The level of corruption in Nigeria’s power sector is so severe that it could make anyone cry, according to the Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede.
Speaking during an oversight visit by the House of Representatives Committee on Financial Crimes to the EFCC headquarters in Abuja, Olukoyede revealed shocking details about the rampant corruption plaguing the country’s power infrastructure.
“As we speak, we are grappling with electricity,” Olukoyede said. “If you see some of the investigations we are carrying out within the power sector, you will shed tears.”
Olukoyede explained that corrupt practices in the sector are not just limited to financial theft but also to substandard materials used in critical equipment.
“People were awarded contracts to supply electricity equipment,” he continued. “Instead of using what they call 9.0 gauge, 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.”
His statements shed light on a troubling reality—contractors responsible for providing vital equipment for the electricity sector have been engaging in dishonest practices. By using cheaper, substandard materials, these contractors have contributed to the constant power outages and system failures that Nigeria has long struggled with.
“The damage done to Nigeria’s power infrastructure by these fraudulent practices is enormous,” Olukoyede added. “The country’s development has been significantly hindered because of this corruption.”
The EFCC chairman emphasized the importance of collaboration with lawmakers to effectively combat corruption in Nigeria’s most critical sectors.
He further explained the ongoing efforts by the EFCC to recover stolen funds, highlighting the agency’s recent focus on asset tracing and recovery. According to Olukoyede, the amount of money that has been stolen from Nigeria’s coffers is staggering.
“For every 10 Naira recovered, perhaps 30 or 40 Naira may have been stolen,” Olukoyede said. “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.”
This stark reality underscores the monumental scale of corruption within Nigeria’s government and its institutions.
Olukoyede stressed that while recovering stolen funds is vital, preventing future theft is even more crucial.
“Prevention is, therefore, the more effective way to combat corruption,” he stated. “We need to focus on stopping theft before it happens. For every 10 Naira stolen, we can save more by preventing it than by trying to recover it after the fact.”
In line with this strategy, the EFCC has introduced a new directorate for risk assessment and control, aimed at preventing corruption from taking place in the first place.
However, Olukoyede also raised concerns about the EFCC’s capacity to carry out its mandate effectively.
“We need more resources to do our job,” he said. “Our staff are underpaid, and we need to improve their welfare so they can work more effectively.”
His plea for increased funding and better resources comes amid the growing challenges the EFCC faces in tackling financial crimes.
Ginger Onwusibe, Chairman of the House Committee on Financial Crimes, responded to Olukoyede’s concerns, expressing the committee’s readiness to support the EFCC’s efforts.
“We are committed to supporting the EFCC through better legislation and improved budget allocations,” Onwusibe said. “We will ensure that the Commission’s operations are properly funded so they can continue to fight corruption effectively.”
Onwusibe also urged the EFCC to strengthen its collaboration with other government agencies and development partners. He emphasized the need for a unified approach to combat corruption and improve accountability across all levels of government.
“Collaboration is key,” Onwusibe added. “We must work together to ensure that financial crimes are brought to justice and that the country’s resources are used properly for the benefit of the people.”
