Ola Olukoyede, Chairman of the Economic and Financial Crimes Commission (EFCC), has raised concerns over widespread corruption in Nigeria’s electricity sector, attributing frequent national grid failures to fraudulent practices involving substandard materials.
Olukoyede made these remarks on Tuesday during a visit from the House of Representatives Committee on Anti-Corruption and Financial Crimes to the EFCC headquarters in Abuja.
He revealed that ongoing investigations in the power sector had exposed disturbing levels of malpractice, often resulting in compromised infrastructure and recurrent grid collapses.
“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,” Olukoyede stated.
He further explained that contractors awarded projects to supply electrical equipment were substituting recommended materials with cheaper, inferior alternatives.
“People who were awarded contracts to supply electricity equipment, instead of using what they call 9.0 gauge, they will buy 5.0,” he said, noting that such fraudulent practices contribute significantly to the country’s unstable power supply.
“So, every time you see the thing tripping off gets burnt, and all of that, it’s part of our problems.”
The EFCC boss disclosed that the agency would be intensifying efforts toward crime prevention rather than focusing solely on asset recovery.
He emphasized that future scrutiny would prioritize spending by government ministries and agencies to curb misappropriation at the source.
US car giant Ford on Wednesday announced 4,000 more job cuts in Europe, mostly in…
President Bola Tinubu has approved the dissolution of the Governing Council of Nnamdi Azikiwe…
The Ekiti State Government has reached an agreement with labour leaders in the state,…
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has initiated the seventh…
Iraq is holding its first nationwide census in nearly four decades this week, a long-awaited…
Over 300 constituents of Akinyele/Lagelu Federal Constituency in Oyo State benefitted from a skill…