The Chairman of the Economic and Financial Crimes Commission (EFCC), Olanipekun Olukoyede, has raised alarm over what he described as “mind-boggling” corruption uncovered during a preliminary investigation into the Nigerian National Petroleum Company Limited (NNPCL).
Speaking on Wednesday at the National Conference on Public Accounts and Fiscal Governance in Abuja, Olukoyede said the probe, which began just three weeks ago, had already unearthed shocking irregularities within the nation’s oil and gas industry.
He said, “What we have discovered is mind-boggling. And we have only just opened the books. If this is what we’re seeing at the surface, imagine what lies beneath.”
Naijaonpoint reports that the EFCC chairman’s revelation comes months after President Bola Tinubu sacked Mele Kyari as Group Chief Executive Officer of NNPCL and appointed Bashir Ojulari as his replacement.
According to Olukoyede, the rot exposed so far in NNPCL and the wider extractive sector indicates a dangerous pattern of fiscal abuse closely tied to Nigeria’s broader security and economic challenges.
“There is a very strong connection between the mismanagement of our resources and insecurity. Banditry, terrorism, kidnapping, trace it back and you’ll find funds meant to improve lives diverted through corruption,” he said.
In a passionate plea to lawmakers, Olukoyede urged the National Assembly to urgently pass the Unexplained Wealth Bill, a proposed legislation that would empower anti-corruption agencies to act against individuals in possession of assets disproportionate to their known sources of income.
“Help me pass the Unexplained Wealth Bill. I’ve been begging for the past year. Someone has worked in a ministry for 20 years, and suddenly owns multiple properties in Maitama and Asokoro. Yet we’re asked to go and prove a predicate offence. That’s absurd,” he argued.
The bill, according to him, would establish a strict liability offence, shifting the burden of proof to suspects who must then explain how they acquired their wealth.
Olukoyede also disclosed that the Commission is tracking illicit assets in multiple countries, including the United States, Turkey, and even Iceland.
“An ambassador recently told me they discovered an estate in Iceland owned by a Nigerian. Iceland of all places!” he exclaimed.
Despite this progress, the EFCC boss admitted the fight to recover looted funds abroad remains daunting.
“There is no amount of effort I can put in that will enable me to recover even half of what has been stolen. The custodians of those assets in foreign countries don’t want to let go,” he said.
The anti-corruption czar slammed foreign governments for their reluctance to return stolen Nigerian assets, describing their stance as complicity.
“Under international law, the custodian of stolen assets is just as guilty as the thief,” he said.
Olukoyede bemoaned the widespread culture of impunity in Nigeria’s public service, noting that many individuals under prosecution are still celebrated in public.
“We see people who have stolen our money, and we’ve shown evidence. We’re in court. Yet, they are being celebrated. Does that show we’re serious?” he asked.
He revealed that over 700 federal Ministries, Departments, and Agencies (MDAs) still operate without effective internal controls, posing a major challenge to accountability.
The EFCC chairman urged the political class to rise above party politics and tackle corruption head-on, warning that Nigeria may be at a critical turning point.
He warned, “This may be our last chance to get it right. If we execute even 60 per cent of our capital budget efficiently between 2025 and 2026, we will empower small and medium businesses. We’ll build infrastructure. We’ll be fine.”
He ended his address with a call for transparency in revenue generation and accountability in public spending.
“This is about rescuing the soul of Nigeria,” Olukoyede added.