The Nigerian Institute of Quantity Surveyors (NIQS) has called for partnership with the Economic and Financial Crimes Commission (EFCC) to curb fraud in the construction sector.
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 recently.
He said “The litany of allegations surrounding contract inflation and embezzlement of funds meant for infrastructure projects paints a damning portrait of systemic corruption”
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.
“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.
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.
He, however, called on 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.
