CORRUPTION: NGN1.3 Trillion Public Funds Stolen By 32 Entities In Four Years, EFCC.

Acting chairman, Economic and Financial Crimes Commission (EFCC), Mr. Ibrahim Magu, stated that one of the major reasons corruption continued to thrive in government agencies and parastatals is because of the poor state of the procurement process. He said that about N1.3trillion public funds were stolen by 32 entities between 2011 and 2015. He made this known on Monday while speaking at the opening of the 2019 First Batch Conversion Training Programme to Procurement Cadre for Federal Parastatals and Agencies, which was organised by the Bureau of Public Procurement (BPP) in Lagos.

Magu, who was represented by the Commission’s Secretary, Ola Olukoyede, raised the alarm on how the huge amount has affected infrastructure development in the country, stating how it has deprived children of going to school.
The EFCC chairman stated that the poor state of the procurement process is one of the major reasons corruption continued to thrive in government agencies and parastatals. He listed some of the fraudulent practices in the procurement process in Nigeria to include kickbacks, conflict of interests, fraud in the bidding process, bid suppression, collusive bidding, bid rotation, market division and unnecessary purchases for personal use or resale.
Magu noted that the major problem in Nigeria is corruption and could destroy the country if adequate measures are not put in place.

Read Full Story>>> http://saharareporters.com/2019/03/26/n13trillion-public-funds-stolen-four-years-says-magu

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