The Traffic

"EFCC Slams Rampant Corruption in Nigeria's Power Sector, Urges Tougher Asset Recovery Measures"

By Achimi Muktar

Nigeria’s Economic and Financial Crimes Commission (EFCC) has sounded the alarm on widespread corruption within the country’s power sector, citing it as a major roadblock to national development. Ola Olukoyede, the EFCC’s Executive Chairman, highlighted these concerns during a recent oversight visit by the House of Representatives Committee on Financial Crimes to the commission’s headquarters in Abuja.

Olukoyede didn’t hold back in his critique, emphasizing that corruption, particularly in key sectors like power, has left Nigeria grappling with poor infrastructure and unreliable services. The EFCC boss stressed that rooting out financial crimes in these areas is critical for boosting the nation’s economy and improving its global reputation.

Power Sector: A Hotbed of Corruption

“The power sector is one of the areas where corruption has done the most damage,” Olukoyede stated, revealing the shocking extent of fraudulent activities undermining the country’s energy infrastructure. He disclosed that contractors awarded lucrative electricity contracts had cut corners, using substandard materials that contributed to the persistent power outages Nigerians endure daily.

Olukoyede shared his frustration, saying, “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.” His statement paints a bleak picture of how deep-seated corruption continues to cripple the energy sector, affecting millions of citizens and stalling progress.

A Call for Stronger Asset Recovery

Olukoyede went on to discuss the EFCC’s renewed focus on asset tracing and recovery, which he described as essential for addressing the financial bleeding caused by corruption. He revealed that for every N10 recovered, an estimated 30 to 40 times that amount might have been stolen in the first place, highlighting the scale of the problem.

“Our focus on asset recovery has yielded significant results, but the magnitude of theft is staggering,” Olukoyede said. He underscored that intensified efforts in recovering stolen assets would send a clear message that financial crimes won’t go unpunished.

A Partnership to Combat Corruption

The EFCC chairman also called for deeper collaboration between the commission and lawmakers, noting that both bodies share a common mandate to fight corruption. “We need to work hand in hand to make a lasting impact,” he urged, stressing that the success of this mission would be remembered by future generations.

Improving EFCC Operations

Despite the progress, Olukoyede acknowledged that the EFCC is still facing significant challenges. One of the most pressing issues is the underfunding and inadequate remuneration of its staff, which has hampered the agency’s effectiveness. “We need better welfare for our staff to continue fighting this battle,” he said, emphasizing that providing proper resources and support to the commission’s personnel is crucial for success.

As Nigeria continues to wrestle with corruption in vital sectors, the EFCC’s call for stronger measures on asset recovery and improved collaboration with lawmakers is a rallying cry for action. With the power sector’s failings now under scrutiny, Nigerians will be watching closely to see if these warnings lead to real change.