The Economic and Financial Crimes Commission (EFCC) has raised alarms over the deeply entrenched corruption in Nigeria’s power sector, emphasizing that the situation has reached critical levels. According to the EFCC's Executive Chairman, Ola Olukoyede, the widespread corruption is severely hampering the country’s infrastructure development, with far-reaching consequences for the economy and everyday Nigerians.
Speaking during an oversight visit by the House of Representatives Committee on Financial Crimes to the EFCC headquarters in Abuja on Tuesday, Olukoyede painted a grim picture of the ongoing challenges within the power sector. He lamented that corrupt practices are hindering progress in one of the most vital sectors, contributing to the persistence of systemic failures and regular power outages.
The EFCC boss highlighted specific instances of corruption, such as contractors responsible for supplying electricity equipment cutting corners and using substandard materials, which only exacerbates the already fragile power supply system. This situation, he noted, is a clear example of how corruption within critical sectors continues to stifle Nigeria’s overall development and growth. Olukoyede’s comments reflect the urgent need for reform and a concerted effort to root out corruption at every level of the power sector.
Expressing his frustration, the EFCC chairman revealed that the commission’s ongoing investigations into the power sector were deeply disturbing. “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,” he stated, underscoring the emotional toll the corruption is taking on the country’s ability to provide reliable services to its citizens.
In addition to highlighting the immense damage caused by corruption in the power sector, Olukoyede called for a more aggressive and proactive approach to combat financial crimes and corruption across the country. He pointed out that addressing corruption, particularly in the power sector, is crucial for Nigeria’s economic revival and would improve the nation’s standing in the international community. By curbing corrupt activities, Nigeria could not only enhance its infrastructure but also create a more stable environment for businesses and citizens alike.
Olukoyede also stressed the importance of prevention over mere enforcement. While cracking down on corruption is vital, he noted that preventing it in the first place is a much more cost-effective and sustainable approach. To this end, the EFCC has been increasingly focusing on risk assessment and control, setting up a dedicated directorate to identify potential risks and mitigate them before they can lead to full-scale corruption. This preventive strategy, he explained, is part of the commission’s broader efforts to safeguard the country’s development by addressing issues before they spiral out of control.