The Economic and Financial Crimes Commission (EFCC) has explained why it has delayed prosecuting key players who allegedly masterminded the shady privatisation and commercialisation of government business concerns across the country.
Speaking with LEADERSHIP in Abuja, spokesman of the EFCC, Mr. Femi Babafemi, said that although the commission was prepared to take necessary steps to effect prosecution of persons believed to have played a role in the scam, its hands were nonetheless tied as the commission was yet to receive the senate committee’s report for action. He said that until this was done, the EFCC would be unable to take any action.
“We can’t just start probing into a matter that is currently before the senate ad-hoc committee. They are yet to close the investigation which they are carrying out as part of their over sight functions. So the EFCC can’t now jump the gun by undermining the work that they are doing. What we are waiting for is a recommendation from the senate ad-hoc committee on the sub-sector. We believe that when they are done with the probe which is still on-going, they would send us a report, with recommendations. It is at this point that we would now start taking action,” she said.
A recent probe into the role of the Bureau of Public Enterprises (BPE) conducted by the senate ad-hoc committee on privatisation and commercialisation exercise had opened a can of worms.
Report by the committee revealed that the BPE had illegally sold off the Federal Government’s five percent shares in the Eleme petrochemical plant, in addition to selling off the Aluminium Smelting Company of Nigeria (ALSCON) established at a cost of over $3.2 billion. It was alleged to have been given away by the BPE to a Russian firm for just $130 million. In the same vein, the Delta Steel set up in 2005 at a cost of $1.5billion was also flung for $30 million.