The Economic and Financial Crimes Commission, EFCC, has expressed readiness to introduce fraud risk assessment and control mechanisms across power-sector projects as part of efforts to prevent the diversion and theft of public funds.
EFCC Executive Chairman, Ola Olukoyede, disclosed this on Tuesday when he received the Minister of Power, Joseph Tegbe, and his delegation on a courtesy visit to the Commission’s headquarters in Abuja.
Olukoyede said the EFCC would collaborate with the Ministry of Power to assess and audit selected projects, including abandoned projects and new ones being initiated by the government.
“We are ready to work with you, particularly in the area of incorporating Fraud Risk Assessment and Control to all your projects; both the abandoned ones and the new ones coming up. We will set up a team to analyse and audit some of the projects,” he said.
He said the Commission was prepared to support the ministry in monitoring ongoing projects, stressing that preventive measures were essential to safeguarding public funds, particularly in critical infrastructure projects.
“We must not wait till monies are stolen, particularly on sensitive projects. It is not going to be business as usual,” Olukoyede said.
The EFCC chairman described vandalism and energy theft as revenue fraud and “major concerns and acts of economic sabotage,” pledging closer cooperation with the ministry to tackle the problems.
Earlier, Tegbe sought the Commission’s intervention in addressing vandalism and energy theft, which he said were causing the power sector to lose billions of naira annually.
The minister said the ministry lacked the statutory powers to prosecute offenders, particularly those involved in stealing power infrastructure and electricity revenue, and therefore needed the EFCC’s investigative and prosecutorial support.
Tegbe identified vandalism of electricity infrastructure, including transmission towers and other valuable components, as a major threat to the sector. He also raised concerns over companies and other electricity consumers who access power without paying their bills.
The minister further commended Olukoyede for the EFCC’s achievements in investigating and prosecuting economic and financial crimes and recovering proceeds of crime.
He expressed optimism that stronger collaboration between both institutions would help protect investments in the power sector, curb economic crimes and support the government’s efforts to improve electricity supply.
Tegbe also thanked the Commission for its intervention in the legal dispute that had stalled the 215-megawatt Kudendan Power Plant project in Kaduna State.
