'I did a survey between 2018 and 2020 on 50 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.
"I did a survey between 2018 and 2020 on 50 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.", Ola Olukoyede, says about ₦2.9 trillion meant for some government projects was diverted into personal use by contractors between 2018 and 2020.The upper chamber confirmed him after the exercise.
“When I put my figures together, I discovered that. If the country had prevented the money from being stolen, it would have given us 1,000 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.
He said he will introduce a transactional credit system that will prevent Nigerians from purchasing luxurious properties by cash in order to be able to monitor financial transactions of some individuals. “An average Nigerian does not own a home, when he has the opportunity, he would steal. Even if he did not have the opportunity he would create one,” he said.The EFCC chairman stressed that for proper justice to be delivered on fraud allegations, judges must look beyond technicalities when deciding judgments.
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