The Chairman of the Economic and Financial Crimes Commission, Ola Olukoyede, stated on Thursday that more than 90% of public corruption cases under investigation are tied to contracts and procurement processes.
Olukoyede made this remark when the top management team of the Tertiary Education Trust Fund, led by its Executive Secretary, Sonny Echono, paid him a courtesy visit at the EFCC’s corporate headquarters.
A statement by the EFCC’s Head of Media and Publicity, Dele Oyewale, quoted Olukoyede as saying, “More than 90 per cent of the public corruption cases we are facing or investigating are in the areas of contract and procurement activities. So, we are willing to collaborate much more with you and take the relationship to a greater height.”
Olukoyede also called on TETFund to be more devoted to the assessment and monitoring of the infrastructural projects it finances in universities and polytechnics across the country.
He said, “I want to encourage you to take a greater interest in the execution of some of your projects because we have received petitions regarding the non-execution of some of them. I am sure you have a project assessment and monitoring department or committee. Let them put more energy into their activities so that you don’t just advance money for projects and have contractors take it and walk away.”
Olukoyede further urged the TETFund boss to prioritise probity and accountability, emphasising the trust placed in him concerning public funds.
He stated, “So much trust has been placed on your shoulders, given the source of your revenue, which is taxpayers’ money. Trust is a burden, a big one indeed, particularly when you are committed to remaining focused and doing the right thing.
“There will be distractions here and there, particularly in the environment we find ourselves in, where people are used to cutting corners. But the onus is on us to do the right thing. I want to encourage you to always do the right thing because eyes are on you.”
In response, Echono assured the commission of TETFund’s support and expressed willingness to collaborate, particularly in guiding the managers of resources in Nigerian tertiary institutions against financial misconduct.
He said, “We want to give you the support you deserve. We know that you are doing the right thing and encourage you to continue doing so. As an institution committed to ensuring the judicious use of our resources, we want to renew our request for greater collaboration.
“Because of procurement infractions, we partnered with the Bureau of Public Procurement, so we are appealing for your support. Knowing that you have a training school, we would like to bring the leaders of our institutions, their bursars, and even their procurement officers so they can listen to your experts and learn how to prevent financial infractions.”