The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has disclosed that about 70 percent of corrupt practices could be traced to contracts and procurements as Nigeria has lost about N2.9 trillion within 2 to 3 years to the fraud.
Olukoyede made this disclosure in Abuja on Wednesday, March 27, when he received a delegation from the Nigerian Institute of Quantity Surveyors (NIQS) at the EFCC corporate headquarters.
Appreciating appreciation for the courtesy visit, Olukoyede described NIQS as a huge stakeholder in the anti-corruption fight.
He disclosed that about 70 percent of corrupt practices could be traced to contracts and procurements as Nigeria has lost about N2.9 trillion within 2 to 3 years to the fraud.
He also noted that about 50 percent of money released for capital projects are always diverted and converted into dollars for personal use.
He tasked NIQS to look inwards and flush out bad eggs in its fold, maintaining that self-cleaning is the best modality of growth and development.
“My principle has always been for you to start with yourself, talk to your people first, when you sanitize your house, you will be able to correct other people.
“That’s why I started with my staff first when I came in, I told them to declare their assets. Because whoever comes to equity must come with clean hands.
He commended NIQS, stating that, “You are doing well and I know you can do better, let’s work together”.
He further assured that the EFCC will revisit the MOU by constituting a committee to look into it on how it can be better implemented to suit the current dispensation.