The Economic and Financial Crimes Commission (EFCC) Chairman Ola Olukoyede disclosed that a staggering 90% of public corruption cases currently under investigation are linked to contract and procurement activities.
This bombshell was dropped during a courtesy visit by the Tertiary Education Trust Fund (TETFund) top management team, led by Executive Secretary Sonny Echono, to the EFCC’s corporate headquarters, on Thursday.
Olukoyede emphasized the need for collaboration, stating, “More than 90 percent 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.” This call to action underscores the urgency of addressing the widespread corruption plaguing these critical sectors.
The EFCC chairman also urged TETFund to intensify its assessment and monitoring of infrastructural projects financed in universities and polytechnics nationwide.
He noted, “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.”
Olukoyede’s words serve as a warning, highlighting the risks of contractors abandoning projects after receiving funds.
TETFund’s existing monitoring mechanisms, including its Project Monitoring and Evaluation Division (PMED), are designed to track project performance and ensure value for money. However, Olukoyede’s comments suggest that more robust oversight is necessary to prevent corruption and ensure effective utilization of funds.
The TETFund’s Strategic Planning & Development department also plays a crucial role in monitoring Education Tax collection and assessment. By strengthening these internal controls and collaborating with the EFCC, TETFund can help curb corruption and promote transparency in contract and procurement processes.
