The Senate yesterday officially approved Ola Olukoyede as the new chairman of the Economic and Financial Crimes Commission, EFCC.
The confirmation of Muhammad Hammajoda as the secretary of the anti-corruption agency was also ratified.
Both appointments were endorsed after the upper chamber screened them, approximately a week after their selection by President Bola Tinubu.
In response to inquiries from senators before their confirmation, Olukoyede revealed that taxpayers had incurred losses of N2.9 trillion in just two years (2018-2020) due to contract and procurement fraud alone.
He stated, “Between 2018 and 2020, Nigeria lost N2.9 trillion to contract and procurement fraud.”
He emphasized that this sum would be sufficient to finance the construction of approximately 1,000 kilometers of roads, establish nearly 200 standard tertiary institutions, and provide education for around 6,000 children from primary to tertiary levels, each costing N16 million per child.
Regarding the scope of the commission’s investigative authority, the newly appointed EFCC leader asserted that, in his capacity as EFCC chairman, he had the authority to probe even the President of the Senate. Nevertheless, he assured that he would refrain from abusing this authority, pledging to be accountable to the Nigerian public, ensure transparency, and take preventative measures to reduce, if not eliminate protracted legal proceedings.
Olukoyede stated that under his leadership, the EFCC would not hesitate to prosecute any wrongdoer, regardless of their social or political standing.
In his plea for support from all sectors of society, he stated, “For Nigeria to earn a reputation for transparency and accountability, there must be a collective decision that, indeed, corruption must be eliminated.
“We must build an international reputation in transparency, and as an agency, I can investigate even the Senate President because we must call a spade a spade, we must look at evil and call it evil, no matter who is involved.
“We must look at more of the preventive measures than curative. Corruption has become too rampant in our society and we will do our work diligently and with respect to the provisions of the constitution.”
He also mentioned that during his tenure, the EFCC would collaborate with related agencies like the Independent Corrupt Practices Commission (ICPC) to prevent redundancy and the inefficient use of limited public resources.
He emphasized that the present moment was opportune for all anti-corruption agencies to set aside rivalries and prioritize crime prevention over enforcement.
Regarding the matter of corruption within the public service, the EFCC chairman observed that the opulent mansions constructed by certain civil servants couldn’t reasonably be attributed to prudent savings.
He stated: “The problem we have is just like the proverbial monkey that was locked up in a cage with a bunch of ripe bananas.”
“The owner stood outside with a cane. The monkey would either eat the bananas, get beaten and be alive, or allow the bananas to get rotten and die of hunger.”
“Everyone wants to live a luxurious life and the incentives are all over the placeto . I will do more in the areas of blocking the leakages. We spend more money fighting corruption when we could have spent less to prevent it.”
“Without downplaying the importance of enforcement, there is what we call transactional credit system.”
“If we continue to allow Nigerians buy houses, cars, and other luxurious properties by cash, because we don’t have an effective credit system, 1,000 anti-corruption agencies will not do us any good and that is the reality.”
“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 schools 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 have worked for 20 years? An average Nigerian does not own a home, when he has the opportunity, he will steal. Even if he did not have the opportunity he will create one.”
“In order to encourage our criminal justice system to work, the substance should be taken above technicalities.”
“We must encourage our criminal justice system to adjudicate in such a way that it will not drag for a very long time. Prosecution should not be allowed to last for a maximum of five years from the court of first instance to the Supreme Court.”
“The Senate can work on that very seriously. If we make the administration of the criminal justice system work, you will see the great work the anti-corruption agencies are doing.”
“I did a survey between 2018 and 2020 on fifty entities in Nigeria, both human and corporate entities. I picked just one scheme, one species of fraud, which is called contract and procurement fraud. I discovered that within the three years, Nigeria lost N2.9trillion.”
“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 roads, 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.”
“It would have also delivered more than 20,000 units of three-bedroom houses across the country. It would have given us a world-class teaching hospital in each of the 36 states of the country and the federal capital territory.”
“This is where we are coming from, this is where we are. Where we are going, depends on the decision the Senate would take this afternoon.”