The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has urged for a more aggressive approach in addressing the damaging impact of financial crimes and corruption on Nigeria’s development.
Olukoyede emphasized that tackling corruption, especially in key sectors like power, would significantly improve Nigeria’s economy and global reputation.
Speaking during an oversight visit by the House of Representatives Committee on Financial Crimes to the EFCC’s headquarters in Abuja on Tuesday, Olukoyede stressed the importance of collaboration between the commission and lawmakers to combat financial crimes effectively.
He noted that both bodies share the same mandate to address corruption, and successful enforcement would be remembered positively by Nigerians in the long term.
Olukoyede highlighted that one of the key areas of concern, is the power sector where corrupt practices have been undermining the country’s infrastructure.
The EFCC boss revealed that some contractors awarded contracts to supply electricity equipment were involved in cutting corners, 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.
He pointed out that preventing corruption is a far more cost-effective strategy than merely enforcing the law.
The commission has increasingly focused on prevention, establishing a directorate for risk assessment and control to identify and mitigate potential corruption before it occurs.
He further explained that for every N10 recovered, potentially 30 to 40 times that amount may have been stolen, underscoring the magnitude of the financial hemorrhage.
Olukoyede also called for better welfare for EFCC staff, acknowledging that underfunding and inadequate remuneration have hindered the agency’s operations.
He said, “As I am talking to you now, we are grappling with electricity. If you see some of the investigations we are carrying out within the power sector, you will shed tears.
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