Nigeria Lost ₦2.9trn Through Contract Fraud in Three Years

The new Chairman of the Economic and Financial Crimes Commission, EFCC, Ola Olukoyede, says about ₦2.9 trillion meant for some government projects was diverted into personal use by contractors between 2018 and 2020.

Mr Olukoyede disclosed this on Wednesday when he appeared before the Senate for screening.

The upper chamber confirmed him after the exercise.

He noted that he conducted a survey between 2018 and 2020 on 50 entities in Nigeria, both human and corporate entities.

He noted that he picked just one scheme, one specie of fraud, which is called contract and procurement fraud and discovered that within the three years, Nigeria lost N2.9trn.

Mr Olukoyede said the stolen funds during the period under review would have been used for useful government projects, if the former authorities of the anti-corruption agency had prevented it from being diverted.

Mr Olukoyede assured that his administration as chairman of the EFCC would be transparent and accountable.

He said he will introduce a transactional credit system that will prevent Nigerians from purchasing luxurious properties by cash in order to be able to monitor financial transactions of some individuals.

“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.

“It would have also delivered more 20,000 units of three bedroom houses across the country. It would have given us a world-class teaching hospitals 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, it depends on the decision the Senate would take this afternoon.”