• Latest
  • Trending
Nigeria Lost N2.9trn Within 3 Years To Fraud – EFCC

Nigeria Lost N2.9trn Within 3 Years To Fraud – EFCC

March 28, 2024
Akwa Ibom gov refutes false revenue report, urges responsible journalism

Akwa Ibom Gov earmarks ₦1.19bn for airport upgrade

July 11, 2025
Tension in NYCN as youth leaders reject Adodo, back Sokubo’s presidency

Tension in NYCN as youth leaders reject Adodo, back Sokubo’s presidency

July 11, 2025

Cross River governor appoints 15 media aides

July 10, 2025
ADVERTISEMENT
Calm returns to Cross River community after deadly clash

Police foil attack on Anambra station, kill one suspect

July 10, 2025
Akwa Ibom gov refutes false revenue report, urges responsible journalism

Akwa Ibom govt to revoke abandoned plots after 90 days

July 8, 2025
Calm returns to Cross River community after deadly clash

Police Arrest Cultist Planning Fresh Initiation in Anambra

July 8, 2025
God Didn’t Ask for Your Salary, Your Church Did

God Didn’t Ask for Your Salary, Your Church Did

July 8, 2025
High cybercrime cases denting Nigeria’s image abroad – EFCC boss

High cybercrime cases denting Nigeria’s image abroad – EFCC boss

July 7, 2025
Cross River Chief of Staff Reaffirms Loyalty to Governor Otu

Cross River Chief of Staff Reaffirms Loyalty to Governor Otu

July 7, 2025
Akwa Ibom gov refutes false revenue report, urges responsible journalism

Akwa Ibom Gov approves N20,000 allowance for Corp members

July 6, 2025
JUST IN: Liverpool striker dies during auto crash in Spain

Pictures: Family And Football Unite To Bid Diogo Jota Farewell

July 5, 2025
16 passengers die in Cross River accident

16 passengers die in Cross River accident

July 5, 2025
ADVERTISEMENT
Street News
Saturday, July 12, 2025
Subscription
Advertise
  • Home
  • Company
    • About Us
    • Contact us
  • News
  • Legals
    • Disclaimers
    • Terms of Use
    • Cookie Policy
    • Privacy Policy
    • Terms and Conditions
No Result
View All Result
Street News
No Result
View All Result
ADVERTISEMENT

Nigeria Lost N2.9trn Within 3 Years To Fraud – EFCC

by admin
March 28, 2024
in Corporate Corner
Reading Time: 2 mins read
0 0
0
ADVERTISEMENT
ADVERTISEMENT

The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, on Wednesday said that about 70 percent of corrupt practices in Nigeria could be traced to contracts and procurements, as Nigeria has lost about N2.9 trillion within 3 years to Contract And Procurement fraud.

He also noted that about 50 percent of money released for capital projects are always diverted and converted into dollars for personal use.

YOU MAY ALSO LIKE

Cross River State’s Debt Servicing: A Path to Prosperity – Frank-Edima

Senator Asuquo Ekpenyong: The Making Of A Future Diplomat

The Chairman made this revelation when the President of the Nigerian Institute of Quantity Surveyors (NIQS), QS Kene Nzekwe visited the EFCC office calling for its collaboration to tackle fraud in the construction and infrastructural sectors.

Advertisement. Scroll to continue reading.
Advertisement. Scroll to continue reading.
Advertisement. Scroll to continue reading.
ADVERTISEMENT
ADVERTISEMENT

Olukoyede 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.

He said: “My principle has always been for you to start with yourself, talk to your people first, when you sanitise 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 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.

Meanwhile, elaborating on the fraud taking place in the construction sector, Nzekwe highlighted that Nigeria’s significant budgetary resources towards infrastructures are being marred by pervasive spectra of corruption, depriving citizens of basic services that they rightly deserve.

He said: “The litany of allegations surrounding contract inflation and embezzlement of funds meant for infrastructure projects paints a damning portrait of systemic corruption.”

ADVERTISEMENT

He pointed at the findings of the Construction Sector Transparency Initiative (COST), which estimated that about $5trillion could be lost annually to corruption in the construction sector by 2030.

“COST’s estimation that up to US$5trillion could be lost annually to corruption in construction worldwide by 2030 underscores the gravity of the situation, revealing a landscape rife with instances of contract inflation, embezzlement and the abandonment of vital projects”, he said.

Tags: contractsefccfraudnigeriaOla Olukoyedeprocurement
ShareTweetSendShare
ADVERTISEMENT

Related Posts

Border Communities Threatened By Refugees In Cross River
Corporate Corner

Cross River State’s Debt Servicing: A Path to Prosperity – Frank-Edima

September 6, 2024
23
Senator Asuquo Ekpenyong: The Making Of A Future Diplomat
Corporate Corner

Senator Asuquo Ekpenyong: The Making Of A Future Diplomat

July 25, 2024
34
The New Face Of Calabar: A Transformation Story – Nsa Gill
Corporate Corner

The New Face Of Calabar: A Transformation Story – Nsa Gill

June 12, 2024
53
Strike: WAEC Says Examination Schedule Continues As Planned
Corporate Corner

Strike: WAEC Says Examination Schedule Continues As Planned

June 2, 2024
21
Former Education Minister Vows Never To Sing ‘Nigeria We Hail Thee’
Corporate Corner

Former Education Minister Vows Never To Sing ‘Nigeria We Hail Thee’

May 30, 2024
33
We Need All Hands On Deck To Grow And Expand Our Economy In C’River -Prof. Iji.
Corporate Corner

We Need All Hands On Deck To Grow And Expand Our Economy In C’River -Prof. Iji.

May 16, 2024
169

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

Search

No Result
View All Result

Recent News

Akwa Ibom gov refutes false revenue report, urges responsible journalism

Akwa Ibom Gov earmarks ₦1.19bn for airport upgrade

July 11, 2025
Tension in NYCN as youth leaders reject Adodo, back Sokubo’s presidency

Tension in NYCN as youth leaders reject Adodo, back Sokubo’s presidency

July 11, 2025

Cross River governor appoints 15 media aides

July 10, 2025
ADVERTISEMENT
  • About Us
  • Contact us
  • Advertise
  • Disclaimers
  • Terms of Use
  • Privacy Policy
  • Terms and Conditions
Report what is happening in your street to us via info@streetnews.ng or WhatsApp +2348116170086

Copyright © 2024 StreetNews. All rights reserved
Powered by Streetnews Global Media Ltd

No Result
View All Result
  • Home
  • Company
    • About Us
    • Contact us
  • News
  • Legals
    • Disclaimers
    • Terms of Use
    • Cookie Policy
    • Privacy Policy
    • Terms and Conditions

Copyright © 2024 StreetNews. All rights reserved
Powered by Streetnews Global Media Ltd

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.