Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has revealed that a preliminary probe into the Nigerian National Petroleum Company Limited (NNPCL) has exposed “mind-boggling” corruption in the organisation.
Speaking on Wednesday during the third day of the National Conference on Public Accounts and Fiscal Governance—organised by the Public Accounts Committees of the Senate and House of Representatives in Abuja—Olukoyede said the EFCC had only just begun examining the NNPC Limited’s books. Yet, early findings already pointed to entrenched financial malfeasance.
“In the last three weeks, we launched a commission-wide investigation into the extractive industry, particularly the oil and gas sector. What we have discovered is mind-boggling,” Olukoyede said. “And we have only just opened the books. If this is what we’re seeing at the surface, imagine what lies beneath.”
President Bola Tinubu had in April sacked Mele Kyari as Group Chief Executive Officer of NNPCL, replacing him with Bashir Ojulari. Kyari had led the state-owned oil firm since 2019.
The EFCC chairman noted that the discoveries so far represent only a fraction of the rot within the oil and gas sector, stressing that systemic fiscal mismanagement is a major contributor to Nigeria’s economic and security crises.
There is a very strong connection between the mismanagement of our resources and insecurity. When you look at banditry, kidnapping, terrorism—trace it back, and you will find a pattern of corrupt practices and diversion of funds meant to improve people’s lives,” he stated.
Olukoyede urged the National Assembly to pass legislation that would criminalise unexplained wealth, arguing that the current legal framework impedes the Commission’s ability to act swiftly against suspects with disproportionate assets.
“Help me pass the Unexplained Wealth Bill. I’ve been begging for the past year. This same bill was thrown out in the last Assembly. If we don’t make individuals accountable for what they own, we’ll never get it right,” he said.
Citing an example, he said: “Someone has worked in a ministry for 20 years. We calculate their entire salary and allowances. Then we find five properties—two in Maitama, three in Asokoro. Yet we’re told to go and prove a predicate offence before we can act. That is absurd.”
He explained that the proposed bill would make it a strict liability offence for individuals to possess assets grossly beyond their known and legal income sources.
Olukoyede also revealed that the Commission is currently tracking illicit assets across several jurisdictions, including the U.S., Turkey, and, unexpectedly, Iceland.
“Last month alone, I visited four or five countries chasing Nigeria’s stolen assets. An ambassador even told me they discovered an estate in Iceland owned by a Nigerian. Iceland of all places!” he exclaimed.
He admitted, however, that no anti-corruption agency—regardless of its strength—can recover more than half of what has been looted.
“There is no amount of capacity I can build, no level of effort I can put in, that will enable me to recover even half of what has been stolen from Nigeria, because the custodians of those assets in foreign countries don’t want to let go,” he said.
Olukoyede criticised foreign governments that refuse to repatriate stolen Nigerian assets, labelling them as accessories to the crime.
“Under international law, the custodian of stolen assets is just as guilty as the original thief,” he said.
He further decried the culture of impunity in Nigeria’s public service, where individuals under prosecution are often celebrated, and financial compliance is widely ignored.
“We see people who have stolen our money. We have shown you evidence. We’ve traced where the money went. We are already in court. Yet, they’re being celebrated all over the place. Does that show we’re serious?” he asked.
Olukoyede said more than 700 federal Ministries, Departments, and Agencies (MDAs) still operate without adequate internal controls and questioned the National Assembly’s capacity to properly oversee them all.
“How many books can you check? How many files will you read? We need to build strong internal compliance systems that can proactively checkmate corruption,” he argued.
He emphasised that corruption is stifling Nigeria’s development potential. According to him, an internal EFCC analysis presented during his Senate confirmation showed that 90 per cent of stolen public funds in one year were moved abroad.
“That money could have built hospitals, schools, and supported millions of Nigerian students from primary to tertiary level,” he said. “Nigeria has no business borrowing to survive, given the natural and mineral wealth it possesses.”
Olukoyede called on political leaders to unite across party lines and ethnic divides to confront corruption, warning that the current administration might be Nigeria’s last chance to get things right.
“If we execute even 60 per cent of our capital budget efficiently between 2025 and 2026, we will empower small and medium-scale industries. We’ll build infrastructure. We’ll be fine,” he said.
“What we need is transparency in revenue generation and accountability in public expenditure,” he stressed.
He urged lawmakers and the Nigerian public to ignore resistance from vested interests and online trolls.
“This is about rescuing the soul of Nigeria,” Olukoyede concluded.
