners by using substandard materials. This has contributed to the frequent power outages and system failures plaguing the country. Olukoyede pointed out that these examples of corruption in key sectors highlight how systemic corruption continues to hinder Nigeria’s development, emphasizing that a more aggressive and coordinated approach is needed.
The EFCC has also shifted its focus toward asset tracing and recovery, with Olukoyede noting that preventing corruption is more cost-effective than merely enforcing the law. He highlighted the agency’s efforts to identify and mitigate potential corruption risks through a newly established directorate for risk assessment and control. Additionally, Olukoyede revealed the scale of financial loss in Nigeria, explaining that for every N10 recovered, up to N40 may have been misappropriated. He also called for improved welfare for EFCC staff, acknowledging that underfunding and inadequate remuneration have limited the agency’s capacity to operate effectively.
