The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has shed light on the alarming level of corruption in Nigeria’s power sector, stating that the findings from ongoing investigations would bring many to tears.
“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,” Olukoyede said during an oversight visit by the House of Representatives Committee on Financial Crimes to the EFCC headquarters in Abuja.
The EFCC boss revealed that contractors frequently cut corners in projects, including the use of substandard materials such as lower-quality cables, leading to equipment failures and frequent power outages.
“People were awarded contracts to supply electricity equipment. 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,” he added.
The Cost of Corruption in the Power Sector
Olukoyede highlighted how such practices undermine the country’s infrastructure and development. He emphasized that the EFCC is increasingly focused on preventive measures rather than just recovery.
“For every 10 Naira recovered, perhaps 30 or 40 Naira may have been stolen. Prevention is, therefore, the more effective way to combat corruption. Over the last year, we have established a new directorate for risk assessment and control,” he explained.
He further noted that the Commission recovered about ₦440 billion and billions of dollars over the past year but stressed that preventing financial crimes is far more cost-effective.
Olukoyede also called for better resources and welfare for EFCC staff, stating, “Our staff are underpaid, and we need to improve their welfare.”
Reacting to Olukoyede’s revelations, the Chairman of the House Committee on Financial Crimes, Ginger Onwusibe, promised legislative and budgetary support for the EFCC.
Onwusibe encouraged the Commission to strengthen its operational capacity, collaborate with other agencies, and work with development partners to enhance accountability and efficiency in fighting corruption.
