A comprehensive investigation by the Economic and Financial Crimes Commission (EFCC) has unearthed a web of corruption at the Rural Electrification Agency (REA), implicating the former management led by ex-Managing Director, Salihijo Ahmad.
The EFCC’s probe, initiated following allegations of financial malfeasance, exposed a staggering misappropriation of about N12.7 billion by Mr. Ahmad and other senior officials.
President Bola Tinubu took decisive action last week, suspending the implicated management team over an alleged N1.2 billion fraud previously reported in 2023.
Mr. Ahmad, alongside other executives, including Olaniyi Netufo, Barka Sajou, and Sa’adatu Balgore, faced indefinite suspension.
In their stead, a new acting management team, headed by Abba Aliyu, was appointed to oversee the agency’s affairs.
The EFCC’s investigators delved into various facets of the alleged misconduct, revealing a complex network of embezzlement and deceit.
Among the damning findings were revelations of Mr. Ahmad’s ownership of 37 bank accounts, starkly contrasting his asset declaration with the Code of Conduct Bureau, which listed only two accounts.
Furthermore, it was disclosed that senior officials siphoned N300 million under the guise of a training program and pilfered N1.2 billion between March and June 2023.
Additionally, the agency was implicated in gross misappropriation of N12.4 billion in COVID-19 funds disbursed by the federal government, intended for rural electrification projects.
The investigation also highlighted systemic vulnerabilities within government systems, including disregard for procurement protocols and lapses in financial oversight.
Instances of contract splitting, unauthorized payments, and non-compliance with Bureau of Public Procurement directives underscored the need for enhanced regulatory mechanisms to curb fraud and ensure transparency.
Efforts to recover misappropriated funds and assets are underway, with partial sums already retrieved by investigative agencies.
Despite ongoing reconciliation efforts, significant challenges persist in fully recovering the looted funds and addressing systemic weaknesses within government agencies.
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