The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, reiterated that Nigeria has immense human and natural resources capable of ensuring national prosperity.
However, he lamented that systemic corruption continues to stifle the country’s progress, preventing it from realizing its full potential.
Olukoyede made this assertion during the inauguration of a three-day workshop focused on anti-corruption, fiscal responsibility, transparency, and good governance.
The event, which took place at the EFCC Academy in Karu, Abuja, was organized in collaboration with the House Committee on Financial Crimes. It primarily targeted state and local government officials, aiming to enhance their grasp of ethical financial management and accountability.
Delivering his speech through the Commandant of the EFCC Academy, Chinwe Ndubueze, Olukoyede underscored the necessity of instilling integrity and accountability in governance. He emphasized that these principles are fundamental to Nigeria’s socio-economic advancement and warned against the reckless mismanagement of public funds.
“The EFCC under my leadership will have no sympathy for public officers who breach the rules to enrich themselves or their cronies,” he declared, signalling a tough stance on corruption within the public sector.
Highlighting the detrimental effects of corruption on national development, Olukoyede provided insight into the extent of financial mismanagement within government institutions. He revealed that “70 percent of the problem that Nigeria faces in the public sector is down to poor fiscal transparency. In every budget cycle, trillions of naira are appropriated to cater for the nation’s pressing infrastructural, social, and economic needs.
“Instead, we have had the terrible misfortune of rules being circumvented and funds diverted or outrightly stolen through various sharp practices in the procurement value chain, while the rest of us suffer the consequence of the indiscretion of a few corrupt public officers.”
Olukoyede further stressed that the decisions and conduct of public officials play a critical role in shaping Nigeria’s trajectory. Their adherence to transparency and ethical standards, he noted, directly influences the country’s economic stability and overall development.
“As public officers, you occupy a vantage position to determine the fortune of this nation. Nigeria, with all its human and natural resources, has no business being poor, but corruption is the albatross that has held this nation captive,” he concluded, reinforcing the urgent need for a collective commitment to eradicating financial malpractice.