The newly appointed Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, unveiled that approximately ₦2.9 trillion earmarked for government projects vanished into the pockets of contractors between 2018 and 2020.
This amount was disclosed during his confirmation hearing in the red chamber in Abuja on Tuesday.
Mr. Olukoyede’s investigation spanned 50 entities, encompassing individuals and corporations, concentrating on contract and procurement fraud.
According to him, if stolen funds were prevented it could have funded 1,000 kilometers of roads, 200 tertiary institutions, education for thousands of children, and the construction of over 20,000 three-bedroom houses.
His vision for the recovered funds included world-class teaching hospitals in all 36 states and the Federal Capital Territory.
Promising a transparent and accountable administration, Olukoyede pledged to implement a transactional credit system, discouraging cash purchases of luxury properties and promoting financial transparency.
He argued that tackling corruption necessitates providing honest citizens with viable alternatives to improve their lives.
Olukoyede advocated for a reformation of the Nigerian justice system. He urged judges to prioritize substance over technicalities in fraud cases and recommended that such cases shouldn’t exceed five years in the judicial process, from the High Court to the Supreme Court.
This proposed change seeks to expedite justice delivery and enhance the efficacy of anti-corruption agencies.
The Senate’s decision on these matters will be crucial in determining the path Nigeria takes to combat corruption and bring those responsible for the diversion of public funds to justice.
