ABUJA – The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has highlighted the damaging impact of financial crimes and corruption on Nigeria’s development, urging a more aggressive approach to addressing these issues.

Olukoyede emphasized that tackling corruption, especially in key sectors like power, would significantly improve Nigeria’s economy and global reputation.

Speaking during an oversight visit by the House of Representatives Committee on Financial Crimes to the EFCC’s headquarters in Abuja on Tuesday, Olukoyede stressed the importance of collaboration between the commission and lawmakers to combat financial crimes effectively.

He noted that both bodies share the same mandate to address corruption, and successful enforcement would be remembered positively by Nigerians in the long term.

One of the key areas of concern, according to Olukoyede, is the power sector, where corrupt practices have been undermining 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.

Olukoyede also discussed the EFCC’s new strategic focus on asset tracing and recovery, which he credited for the agency’s successes over the past year.

He pointed out 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 further explained that for every N10 recovered, potentially 30 to 40 times that amount may have been stolen, underscoring the magnitude of the financial hemorrhage.

Olukoyede also called for better welfare for EFCC staff, acknowledging that underfunding and inadequate remuneration have hindered the agency’s operations.

He said, “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.

“People who were awarded contracts to supply electricity equipment, instead of using what they call 9.0 guage, they will go and buy 5.0. Every time you see the thing tripping off, the thing gets burnt, and all of that falters, and it collapses. It’s part of our problems.

“If you understand the intricacies of financial crime investigation and prosecution, you would realize that recovering N1 billion is a challenge.

“I tell my team that as soon as we start an investigation, we begin asset tracing. Asset tracing and recovery are powerful tools for any anti-corruption agency. Allowing suspects or persons under investigation to access their assets enables them to resist our efforts. By depriving them of these assets, we weaken their influence. This simultaneous strategy has transformed our approach.

“In addition to enforcement, our mandate includes prevention. Over the past year, we have emphasized prevention like never before.

“For every 10 Naira recovered, perhaps 30 or 40 Naira may have been stolen. If we recover about 440 billion Naira and several billions of dollars in a year, imagine the total amount siphoned from our system. That’s the unfortunate reality.

“Thus, we are focusing on prevention. Over the last year, we have established a new directorate for risk assessment and control.

“To recover 10 Naira, you may spend between 4 and 5 Naira. But to prevent 10 Naira from being stolen, you spend less than 1 Naira, based on our research and experience. Prevention is, therefore, the more effective way to combat corruption.

“We need more resources to carry out our mandate effectively. Our staff are underpaid, and we need to improve their welfare.

“The committee is here to monitor the performance of ministries, departments, and agencies. We are ready to assist the EFCC through legislation and budget allocations, and we urge the commission to enhance its operational skills, ensure accountability, and collaborate closely with other agencies, donors, and development partners.”

Hon. Ginger Onwusibe, Chairman of the House Committee on Financial Crimes, expressed the committee’s readiness to support the EFCC through legislation and improved budget allocations.

Onwusibe also urged the commission to enhance its operational capacity and strengthen collaborations with other agencies and development partners to improve accountability and efficiency in the fight against corruption.