NewStats: 3,264,329 , 8,183,361 topics. Date: Tuesday, 10 June 2025 at 03:54 PM 1n4l6e

The Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Ola Olukoyede, has said the level of corruption in the power sector would make people cry, News360 Nigeria reports.

He put it this way: “As we speak, 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 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, it falters and it collapses. It’s part of our problems.”

Olukoyede made the revelation during an oversight visit by the House of Representatives Committee on Financial Crimes to the EFCC’s headquarters in Abuja, today.

Furthermore, stressed the importance of collaboration between the Commission and lawmakers to combat financial crimes effectively.

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

It was at this point the EFCC boss revealed that some contractors awarded contracts to supply electricity equipment were involved in cutting corners.

He said they were 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.

Furthermore, he revealed that “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.”

Reacting, Ginger Onwusibe, Chairman of the House Committee on Financial Crimes, expressed the committee’s readiness to 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 ability and efficiency in the fight against corruption.”

https://news360ng.com/corruption-we-discovered-in-power-sector-will-make-you-cry-efcc-boss-olukoyede/

Call their names.

Not news. Corruption is the singular largest of the woes Nigeria is afflicted with. The solution is simple. Put in place and enforce effective measures to deter corruption and Nigeria will fulfil destiny. Give all who are corrupt a deadline to return to the coffers of the CBN via commercial banks all they stole. Put in place laws stipulating the death penalty for corruption and remove the ex post facto issue of law. Enforce the law. Many will be executed but Nigeria will live! Ask them in . The guillotines remain proof.

Use one person do example for firing squad everybody go stay in line by force


Even you efcc man is bitterly corrupt

This man should stop ranting up and down because everyone knows that Nigeria is filthy. If you cannot clean the filth, quit! That's why Ebola hired you in the first place.

How many politically exposed people has he successfully prosecuted and jailed?

He addressed the same people who a lot of them have been accused of looting the country remorselessly.

Since he has the information and he can trace the people, why not arrest and ensure successful prosecution. Why this long stories all the time or show off?

Except we have strong institutions with determined leaders, this country will continue to remain in its wrong state.

Nigeria is a crime scene oh what a failed state

And what have you do about it , nonsense

The clown EFCC chairman always speaking as if he his preaching to his church , arrest and prosecute them

The former and present minister of power should be charged not just power holding company directors alone.

..useless parapo animals filled with dirty stinkig incompetent creatures..

..before you have the parapo Guts to fight corruption in the electricity sector...Look for competence, balls & integrity to first make your self & your worthless institution cry & arrest Bello..the immediate past fraud of KOgi state..

..hopeless empty useless mouth..

zoedew:
Not news. Corruption is the singular largest of the woes Nigeria is afflicted with. The solution is simple. Put in place and enforce effective measures to deter corruption and Nigeria will fulfil destiny. Give all who are corrupt a deadline to return to the coffers of the CBN via commercial banks all they stole. Put in place laws stipulating the death penalty for corruption and remove the ex post facto issue of law. Enforce the law. Many will be executed but Nigeria will live! Ask them in . The guillotines remain proof.

Well said.

China and other great nations today made use of death sentence to curb corruption in their countries.

EFCC has to do more!

Smh, touching stories.

Arrest the culprits, na plenty excuses we go hear!

dangermouse:


Well said.

China and itjerhreat nation today made use of death sentence to curb corruption in their countries.

EFCC has to do more!

I should think the much talked about hardship in the land will drive us to confront corruption by executing folks found guilty of corruption without wasting time.

Olukoyede has turned to agba blogger. Every day cho cho cho, hot air with no action except when he wants to shoot action film with Yahaya Bello. How many of those contractors has he arrested ? We heard how a young boy was convicted for $22 scam but when it comes to billionaire looters, he starts speaking grammar. He's not a serious human being

zoedew:

I should think the much talked about hardship in the land will drive us to confront corruption by executing folks found guilty of corruption without wasting time.

Reasonably proven cases of corruption should be quickly tried and those found guilty should be executed through firing squad and their families mandated to pay fines for the bullets used in the execution.

EFCC should go for any and every corrupt government officials and individuals with no sacred cow or selective prosecutions as they are currently doing. No be by making noise in the media.

When they do this, they will have the of Nigerians.

Don't shed tears, jail the thieves

Where is Yahaya Bello A man you declared wanted freely walked into your office and you allow him go?

This guy is paid by tax payers to say nonsense on tv.

This full grown man is just acting childish...
So, what stops him from mentioning names...

This man is better off as a Sunday school teacher. Always emotional and highly ineffective. I thought he was on TV the other day swearing that he will arrest yahaya Bello?

Is EFCC Chairman reporting to us now?

This can only make those who believe that NIGERIA CAN BE GREAT without first BRUTALLY KILLING CORRUPTION like CHINA did CRY 😭


That is why all these politicians that promise you heaven and earth are deceiving you, until they do the needful Nigerians will keep sacrificing for nothing.

Oga you too talk ... we need results... show workings

Just power sector?....d corruption in d aviation sector n immigration will make u give up on Nigeria

We don't need past stories and it's time we left the past because continually dwelling in the past is the reason we are not moving forward in this country.
What is the present government doing in the area of power now is what we should be discussing.
Nobody should tell me that previous governments were corrupt when we all know that even the EFCC boss, the president, judges, legislators, etc are all corrupt before, now and forever.
They should start telling us what we don't know before, where are we going to, what are they doing now and have done and how long we will get there.

Leave talk.... Where is yahaya bello

Tell us plainly and let's cry. Did you cry sir?

Show working and stop the gaslighting Ogar

.

Cho Cho Cho , no workings

How Bello put this dude for back pocket still deludes me

It's so serious

It's actually everywhere in the country