Nigeria’s New EFCC Chairman Exposes ₦2.9 Trillion Contractor Scandal
The newly appointed Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has revealed that approximately ₦2.9 trillion, intended for various government projects, was siphoned off by contractors between 2018 and 2020.
This staggering sum, according to Mr. Olukoyede, represents a stark example of contract and procurement fraud.
During his appearance before the Senate for the screening process, he painted a bleak picture of this diversion of funds that could have been utilised for the nation’s benefit.
He estimated that if these ill-gotten gains had been prevented from being embezzled, they could have funded approximately 1,000 kilometres of road construction, the establishment of nearly 200 tertiary institutions, the education of around 6,000 children from primary to tertiary levels, the construction of more than 20,000 three-bedroom houses across the country, and the creation of world-class teaching hospitals in every state, including the Federal Capital Territory.
In essence, this money could have transformed Nigeria’s infrastructure and education system. However, it ended up in the pockets of unscrupulous individuals, depriving the nation of these vital resources. The extent of this financial haemorrhage highlights the urgent need for stringent anti-corruption measures.
Mr. Olukoyede is determined to bring about transparency and accountability during his tenure as EFCC chairman. He emphasized the importance of a transactional credit system to track financial transactions effectively. Currently, the prevalence of cash transactions allows individuals to make substantial acquisitions without detection. This contributes to corruption, as people are tempted to steal when they believe they won’t be caught.
The introduction of this transactional credit system will be a significant step toward combating corruption. It will prevent the purchase of high-end properties and assets with cash, which will make it easier to monitor and identify questionable financial transactions.
Furthermore, Mr. Olukoyede believes that the justice system needs to expedite cases related to fraud.
To ensure that justice is delivered in a timely manner, he recommended that cases involving allegations of fraud should not extend beyond five years from the High Court to the Supreme Court.
This measure would significantly streamline the judicial process and promote efficiency.
Mr. Olukoyede’s revelations shed light on the alarming scale of funds that have been funnelled into the wrong hands instead of being invested in national development.
His commitment to transparency, accountability, and a robust justice system represents a glimmer of hope in the fight against corruption in Nigeria. It remains to be seen how these proposed measures will be implemented and their impact on the nation’s struggle against financial malpractice.
Source: Premium Times
