In an effort to combat fraud in the construction industry, the Nigerian Institute of Quantity Surveyors (NIQS) has demanded collaboration with the Economic and Financial Crimes Commission (EFCC).
The call was made by NIQS President Kene Nzekwe while he paid a courtesy visit to EFCC corporate headquarters in Abuja
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 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.
ViewPoint Housing
