The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has attributed the frequent collapse of Nigeria’s national grid to corrupt practices by contractors.
Olukoyede made this known during an oversight visit by members of the House of Representatives Committee on Financial Crimes to the EFCC headquarters in Abuja on Tuesday.
Olukoyede expressed concern over how financial crimes and corruption have hindered the nation’s development. He noted that dubious practices in the power sector, such as the procurement of substandard materials, were significant contributors to equipment failures, outages, and recurring grid collapses.
According to the EFCC chairman, budget performance in the country has been consistently poor, with implementation often falling below 20% over the last 15 to 20 years.
He pointed out that substandard equipment purchased by electricity companies has been responsible for the national grid’s frequent failures
The EFCC chairman lamented the poor implementation and execution of capital projects in Nigeria, stressing that the country cannot achieve infrastructural development or economic growth under such conditions.
“Investigations carried out by the EFCC showed that contractors in the power sector, who were awarded projects to supply electrical equipment, often opted for substandard materials.
“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 added.
Olukoyede further revealed that capital project execution in the country over the past two decades has been alarmingly low, with performance levels not exceeding 20%.
“If we do not do that, how do you want to have infrastructural development? How do you want to grow as a nation?
“Our mandate this year is to work with the National Assembly to see if we can meet up to 50% of our execution of our capital project for the year. If we do 50%, we will be fine as a nation. Lack of implementation of this capital budget is one of our major problems in Nigeria,” he explained.
He called for stronger collaboration between the EFCC and lawmakers in fulfilling the commission’s mandate to combat financial crimes.
“The mandate before you, which is also before us, if managed effectively and efficiently, will be remembered by Nigerians in the long term. This is one of the major challenges undermining our development in Nigeria.
CR: NairaMetrics
