The Economic and Financial Crimes Commission (EFCC) has disclosed that it has initiated probe into contracts awarded in the power sector while attributing Nigerias unreliable electricity supply and persistent grid collapses to corruption within the sector.
Chairman of the agency, Ola Olukoyede, disclosed this during the visit of the House Committee on Anti-Corruption and Financial Crimes to the Commissions headquarters in Abuja.
According to Olukoyede, EFCC investigations revealed that contractors awarded projects to supply electrical equipment frequently resorted to substandard materials. He identified this as the primary reason for the countrys unstable power supply, explaining that these dubious practices were a major cause of recurring equipment failures, power outages, and grid collapses.
He warned that under such circumstances, Nigeria would struggle to achieve infrastructural or any meaningful growth. He said, As I am speaking to you now, we are grappling with electricity issues. If you see some of the investigations we are carrying out within the power sector, it would make you cry.
People awarded contracts to supply electricity equipment, instead of using what is called a 9.0 gauge, will opt for a 5.0 gauge. So, every time you see equipment tripping off or burning out, its a part of our problem.
Olukoyede further disclosed that the commission had uncovered alarming inefficiencies in Nigerias capital project implementation over the past two decades, noting that less than 20% of capital projects had been executed.
The EFCC Chairman expressed hope that with increased collaboration with the National Assembly and the relevant directorates, Nigeria could reach a 50% execution rate in capital projects this year.
If we can achieve 50 percent, it will make a significant difference. The lack of implementation in capital projects and budgets is one of our major issues. If we can effectively tackle this, we will make progress as a nation. So, we are committed to seeing this through, with your support, he added.
