Ola Olukoyede, the Executive Chairman of the Economic and Financial Crimes Commission (EFCC), has underlined the negative impact of financial crimes and corruption on Nigeria’s growth, calling for a more proactive approach to combating these challenges.
Olukoyede underlined that combating corruption, particularly in vital sectors such as power, will greatly benefit Nigeria’s economy and global reputation.
On Tuesday, during an oversight visit by the House of Representatives Committee on Financial Crimes to the EFCC’s offices in Abuja, Olukoyede emphasized the necessity of partnership between the agency and lawmakers in combating financial crimes.
He observed that both groups have the same purpose to combat corruption, and that successful enforcement would be regarded favorably by Nigerians in the long run.
According to Olukoyede, one of the most pressing concerns is the power sector, where unethical activities are damaging the country’s infrastructure.
The EFCC chairman claimed that several contractors awarded contracts to supply electricity equipment were involved in cutting shortcuts, utilizing poor materials that have contributed to the frequent power outages and system failures.
This, he claimed, is only one of many examples of how corruption in important industries is impeding the country’s progress.
Olukoyede also emphasized the EFCC’s new strategic focus on asset tracing and recovery, which he attributed to the agency’s achievements in the past year.
He argued that preventing corruption is a much more cost-effective technique than simply executing the law.
The commission has shifted its focus to prevention, establishing a department for risk assessment and control to detect and reduce potential corruption before it occurs.
He went on to say that for every N10 recovered, 30 to 40 times that amount could have been taken, emphasizing the severity of the financial hemorrhaging.
Olukoyede also advocated for improved welfare for EFCC employees, recognizing that underfunding and low salaries had hampered the agency’s work.
He stated, “We are now dealing with an electrical problem as I speak to you. If you saw some of the investigations we are conducting in the power sector, you will cry.
