The Economic and Financial Crimes Commission (EFCC) has expressed concerns over the level of corruption in the Nigerian power sector and described it as ‘alarming’.
The Executive Chairman of the EFCC, Ola Olukoyede, disclosed this while speaking during an oversight visit by the House of Representatives Committee on Financial Crimes to the EFCC’s headquarters in Abuja on Tuesday.
He noted that the ongoing corruption in the power sector has continued to undermine the country’s infrastructure.
The EFCC boss revealed that some contractors awarded contracts to supply electricity equipment were involved in cutting corners by using substandard materials that have contributed to 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.
He stated, “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.”
He explained that financial crimes and corruption impact Nigeria’s development negatively and urged a more aggressive approach to addressing these issues.
He maintained that tackling corruption, especially in key sectors like power, would significantly improve Nigeria’s economy and global reputation.
He also stressed 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 added.
Olukoyede also harped on 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.
News About Nigeria reports that there have been several issues in the power sector in recent times, including the incessant collapse of the national grid that have plunged Nigerians into darkness more often than not.
