The new chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, said tax payers lost a whooping N2.9 trillion in two years (2018 -2020) to contracts and procurement fraud alone.

He spoke as 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.

Olukoyede said, “between 2018 and 2020, Nigeria lost N2.9trilion to contract and procurement fraud.”

The amount, he stated, was enough to pay construct 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.

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.

Olukoyede said the EFCC under his watch, will not hesitate to prosecute any offender, irrespective of social or political status.

While appealing for support from all and sundry, he said, “for Nigeria to earn a reputation for transparency and accountability, there must be a collective decision that, indeed, corruption must be eliminated.

“We must look at more of the preventive measures than curative. Corruption has become too rampant in our society and we will do our work diligently and with respect to the provisions of the constitution.”

He also said the EFCC under his watch will work with sister agencies, such as the Independent Corrupt Practices Commission, ICPC, to avoid duplication and waste of scarce public funds.

He said: “The problem we have is just like the proverbial monkey that was locked up in a cage with a bunch of ripe banana.

“The owner stood outside with a cane. The monkey would either eat the bananas, get beaten and be alive, or allow the bananas to get rotten and die of hunger.

“Everyone wants to live a luxurious life and the incentives are all over the places. 

“I will do more in the areas of blocking the leakages. We spend more money fighting corruption when we could have spent less to prevent it.

“If we continue to allow Nigerians buy houses, cars and other luxurious properties by cash, because we don’t have an effective credit system, 1,000 anti-corruption agencies will not do us any good and that is the reality.

“If I don’t steal money, can I buy a car after I have worked for five years? If I don’t steal money, can I put a three room bungalow in place after I had worked for 20 years? 

“An average Nigerian does not own a home, when he has the opportunity, he will steal. Even if he did not have the opportunity he will create one.

“In order to encourage our criminal justice system to work, the substance should be taken above technicalities”.