By IDNN Investigative Bureau
The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has described the level of corruption uncovered in Nigeria’s oil and gas sector—particularly within the NNPCL—as “mind-boggling,” warning that the findings barely scratch the surface.
Speaking at the National Conference on Public Accounts and Fiscal Governance in Abuja, Olukoyede said the preliminary probe into the nation’s extractive industry, launched just three weeks ago, had already revealed shocking abuse of financial processes, stolen funds, and institutional decay.
“If this is what we’re seeing at the surface, imagine what lies beneath,” he said.
“We’re not just dealing with fiscal abuse—we’re looking at a direct connection between corruption and the root of Nigeria’s security crisis.”
THE ₦210 TRILLION QUESTION
The revelations come as the Senate Committee on Public Accounts investigates the alleged disappearance of ₦210 trillion from NNPCL’s audited financial records between 2017 and 2023.
Lawmakers had summoned the company’s Chief Financial Officer, Adedapo Segun, demanding explanations for the unaccounted funds. However, NNPCL requested an extension, citing the absence of key officials who were attending a corporate retreat.
Their 10-working-day deadline to comply expires tomorrow.
UNEXPLAINED WEALTH, UNTOUCHED CRIMINALS
Olukoyede didn’t hold back on the obstacles facing anti-graft agencies, slamming the current legal framework that requires proving predicate offenses before prosecuting cases of illicit wealth.
“We’ve seen civil servants with five houses in Maitama and Asokoro. You calculate their salary over 20 years—it doesn’t add up. Yet, we’re told to prove how they got it first. It’s absurd,” he said.
He once again called on the National Assembly to pass the long-delayed Unexplained Wealth Bill, saying it would transform Nigeria’s ability to deter grand-scale corruption.
THE FOREIGN COVER-UP
The EFCC boss also revealed that Nigerian illicit assets have been traced to multiple countries, including the United States, Turkey, and Iceland.
“Last month alone, I visited four or five countries. An ambassador told me a Nigerian owns an entire estate in Iceland. Iceland of all places,” Olukoyede exclaimed.
But recovering those assets remains a tall order.
“The countries holding these stolen funds aren’t eager to return them. Under international law, the custodian of stolen property is just as guilty as the thief.”
CORRUPTION IS BLEEDING NIGERIA TO DEATH
Olukoyede warned that unless Nigeria reforms its system and unites above partisan lines, it may lose its final chance at redemption.
“This may be our last chance. If we execute even 60% of the 2025–2026 capital budget properly, we’ll transform this country. SMEs will thrive, jobs will rise, infrastructure will grow. But we must stop bleeding internally.”
He said over 700 federal MDAs still operate without effective internal controls, adding that a culture of impunity fuels the rot.
“We’ve taken people to court. The evidence is there. But they’re still being celebrated in public. That doesn’t show we’re serious.”
