EFCC Uncovers ‘Mind-Boggling’ Corruption in Oil and Gas Sector, Calls for Urgent Passage of Unexplained Wealth Bill
The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has disclosed that the Commission has uncovered “mind-boggling” levels of corruption in Nigeria’s oil and gas sector, linking the systemic fiscal abuse to the country’s worsening insecurity and economic challenges.
Speaking at the National Conference on Public Accounts and Fiscal Governance organised by the Public Accounts Committees of the Senate and House of Representatives in Abuja on Wednesday, Olukoyede stated that a commission-wide investigation into the extractive industry, particularly the oil and gas sector, commenced three weeks ago and has already revealed alarming financial misconduct.
“In the last three weeks, we started a commission-wide investigation into the extractive industry, particularly the oil and gas sector. What we have discovered is mind-boggling. And we have only just opened the books. So much more corruption is to be unraveled,” he said.
He emphasized the direct link between corruption and insecurity, noting that mismanagement of resources fuels banditry, kidnapping, and terrorism across the country.
“Trace these security challenges back, and you will find a pattern of corrupt practices and diversion of funds meant to improve people’s lives,” Olukoyede asserted.
The EFCC chairman urged the National Assembly to pass the Unexplained Wealth Bill without further delay, stressing that the absence of this legislation undermines anti-graft efforts.
“Help me pass the Unexplained Wealth Bill. I’ve been begging for the past one year. This same bill was thrown out in the last Assembly. If we don’t make individuals accountable for what they have, we’ll never get it right,” he said.
He decried scenarios where public servants who have worked for 20 years, with calculable legitimate income, own multiple properties in highbrow areas such as Maitama and Asokoro with no clear sources of wealth, yet the EFCC is constrained by the requirement to prove predicate offences before action can be taken.
Olukoyede explained that the proposed legislation would establish a strict liability framework, ensuring individuals living beyond their means are held accountable, thereby closing escape routes for corrupt individuals.
In a startling revelation, Olukoyede disclosed that Nigeria’s looted assets are traced to unexpected global locations, including the discovery of an estate in Iceland linked to a Nigerian, emphasizing the challenges in repatriating stolen assets due to reluctance from foreign governments.
“No matter the capacity I build or the efforts I put in, I can’t recover even half of what has been stolen from Nigeria because the custodians of those assets abroad don’t want to let go,” he lamented.
The EFCC chairman further criticized the culture of impunity and misplaced hero worship of corrupt officials in Nigeria, noting that the Commission often presents clear evidence in court, yet the same individuals are celebrated in public.
Olukoyede highlighted that over 700 federal Ministries, Departments, and Agencies (MDAs) operate without functional internal control systems, weakening the fight against corruption.
He argued that if Nigeria effectively executes even 60% of its capital budget between 2025 and 2026, it could significantly empower small and medium-scale enterprises, build infrastructure, and reduce dependency on external borrowing despite the nation’s vast resources.
In his closing remarks, Olukoyede issued a stern warning, stressing that the current administration may represent Nigeria’s last opportunity to tackle corruption effectively.
“If we miss it under this administration, I pity Nigeria. Let’s put politics aside. Let’s put ethnicity aside. This is about rescuing the soul of Nigeria,” he urged.
He encouraged Nigerians to ignore social media attacks and pushback from vested interests, affirming the EFCC’s commitment to transparency, accountability, and the nation’s recovery.
