The Chairman of the Economic and Financial Crimes Commission (EFCC), Olanipekun Olukoyede, has raised alarm over staggering corruption uncovered in the Nigerian National Petroleum Company Limited (NNPCL), describing early findings from the agency’s investigation as “mind-boggling.”....KINDLY READ THE FULL STORY HERE▶

Speaking on Wednesday at the National Conference on Public Accounts and Fiscal Governance in Abuja, Olukoyede revealed that the probe into NNPCL, which only commenced three weeks ago, had already exposed alarming irregularities within Nigeria’s oil and gas sector.

“What we’ve uncovered so far is mind-boggling—and this is just scratching the surface. If this is what we’re seeing at the top level, imagine what lies underneath,” he stated.

This revelation comes on the heels of President Bola Tinubu’s decision to remove Mele Kyari as Group Chief Executive Officer of NNPCL and appoint Bashir Ojulari as his replacement.

Olukoyede warned that the systemic mismanagement of Nigeria’s extractive industry has far-reaching consequences, linking financial misconduct to national insecurity.

“There’s a direct connection between corruption in our resource management and the rise in insecurity—banditry, terrorism, kidnapping. Much of the funding for these threats can be traced to funds diverted from the public purse,” he explained.

Calling for urgent legislative action, Olukoyede implored the National Assembly to pass the long-delayed Unexplained Wealth Bill, which would give anti-graft agencies the legal backing to act against individuals who possess wealth far beyond their legitimate earnings.

“I’ve been appealing for over a year—help us pass the Unexplained Wealth Bill. Imagine someone working in a ministry for two decades suddenly owning properties in Maitama and Asokoro, and yet we’re expected to prove the predicate offence first. It’s ridiculous,” he argued.

He stressed that the bill would introduce a strict liability framework, shifting the burden of proof onto individuals to justify their assets.

Olukoyede also disclosed that the EFCC is tracing illicit assets across several countries—including the United States, Turkey, and Iceland.

“An ambassador recently told me a Nigerian owns an entire estate in Iceland—of all places!” he said in disbelief.

Despite international efforts, the EFCC chairman admitted that reclaiming stolen assets abroad remains a steep uphill battle.

“No matter how much effort we put in, it’s nearly impossible to recover even half of what’s been looted. The custodians of these stolen assets abroad simply don’t want to let go,” he lamented.

He criticized foreign governments for their reluctance to return illicit funds, accusing them of aiding and abetting corruption.

“Under international law, those who keep stolen assets are as guilty as those who steal them,” he declared.

Olukoyede also decried the culture of impunity in Nigeria’s public sector, noting that many individuals facing corruption trials are still celebrated in society.

“We’ve provided evidence, filed charges, and yet those implicated are still being honoured. Does this reflect a nation serious about fighting corruption?” he asked.

He further revealed that over 700 federal Ministries, Departments, and Agencies (MDAs) continue to operate without internal control mechanisms, posing a serious obstacle to transparency and accountability.

Urging the political class to rise above partisanship and take decisive action against corruption, Olukoyede warned that Nigeria might be approaching a critical tipping point.

“This may be our last chance to get it right. If we can implement even 60% of our capital budget between 2025 and 2026 efficiently, we will stimulate small businesses, build infrastructure, and change lives,” he said.

He concluded with a passionate appeal for fiscal responsibility and transparency in government.

“This is about saving the soul of our country,” he emphasized