Ola Olukoyede, Executive Chairman of the Economic and Financial Crimes Commission (EFCC), has called on newly appointed chief executive officers, board chairmen, and members of governing boards of federal parastatals and agencies to embrace transparency, accountability, and good governance as foundational principles in the discharge of their duties.
Speaking in Abuja on Thursday during an induction programme for the new appointees, Olukoyede, in his paper presentation titled “The Role of the EFCC in Improving Accountability in Public Service”, urged the officials to view their positions as a public trust and not a license for personal enrichment.
“Public service denotes actions and roles geared towards serving the people. It is about ministering to the needs of the public and working for their benefit rather than personal gain,” he emphasised.
Olukoyede reminded the appointees that the Nigerian public service is governed by codes of conduct, public service rules, and financial regulations designed to promote integrity and efficiency.
He stressed that transparency and accountability must remain central to their operations if they are to deliver meaningful change.
The EFCC chairman decried the alarming scale of mismanagement of public resources by some government officials, which he said has deepened poverty, undermined infrastructure development, and worsened national insecurity.
He cited findings from his Senate confirmation hearing, where he revealed that Nigeria lost approximately ₦2.9 trillion to procurement-related fraud between 2018 and 2020.
These were contracts that were either not executed, partially executed, or awarded without due process.
“If such funds had been properly utilized, Nigeria could have constructed 1,000 kilometers of road, built 200 tertiary institutions, trained 6,000 students from primary to university level at ₦16 million each, delivered 20,000 units of three-bedroom houses, and established world-class teaching hospitals”, he said.
He underscored how a single corrupt act could have cascading effects on development outcomes, saying, “By that single act of corruption, 600 children could not go to school, roads remain unfixed, and hospitals remain in poor condition.”
Urging the new agency heads to review all internal processes and ensure strict compliance with existing regulations, Olukoyede encouraged them to consult anti-corruption bodies like the EFCC whenever in doubt, adding that the Commission’s role is both preventive and corrective.
“The EFCC is not only here to punish wrongdoing, but to support public servants in upholding ethical standards”, he said.
