The Nigerian Senate has confirmed Ola Olukoyede as the new chairman of the Economic and Financial Crimes Commission (EFCC) and Muhammad Hammajoda's appointment as the agency's secretary. In his confirmation hearing, Olukoyede revealed a staggering revelation: Nigeria lost a colossal $2.9 trillion due to contract and procurement fraud between 2018 and 2020.
This alarming revelation has prompted significant concerns and calls for increased transparency and accountability. Olukoyede assured the Senate that his leadership would not shy away from prosecuting any offender, regardless of their social or political status.
He emphasized that addressing the corruption epidemic requires a shift towards prevention, as the cost of enforcement after the fact is exorbitant. The new EFCC boss aims to tackle corruption by effectively preventing fraudulent activities.
Olukoyede also highlighted the importance of improving Nigeria's credit system, as many resort to stealing due to a lack of alternative options for leading a decent life. The story delves into the EFCC's mission to block financial leakages and enforce efficient measures to combat corruption while emphasizing the need for a faster and more effective criminal justice system. The Senate now faces a pivotal decision on how to combat corruption effectively and decisively
