EFCC Uncovers Mind-Boggling Corruption in Oil Sector, Renews Call for Unexplained Wealth Law

Abuja, Nigeria – The Economic and Financial Crimes Commission (EFCC) has unearthed astonishing levels of corruption within Nigeria’s oil and gas sector, with Chairman Ola Olukoyede describing the findings as “mind-boggling.” Olukoyede announced on Wednesday that a commission-wide investigation into the extractive industry, particularly the oil and gas sector, has only just begun to scratch the surface of extensive financial misconduct.

Speaking at the National Conference on Public Accounts and Fiscal Governance, organized by the Senate and House of Representatives Public Accounts Committees, Olukoyede lamented the persistent opacity in Nigeria’s financial reporting system, especially within the oil and gas industry where earnings often remain speculative rather than factual. He emphasized that much more corruption is yet to be unraveled, stating, “If this is what we’re seeing at the surface, imagine what lies beneath.” Recent reports indicate that the EFCC is also probing current and former officials of the Nigerian National Petroleum Company Limited (NNPCL) over alleged misappropriation of funds.

The EFCC boss drew a strong connection between the mismanagement of resources and the nation’s insecurity, asserting that “When you look at banditry, kidnapping, terrorism, trace it back, and you will find a pattern of corrupt practices and diversion of funds that were meant to improve people’s lives.”

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In a passionate appeal to the National Assembly, Olukoyede urged the swift enactment of legislation making unexplained wealth a criminal offense. He disclosed that he has been advocating for the “Unexplained Wealth Bill” for the past year, noting that the same bill was discarded by the previous Assembly. He stressed the critical need for this law to ensure individuals are held accountable for assets that far exceed their legitimate income. “If we don’t make individuals accountable for what they have, we’ll never get it right,” he said.

Olukoyede highlighted the absurdity of requiring proof of a “predicate offense” before taking action against suspicious wealth. “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 argued. He maintained that once a person is living beyond their means, they should be held to account, as this would eliminate an escape route for the corrupt.

The Chairman also shed light on the challenges of recovering stolen Nigerian assets abroad. He recounted visiting several countries last month in pursuit of these assets and revealed the discovery of an estate owned by a Nigerian in Iceland. He expressed frustration that custodians of these stolen assets in foreign countries are often unwilling to repatriate them, stating, “I told them at the United Nations Forum last December that if you are holding onto Nigeria’s stolen assets, we see you as an accessory after the fact.”

Olukoyede concluded by underscoring the importance of building robust internal compliance systems to proactively combat corruption and urged all Nigerians to set aside sectional sentiments to block revenue leakages.