The Executive Chairman of the Economic and Financial Crimes Commission, Ola Olukoyede, has disclosed that the agency stopped a potentially dangerous power project in 2024 after uncovering the use of counterfeit and substandard transmission materials.
He made this known on Wednesday in Abuja while receiving the Managing Director of the Nigerian Electricity Management Services Agency (NEMSA), Olusegun Adesayo, during a courtesy visit to the commission’s headquarters.
Olukoyede explained that the contractor involved had already been mobilised by the Ministry of Power before investigations by the EFCC revealed that fake transmission lines had been imported for the project.
Following the discovery, the commission formally advised the ministry to blacklist the contractor.
Nationwide Crisis
According to him, the intervention came at a critical moment and prevented what could have escalated into a nationwide crisis.
He warned that deploying inferior transmission materials in such projects could have posed severe risks to lives, property, and the stability of Nigeria’s power infrastructure.
The EFCC chairman emphasised that the commission’s role goes beyond tackling financial crimes, extending to acts that threaten the nation’s economic stability, including sabotage within key sectors like electricity.
He also reaffirmed the EFCC’s willingness to work closely with NEMSA to strengthen transparency and regulatory compliance across the power industry. Olukoyede noted that stricter enforcement of rules and better coordination among stakeholders would ultimately lead to improvements in electricity supply across the country.
Fight Against Fraud
In addition, he urged NEMSA to intensify oversight of procurement procedures and contract execution to reduce the chances of fraud and abuse.
He assured the agency of the EFCC’s capacity to support investigations into procurement violations and contract-related misconduct.
Speaking earlier, Adesayo said the purpose of the visit was to deepen collaboration between both institutions, particularly in ensuring adherence to safety and technical standards in the electricity sector.
He highlighted NEMSA’s mandate to regulate and enforce quality standards for electrical materials nationwide, ensuring safety, reliability, and efficiency.
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Adesayo added that closer cooperation with the EFCC would enhance efforts in intelligence sharing, investigation of substandard materials, tackling procurement irregularities, and enforcing compliance within the industry.