EFCC blames frequent national grid collapses on corruption

• The EFCC Chairman, Ola Olukoyede, points to corrupt practices by contractors as the reason for frequent national grid collapses
• Olukoyede notes that capital project implementation has been below 20% in the last two decades, hindering infrastructural growth
• However, he urges partnership with lawmakers to combat financial crimes effectively and push for better governance

The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has attributed the frequent collapses of Nigeria's national grid to the corrupt practices of power sector contractors. 

He voiced his concerns during a visit by members of the House of Representatives Committee on Financial Crimes to the EFCC headquarters in Abuja as part of an oversight function.

Olukoyede highlighted the detrimental impact of financial crimes on national development, pointing out that the substandard materials used by corrupt contractors have been a significant factor in the persistent grid failures. 

“If you see some of the investigations we are carrying out within the power sector, you will shed tears,” Olukoyede remarked, emphasising the severity of the issue.

He noted that for the past 15 to 20 years, budget performance in Nigeria has consistently been below 20 per cent, which he described as a significant roadblock to development. 

According to him, many power sector contractors deliver substandard goods, contributing to frequent equipment failures and outages. 

“Some of the electricity companies bought substandard goods to run electricity, leading to the frequent shutdown of the national grid,” Olukoyede stated.

The EFCC Chairman expressed disappointment over the poor execution of capital projects in the country, stressing that without substantial improvement in project implementation, Nigeria cannot achieve meaningful infrastructural growth. 

He urged a greater focus on effective capital budget execution, saying, “If we can achieve 50 per cent implementation of our capital projects for the year, we will be in a better position as a nation.”

Olukoyede also called for enhanced collaboration between the EFCC and the National Assembly to tackle financial crimes, stressing the importance of a unified effort in combating corruption. 

“The mandate before you, which is also before us, if managed effectively and efficiently, will be remembered by Nigerians in the long term,” he stated.

The Chairman of the House Committee on Financial Crimes, Ginger Onwusibe, commended the EFCC's efforts and expressed the committee’s commitment to supporting the commission through legislative measures and budget allocations. 

Onwusibe encouraged the EFCC to improve its operational capabilities and collaborate closely with other agencies and international partners. “We are here as part of our oversight function to ensure accountability and monitor the performance of ministries, departments, and agencies,” Onwusibe noted.

The visit highlighted the shared responsibility between the EFCC and lawmakers in fighting corruption. Both parties agreed on the need for stronger partnerships to address the nation’s challenges and foster development.

EFCC says it has recovered N248bn, $105m, secured 3455 convictions in 1 year

Earlier, TheRadar reported that the Economic and Financial Crimes Commission (EFCC) has reported significant achievements in its fight against corruption, recovering over N248 billion and $105 million while securing 3,455 convictions in the past year. 

The commission also revealed that it has initiated legal proceedings against several former governors and ministers for corruption, including high-profile cases involving billions in mismanaged public funds.