Mr Olukoyede disclosed this 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.
“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. And we have only just opened the books. If this is what we’re seeing at the surface, imagine what lies beneath,” he said.
The EFCC chairman argued that the corruption in Nigeria’s oil and gas sector directly contributes to rising insecurity across the country.
“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.
PREMIUM TIMES reports that this is not the first time corruption in Nigeria’s oil and gas sector has been uncovered. The Nigerian National Petroleum Company Limited (NNPC Ltd), the key player in the country’s oil industry, is currently facing scrutiny from the National Assembly.
In June, the Senate Committee on Public Accounts queried the company over N210 trillion allegedly unaccounted for in its audited financial statements between 2017 and 2023.
During a hearing, the committee demanded detailed explanations from the NNPC’s Chief Financial Officer, Adedapo Segun, and other top officials, directing them to provide a detailed explanation regarding the whereabouts of the funds within seven days.
However, the agency failed to meet the initial seven-day deadline because its top officials were attending a retreat at the time and requested an additional 20 days to review relevant documents. The committee rejected the request and issued another 10-working-day ultimatum, which will expire tomorrow. As of now, it remains unclear whether the NNPC will comply.
Bill to criminalise unexplained wealth
The EFCC chairman called on members of the National Assembly to pass a bill that would criminalise unexplained wealth as part of the strategy to reduce fraudulent financial practices by Nigeria’s public officers,
“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 added.
Mr Olukoyede mentioned a scenario involving a civil servant who had accumulated five properties in Maitama and Asokoro, areas which are considered as part of the most expensive neighbourhoods in Abuja.
“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.”
The EFCC chairman called on members of the National Assembly to pass a bill that would criminalise unexplained wealth as part of the strategy to reduce fraudulent financial practices by Nigeria’s public officers,
“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 added.
Mr Olukoyede mentioned a scenario involving a civil servant who had accumulated five properties in Maitama and Asokoro, areas which are considered as part of the most expensive neighbourhoods in Abuja.
“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.”
EFCC tracks illicit assets abroad
Mr Olukoyede also announced that the commission is expanding its asset recovery drive to other countries, noting that several assets acquired through illicit means by Nigerians have been traced overseas.
“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.
Despite these efforts, he acknowledged the limits of what the EFCC can achieve in recovering stolen funds.
“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. Under international law, the custodian of stolen assets is just as guilty as the original thief,” he said.
Mr Olukoyede also announced that the commission is expanding its asset recovery drive to other countries, noting that several assets acquired through illicit means by Nigerians have been traced overseas.
“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.
Despite these efforts, he acknowledged the limits of what the EFCC can achieve in recovering stolen funds.
“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. Under international law, the custodian of stolen assets is just as guilty as the original thief,” he said.
Culture of impunity and poor oversight
The EFCC boss condemned the culture of impunity in the country, noting that individuals under investigation for financial crimes are often celebrated in public spaces.
“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.
He also questioned the National Assembly’s ability to effectively oversee more than 700 federal Ministries, Departments, and Agencies (MDAs), many of which operate without adequate internal controls.
“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.
“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.”
He urged political leaders to put aside ethnic and party divisions and unite against the scourge of corruption.
“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.”
