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New EFCC boss, Olukoyede says Contracts and procurement frauds cost Nigeria N2.9trillion in 2years

Written by on October 19, 2023

The Senate has confirmed Ola Olukoyede as the chairman of the Economic and Financial Crimes Commission, EFCC.

The appointment of Muhammad Hammajoda as secretary of the anti-graft agency was also confirmed.

The confirmation of both men followed their screening by the upper chamber, about a week after they were appointed by President Bola Tinubu.

Responding to questions from senators before the confirmation, Olukoyede said tax payers lost N2.9trillion in just two years to contracts and procurement fraud alone.

The amount, he noted, was enough to pay for the construction of at least 1,000 kilometres of roads, build close to 200 standard tertiary institutions, and educate about 6,000 children from primary to tertiary levels at N16million per child.

Giving clarifications as to the investigative powers of the commission, the newly confirmed EFCC boss declared   that as EFCC chairman, he is at liberty to investigate even the President of the Senate.

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