₦2.9 Trillion Lost To Contract Fraud In 3 Years, EFCC Declares

The newly appointed Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has disclosed that an estimated ₦2.9 trillion, allocated for various government projects, was embezzled by contractors between 2018 and 2020.

The revelation came to light during his Senate screening process on Wednesday. He was subsequently confirmed as the new EFCC Chairman.

In his statement before the Senate, Olukoyede stated, “I did a survey between 2018 and 2020 on 50 entities in Nigeria, both human and corporate entities. I picked just one scheme, one specie of fraud, which is called contract and procurement fraud. I discovered that within the three years, Nigeria lost N2.9trn.”

Speaking further on the potential impact of these misappropriated funds on essential government projects if they had not been diverted for personal gain, the EFCC chairman said: “When I put my figures together, I discovered that if the country had prevented the money from being stolen, it would have given us 1,000 kilometers of road, it would have built close to 200 standard tertiary institutions. It would have also educated about 6,000 children from primary to tertiary levels at N16m per child.”

He continued by stating that these funds could have facilitated the construction of over 20,000 three-bedroom houses across the nation, established world-class teaching hospitals in each of the 36 states and the Federal Capital Territory, and contributed to other critical developmental initiatives.

Olukoyede said as EFCC Chair, he will be committed to ensuring transparency and accountability, outling plans to introduce a transactional credit system aimed at monitoring financial transactions of individuals, discouraging cash purchases of luxurious properties and facilitating financial tracking.

“We must create an atmosphere to make sure that people have choices. If I don’t steal money, can I afford to train my children in school with good standards? If I don’t steal money, can I buy a car after I have worked for five years? If I don’t steal money, can I put a three-room bungalow in place after I had worked for 20 years?”

Olukoyede also stressed the need for efficient justice delivery in fraud cases, advocating that judges should prioritize substance over technicalities.

He recommended that proceedings on fraud allegations should be expedited, with cases not exceeding five years from the High Court to the Supreme Court to enhance the effectiveness of anti-corruption efforts.