Olanipekun Olukoyede, the newly appointed Chairman of the Economic and Financial Crimes Commission (EFCC) in Nigeria, reveals that Nigeria lost N2.9 trillion to contract and procurement scams between 2018 and 2020.
Olanipekun Olukoyede said this yesterday during his screening by senators for the Economic and Financial Crimes Commission (EFCC) Chairman’s job.
This is a significant amount of money and highlights the pervasive issue of corruption in the country’s public procurement and contracting processes.
Mr. Olukoyede conducted a survey that covered a range of entities, both individuals and corporate bodies, and focused on contract and procurement fraud as one species of fraud. His findings suggest that this form of corruption has had a substantial financial impact on Nigeria during the specified period.
In addition to reporting on the extent of corruption, Mr. Olukoyede also discussed his commitment to bringing about a paradigm shift in the fight against corruption. He emphasized the need for a review of the criminal justice system to expedite investigations and trials, which could save both time and money for the country. He also suggested the establishment of a transactional credit system across government levels to discourage corrupt practices in the civil service.
Furthermore, Mr. Olukoyede highlighted the importance of collaborative efforts in combating corruption, and he expressed concern about individuals who engage in corrupt practices, including civil servants living beyond their means. This information underscores the ongoing challenges and the need for effective anti-corruption measures in Nigeria.
Hear him: “The time has come for all anti-corruption agencies to focus more on prevention than enforcement. Enforcement is a very strong tool in our hands and we are going to apply it very seriously.
“The savings of an average civil servant in Nigeria all through his service years cannot build the type of houses they are building and cars they are riding.
“The problem we have is just like the proverbial monkey that was locked up in a cage with a bunch of ripe bananas. The owner stood outside with a cane. The monkey would either eat the bananas, get beaten and be alive, or allow the bananas to get rotten and die of hunger.
“Everyone wants to live a luxurious life and the incentives are all over the place. I will do more in the areas of blocking the leakages.
“We spend more money fighting corruption when we could have spent less to prevent it without downplaying the importance of enforcement.
“There is what we call transactional credit system. If we continue to allow Nigerians to buy houses, cars and other luxurious properties by cash because we don’t have an effective credit system, 1,000 anti-corruption agencies will not do us any good and that is the reality.
“We must create an atmosphere to make sure that people have choices. If I don’t steal money, can I afford to train my children in school with good standards?
“If I don’t steal money, can I buy a car after I have worked for five years? If I don’t steal money, can I put up a three-room bungalow in place after I have worked for 20 years?
“An average Nigerian who does not own a home, when he has the opportunity, he would steal. Even if he did not have the opportunity he would create one.”
“In order to encourage our criminal justice system to work, the substance should be taken above technicalities.
