The Economic and Financial Crimes Commission (EFCC), has lamented the level of corruption that exists in the power sector, stating that it is 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 corruption ongoing in the power sector have 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, using substandard materials that have contributed to the 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 further highlighted the damaging impact of financial crimes and corruption on Nigeria’s development, urging 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.
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