Nigeria lost N2.9 trn to procurement and contract fraud in 3 years – EFCC boss

 

.As Senate confirms Olukoyede

.Ashiru replaces Umahi as Senate Deputy Leader

 

 Adekunle Adesuji, Abuja

 

The newly confirmed   Economic and Financial Crimes Commission Boss,  Ola Olukoyede has disclosed Nigeria lost N2.9 trillion to procurement and contracts fraud .

 

 

Olukoyede made this disclosure while appearing before the Senate for confirmation in screening on Wednesday.

 

He added that the N2.9 trillion lost to contract fraud would  if prevented from being stolen, have given the country 1000 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.

 

 

The EFCC Boss said , “I did a survey between 2018 and 2020 on fifty entities in Nigeria. Both human and corporate entities.

 

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

 

“When I put my figures together, I discovered that. If the country had prevented the money from being stolen, it would have given us 1000 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 than 20,000 units of three bedroom houses across the country. It would have given us a world-class teaching hospital 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, depends on the decision the Senate would take this afternoon.”

 

 

At the end of the EFCC boss presentation, the Senate confirmed him as substantive anti-graft agency chairman .

 

 

Meanwhile, Senate President, Godswill Akpabio, on Wednesday  announced Senator Oyelola Yisa Ashiru of the All Progressives Congress representing Kwara South as its new Deputy Leader of the Senate.

 

Akpabio also announced Senator Nwebonyi Onyeka as the new Deputy Chief Whip.

 

Ashiru was elevated to the position of deputy leader of the Senate which became vacant, following the appointment of Senator Dave Umahi as Minister of Works by President Bola Ahmed Tinubu.

 

 

Independent National Electoral Commission (INEC) is yet to conduct election to fill vacant seat of Umahi who was appointed as Minister of Works .