The Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Ola Olukoyede, has said that corruption in the power sector would make Nigerians shed tears.
Olukoyede disclosed this during a visit by the House of Representatives Committee on Financial Crimes to the EFCC’s headquarters in Abuja on Tuesday.
He said: “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.
“People were awarded contracts to supply electricity equipment. Instead of using what they call 9.0 guage, 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 further emphasized the need for collaboration between the Commission and lawmakers to effectively tackle financial crimes.
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A major area of concern, as noted by Olukoyede, is the power sector, where corruption has been weakening the country’s infrastructure.
It was during this discussion that the EFCC boss revealed that some contractors awarded contracts to supply electricity equipment were engaging in unethical practices.
He said they were using substandard materials that have contributed to the frequent power outages and system failures.
He explained that this is just one example of how corruption in key sectors is hindering the country’s development.
Olukoyede also highlighted the EFCC’s new strategic emphasis on asset tracing and recovery, which he credited for the agency’s successes in the past year.
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