Written by 
The Executive Chairman of the Economic and Financial Crimes
Commission, EFCC, Ola Olukoyede, has said the level of corruption in the power
sector would make people cry.
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He put it this way: “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.
“People were awarded contracts to supply electricity
equipment. Instead of using what they call 9.0 guage, 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.”
Olukoyede made the revelation during an oversight visit by
the House of Representatives Committee on Financial Crimes to the EFCC’s
headquarters in Abuja, today.
Furthermore, stressed the importance of collaboration
between the Commission and lawmakers to combat financial crimes effectively.
One of the key areas of concern, according to Olukoyede, is
the power sector, where corrupt practices have been undermining the country’s
infrastructure.
It was at this point the EFCC boss revealed that some
contractors awarded contracts to supply electricity equipment were involved in
cutting corners.
He said they were using substandard materials that have
contributed to the frequent power outages and system failures.
This, he said, is one of the many examples of how corruption
in critical sectors is holding back the country’s development.
Olukoyede also discussed the EFCC’s new strategic focus on
asset tracing and recovery, which he credited for the agency’s successes over
the past year.
Furthermore, he revealed that “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. 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.”
Reacting, Ginger Onwusibe, Chairman of the House Committee
on Financial Crimes, expressed the committee’s readiness to support the EFCC
through legislation and improved budget allocations.
Onwusibe also urged the Commission to enhance its
operational capacity and strengthen collaborations with other agencies and
development partners to improve accountability and efficiency in the fight
against corruption.”
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