The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has issued a blunt warning to newly appointed public officials: Stay away from the treasury or face the consequences.
Olukoyede warned officials of the South-South Development Commission (SSDC) against turning their appointments into opportunities for personal enrichment, stressing that public office comes with a duty to protect taxpayers’ money.
He gave the warning in Abuja on Thursday, July 30, 2026, while speaking at a two-day induction programme organised by the Bureau of Public Service Reforms for the Chief Executive Officer, Chairman and members of the SSDC Governing Board.
The programme was themed “Institutional Governance and Regulatory Compliance.”
Speaking on “The Role of the Economic and Financial Crimes Commission in Improving Accountability in the Public Service,” Olukoyede said corruption remained a major threat to the effective management of government resources, with billions of naira allegedly lost annually.
“Annual losses to corruption in Nigeria’s Public Service run into billions of naira as resources for the provision of physical infrastructure and social services are often converted to private use by public servants,” he said.
‘CONTRACT FRAUD IS NUMBER ONE’
Olukoyede identified treasury theft, diversion of public funds, bribery, kickbacks, misappropriation, procurement fraud, payroll and pension fraud, and duty tour allowance fraud among the common forms of corruption in the public sector.
But he singled out contract fraud as the most prevalent form of corruption in the public service.
“From my experience in regulatory compliance, by far the most common form of corruption within the public service space is contract fraud, where those who lead government establishments set out to enrich themselves by rigging the procurement process,” he said.
According to him, the fraud could involve splitting contracts to beat approval limits, manipulating bids to favour preferred contractors, awarding contracts to unqualified companies and paying for projects that are poorly executed or never executed.
‘PUBLIC OFFICE IS NOT INVITATION TO LOOT’
The EFCC chairman urged the new SSDC officials to resist pressure from friends and associates who might see their appointments as an opportunity to grab a share of the country’s resources.
“I imagine that you all have been receiving tons of congratulatory messages on your appointment, and those close to you would have reminded you that this is an opportunity to grab a slice of the proverbial national cake.
“Please, tread with caution. Public service is not an invitation to loot the treasury,” he warned.
Olukoyede advised the officials to familiarise themselves with the Financial Regulations, Public Service Rules and Public Procurement Act and strictly comply with all relevant laws.
He also warned them against engaging in businesses incompatible with their offices, operating foreign bank accounts, seeking contracts from the institutions they serve either directly or through proxies, and conducting financial transactions outside recognised financial institutions.
‘DON’T JOSTLE FOR SSDC CONTRACTS’
Specifically addressing the SSDC board members, Olukoyede warned them not to use their positions to secure contracts for themselves or their associates.
“As a member of the SSDC, familiarise yourself with the Procurement Act and be guided. You should not be jostling for contracts from the SSDC either directly or through fronts,” he said.
He also urged the officials to maintain proper financial records and carefully scrutinise documents before signing them.
“Before you sign that document, study it. Your signature is your name and integrity. Guard it,” Olukoyede said.
The EFCC boss further identified inadequate manpower and resources, weak public support, cynicism, delays in prosecuting high-profile corruption cases and allegations of selective investigations as some of the challenges confronting Nigeria’s anti-corruption war.
