The Nigerian Institute of Quantity Surveyors (NIQS) has called for collaboration with the Economic and Financial Commission (EFCC) to tackle fraud in the construction and infrastructural sectors in the country.
The President of NIQS, Kene Nzekwe, made the call when he led other members of the institute on a courtesy visit to EFCC corporate headquarters in Abuja on Wednesday, March 27, 2024.
According to Nzekwe, Nigeria’s significant budgetary resources towards infrastructures are being marred by pervasive spectra of corruption, depriving citizens of basic services that they rightly deserve.
“The litany of allegations surrounding contract inflation and embezzlement of funds meant for infrastructure projects paints a damning portrait of systemic corruption,” he said.
The NIQS boss noted that the findings of the Construction Sector Transparency Initiative (COST) estimated that about $5 trillion could be lost annually to corruption in the construction sector by 2030.
EFCC to NFVCB: Stop movies promoting internet fraud, naira’s mutilation
“COST’s estimation that up to $5 trillion 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,” Nzekwe added.
On the strength of the findings, Nzekwe called for closer collaboration with the EFCC, stressing that the Nigerian Institute of Quantity Surveyors is available to lend a hand in ending corruption.
“So we commend your unwavering commitment to combat corruption at its root, it is in the spirit of partnership and collective action that we offer our hand in solidarity and present our commitment to your noble mission. We have contributed to the recoveries of billions of naira and we are available to do more,” he said.
Responding, the EFCC Chairman, Ola Olukoyede, said about 70 per cent of corrupt practices could be traced to contracts and procurements, adding that Nigeria has lost about N2.9 trillion within two to three years to fraud.
The EFCC boss noted that about 50 per cent of money released for capital projects is always diverted and converted into dollars for personal use.
He, however, urged the NIQS to look inwards and flush out bad eggs in its fold, maintaining that self-cleaning is the best modality of growth and development.
Olukoyede 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 commended NIQS, saying: “You are doing well and I know you can do better. Let’s work together.”
- FG reverses 18-year admission benchmark in tertiary institutions - November 5, 2024
- National grid collapses for 10th time in 2024 - November 5, 2024
- Equatorial Guinea restricts WhatsApp amid govt official’s sex scandal - November 5, 2024
