Nigeria Loses Up to ₦25tn to Corruption as EFCC, ICPC, CCB, BPP Unite Against Procurement Fraud

Nigeria's major anti-corruption agencies have agreed to strengthen collaboration in the fight against corruption, with the Economic and Financial Crimes Commission (EFCC) warning that procurement and contract fraud account for more than 80 per cent of public sector corruption, while the Code of Conduct Bureau (CCB) estimates the country loses between ₦7 trillion and ₦25 trillion annually to corrupt practices.

The resolution was reached on Wednesday at a strategic roundtable convened by EFCC Chairman, Ola Olukoyede, at the commission's headquarters in Abuja.

The meeting brought together the leadership of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), the Code of Conduct Bureau (CCB) and the Bureau of Public Procurement (BPP) to strengthen inter-agency cooperation in tackling procurement and contract fraud.

Olukoyede described procurement fraud as the biggest source of corruption in Nigeria's public sector, stressing that curbing the practice would significantly improve public service delivery and boost the economy.

He said stronger collaboration among anti-graft agencies would enhance intelligence sharing, joint investigations, prevention strategies and prosecution of corruption cases.

According to him, procurement and contract fraud account for more than 80 per cent of corruption in the public sector.

To improve coordination, the EFCC chairman proposed the adoption of a formal framework that includes a Standard Operating Procedure (SOP), quarterly coordination meetings, joint monitoring exercises and capacity-building programmes.

ICPC Chairman, Dr. Musa Adamu Aliyu (SAN), endorsed the initiative, saying closer cooperation among the agencies would eliminate duplication of investigations, improve operational efficiency and strengthen public confidence in Nigeria's anti-corruption efforts.

Also speaking, Chairman of the Code of Conduct Bureau, Dr. Abdullahi Usman Bello, warned that corruption has cost Nigeria between ₦7 trillion and ₦25 trillion, identifying procurement fraud as one of the country's biggest governance challenges.

He called for greater information sharing and stronger collaboration among enforcement agencies to improve accountability.

Director-General of the Bureau of Public Procurement, Dr. Adebowale Adedokun, urged the agencies to focus on preventive measures by strengthening procurement systems.

According to him, transparent and accountable procurement remains one of the most effective tools for reducing corruption, while weak procurement processes often result in abandoned projects, cost overruns, poor infrastructure and the waste of public resources.