EFCC Uncovers Massive Fraud At NNPCL ------ Olukoyede
Chairman of the Economic and Financial Crimes Commission, EFCC, Olukoyede says that a preliminary probe into the Nigerian National Petroleum Company Limited, NNPCL, has exposed “mind-boggling” corruption in the organisation.
Chairman of the Economic and Financial Crimes Commission, EFCC, Olukoyede
says that a preliminary probe into the Nigerian National Petroleum Company Limited, NNPCL, has exposed “mind-boggling” corruption in the organisation.
Olukoyede spoke 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 on Wednesday, noting that the EFCC had only just begun examining the NNPCL's books, even as early findings already pointed to entrenched financial malfeasance.
Olukoyede spoke 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 on Wednesday, noting that the EFCC had only just begun examining the NNPCL's books, even as early findings already pointed to entrenched financial malfeasance.
President Bola Tinubu had in April sacked the Group Chief Executive Officer of NNPCL, Mele Kyari, and replaced him with Bashir Ojulari, after Kyari had led the state-owned oil firm since 2019.
The EFCC chairman noted that the discoveries so far represent only a fraction of the rot within the oil and gas sector, stressing that systemic fiscal mismanagement is a major contributor to Nigeria’s economic and security crises.
His words, “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...
“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."
“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."
The EFCC Chairman then urged the National Assembly to pass legislation that would criminalise unexplained wealth, pointing out that the current legal framework impedes the Commission’s ability to act swiftly against suspects with disproportionate assets.
“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 said, noting that if for an example, “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 further explained that the proposed bill would make it a strict liability offence for individuals to possess assets grossly beyond their known and legal income sources.
He also stressed that the Commission was currently tracking illicit assets across several jurisdictions, including the U.S., Turkey, and, unexpectedly, Iceland.
“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.
“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 added.
Olukoyede slammed foreign governments that refuse to repatriate stolen Nigerian assets, labelling them as accessories to the crime.
He admitted, however, that no anti-corruption agency—regardless of its strength—can recover more than half of what has been looted, even as he further decried the culture of impunity in the country's public service, where individuals under prosecution are often celebrated, and financial compliance is widely ignored.
“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 queried.
“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 said, noting that if for an example, “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 further explained that the proposed bill would make it a strict liability offence for individuals to possess assets grossly beyond their known and legal income sources.
He also stressed that the Commission was currently tracking illicit assets across several jurisdictions, including the U.S., Turkey, and, unexpectedly, Iceland.
“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.
“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 added.
Olukoyede slammed foreign governments that refuse to repatriate stolen Nigerian assets, labelling them as accessories to the crime.
He admitted, however, that no anti-corruption agency—regardless of its strength—can recover more than half of what has been looted, even as he further decried the culture of impunity in the country's public service, where individuals under prosecution are often celebrated, and financial compliance is widely ignored.
“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 queried.
What's Your Reaction?
