EFCC Uncovers Staggering Corruption In Nigeria’s Oil And Gas Sector.
The Economic and Financial Crimes Commission (EFCC) has exposed what it describes as “mind-boggling” levels of corruption within Nigeria’s oil and gas industry, as the agency intensifies its probe into the sector’s financial dealings. EFCC Chairman Ola Olukoyede, speaking on Wednesday, revealed that the commission’s ongoing investigation, launched just three weeks ago, has already uncovered extensive financial misconduct, with much more expected to be revealed as the inquiry deepens.
Olukoyede highlighted the scale of the corruption, stating, “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 linked the mismanagement of resources in the oil and gas sector to broader issues of insecurity, including banditry, kidnapping, and terrorism, arguing that corrupt practices and the diversion of public funds are at the root of these challenges.
In a passionate appeal, the EFCC boss urged the National Assembly to expedite the passage of the Unexplained Wealth Bill, which he believes is critical to holding individuals accountable for illicit wealth. He recounted instances where public officials, with modest salaries, were found to own multiple high-value properties in exclusive areas like Maitama and Asokoro. “Someone has worked in a ministry for 20 years. We calculate their entire salary and allowances, then find five properties. Yet we’re told to prove a predicate offence before we can act. That is absurd,” Olukoyede remarked.
He stressed that without legislation criminalising unexplained wealth, corrupt individuals would continue to exploit loopholes. “Until we make individuals accountable for living beyond their means, there will always be an escape route for the corrupt,” he warned.
Olukoyede also shed light on the global dimension of Nigeria’s stolen wealth, revealing that he had visited several countries in the past month to pursue assets looted from the nation. In one striking case, he noted that an ambassador informed him of an estate in Iceland owned by a Nigerian. However, he expressed frustration at the reluctance of foreign governments to release these assets, describing them as “accessories after the fact” during a United Nations Forum in December 2024.
The EFCC chairman lamented the lack of accountability for those who have plundered Nigeria’s resources, pointing out that some culprits are even celebrated despite evidence of their crimes. “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 questioned.
To tackle the systemic issues, Olukoyede called for stronger internal compliance systems to proactively curb corruption, acknowledging the immense challenge of manually reviewing countless files and records. The EFCC’s investigation into the oil and gas sector signals a renewed commitment to rooting out corruption, with the agency vowing to intensify its efforts to recover stolen assets and hold perpetrators accountable.
As the probe continues, the revelations are likely to send shockwaves through Nigeria’s extractive industry, raising hopes that decisive action will address the deep-seated corruption undermining the nation’s economic and social progress.