Olukoyede, the newly appointed head of the EFCC, stated that contracts and procurement irregularities cost Nigeria N2.9 trillion in three years.


The Senate yesterday confirmed Ola Olukoyede as the chairman of the Economic and Financial Crimes Commission, EFCC.

The appointment of Muhammad Hammajoda as secretary of the anti-graft agency was also confirmed.

The confirmation of both men followed their screening by the upper chamber, about a week after they were appointed by President Bola Tinubu.

Responding to questions from senators before the confirmation, Olukoyede said tax payers lost N2.9trillion in just two years (2018 -2020)  to contracts and procurement fraud alone.

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He said: “Between 2018 and 2020, Nigeria lost N2.9trilion to contract and procurement fraud.”

The amount, he noted, was enough to pay for the construction of at least 1,000 kilometres of roads, build close to 200 standard tertiary institutions, and educate about 6,000 children from primary to tertiary levels at N16million per child.

Giving clarifications as to the investigative powers of the commission, the newly confirmed EFCC boss declared   that as EFCC chairman, he was at liberty to investigate even the President of the Senate.

Vanguard reported in details, but He however, promised not to abuse power, while vowing to be accountable to the Nigerian people as well as ensure transparency and taking preventive measures to reduce, if not eliminate long-drawn litigations.

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