The Nigerian Senate has officially confirmed Ola Olukoyede as the new Chairman of the Economic and Financial Crimes Commission (EFCC), vowing to tackle corruption regardless of rank.
The confirmation, which also included Muhammad Hammajoda as the Secretary of the anti-graft agency, followed a thorough screening process by the upper chamber. The nominations were made by President Bola Tinubu just a week prior.
During the confirmation hearings, Olukoyede emphasized the alarming issue of contract and procurement fraud in Nigeria, revealing that taxpayers had suffered a staggering loss of N2.9 trillion between 2018 and 2020 due to such fraudulent activities.
“This colossal sum could have funded numerous critical projects, including the construction of 1,000 kilometers of roads, the establishment of nearly 200 tertiary institutions, and the education of around 6,000 children from primary to tertiary levels at a cost of N16 million per child,” Olukoyede told the Senate.
The newly confirmed EFCC Chairman assured the Senate that he would wield investigative authority even over high-ranking officials, including the President of the Senate. However, he pledged not to misuse this power and emphasized his commitment to transparency, accountability, and proactive measures to reduce the extensive litigation often associated with corruption cases.
“I will not hesitate to investigate and prosecute anyone, irrespective of their social or political standing,” Olukoyede said. “I urge the support of all sectors of society in our collective effort to eliminate corruption and build an international reputation for transparency in Nigeria.”
Olukoyede also expressed the EFCC’s intent to collaborate with sister agencies like the Independent Corrupt Practices Commission (ICPC) to enhance efficiency and avoid redundancy. He stressed the importance of preventive measures alongside punitive action to combat corruption effectively.
“We must work together to prevent corruption from happening in the first place,” Olukoyede said. “We must also ensure that those who engage in corruption are brought to justice quickly and efficiently.”
The EFCC Chairman addressed the issue of corruption in the public sector, highlighting extravagant properties owned by some civil servants that seemed incongruent with their incomes. He emphasized the need to address the underlying causes of corruption, such as the lack of an effective credit system, which encourages cash transactions for luxury purchases.
“We must make it more difficult for people to engage in corruption,” Olukoyede said. “We must also create a system where people are rewarded for honesty and integrity.”
Moreover, Olukoyede urged a reevaluation of the criminal justice system to expedite prosecution and reduce the protracted legal processes. He underscored the colossal financial losses resulting from contract and procurement fraud and stressed the imperative of curbing corruption for the betterment of the nation.
“Corruption is a cancer that is eating away at the fabric of our society,” Olukoyede said. “We must all work together to fight it. We must all be committed to building a better Nigeria for ourselves and for future generations.”
The Senate now faces the crucial decision of charting a path forward in the fight against corruption in Nigeria. With Olukoyede at the helm of the EFCC, the nation has renewed hope that the fight against corruption will be intensified and that perpetrators will be brought to justice, regardless of their social or political standing.