The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede has accused electricity companies awarded the projects to supply electrical equipment, of buying substandard goods for power operations, noting that this has been responsible for the constant collapses of the national grid.
The EFCC chair made this known on Tuesday when the House Committee on Financial Crimes visited the headquarters of the anti-graft agency in Abuja.
The anti-graft boss also lamented that Nigerians would be in tears if the Commission discloses what it has uncovered during its investigations, as he idenitified one of Nigeria’s problems in the last 15 to 20 years to below 20 per cent budget performance.
He noted that the country could not achieve infrastructural or other forms of growth under such conditions.
Olukoyede 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 electrical equipment, instead of using what they call 9.0 gauge, would go and buy 5.0.
“So every time, you see it tripping off, getting burnt, and all of that. It falters, and it collapses. This is part of our problems.”
“We discovered that in the last 15 to 20 years, we have not achieved up to 20% of our capital project implementation and execution. And if we don’t do that, how can we expect infrastructural development? How can we grow as a nation? So our mandate this year is to work with that directorate and with the National Assembly to see if we can reach 50% of capital project execution for the year.
“If we achieve 50%, we will be fine as a nation. The lack of implementation of the capital budget is one of Nigeria’s major problems. And if we tackle that effectively, we will make progress as a nation. We are doing everything possible to prevent that, with your support.”
Olukoyede stated that the commission had received over 17,000 petitions, adding that over 20,000 cases are currently under investigation.
“We have several cases filed in court, apart from those with convictions, reaching thousands. In the last year, we have received over 17,000 petitions in the EFCC. And currently, as I am speaking, we are investigating over 20,000 cases.
“Between last October and now, we have opened over 4,800 new cases. And what is our staff count? We are less than 5,000. Now, with the additional responsibility of over 700 MDAs, 36 states, 774 local governments, and all of that,” he added.