The pioneer Chairman, Economic and Financial Crimes Commission, Malam Nuhu Ribadu has boasted that should he be given the mandate to fish out the thieves of Petroleum Subsidy Fund (PSF).
He said he would only spend a week to deliver on the assignment. Ribadu, stated this while on a visit to the Nigeria Electricity Regulatory Commission (NERC) in Abuja.
He blamed all the atrocities perpetrated in the management of the fund on the regulatory agency, the Petroleum Products Pricing Regulatory Agency (PPRA) that released the fund and could not account for it.
He submitted that as an intelligence chief, he would have simply checked their letters of credit and bill of lading to bring all who benefited from the subsidy to justice.
According to Ribadu, all the regulatory failures in Nigeria are due to the failure of leadership. His words: “Look at the energy sector and see what we are talking about. Most of the problems we are talking about today are failures of regulation or regulators including the subsidy. If the management of PPPRA did its work, nobody will take one penny from government if those agencies do not allow them.
“If I was to handle this subsidy I would just catch PPPRA. I will bring out each one of them and in one week I will get the people responsible because the gatekeeper is the one in charge. I will just get them because nobody will make one penny from the subsidy unless PPPRA allows it. Every single person who benefited from subsidy I can assure you public officers gained three times more.”
He added that in order to succeed, the NERC chairman, Dr. Sam Amadi “ needs courage to carry out the reform” in the power sector. He however warned Amadi that for him to be a successful regulator, he must not hold interest or stake in the power sector directly or by proxy.