Chairman of the {Economic} and {Financial} Crimes Fee (EFCC), Ola Olukoyede, has revealed {that a} preliminary probe into the Nigerian Nationwide Petroleum Firm Restricted (NNPCL) has uncovered “mind-boggling” corruption within the organisation.
Talking on Wednesday through the third day of the Nationwide Convention on Public Accounts and Fiscal Governance—organised by the Public Accounts Committees of the Senate and Home of Representatives in Abuja—Olukoyede stated the EFCC had solely simply begun analyzing the NNPC Restricted’s books. But, early findings already pointed to entrenched {financial} malfeasance.
“Within the final three weeks, we launched a commission-wide investigation into the extractive business, significantly the oil and fuel sector. What we’ve found is mind-boggling,” Olukoyede stated. “And we’ve solely simply opened the books. If that is what we’re seeing on the floor, think about what lies beneath.”
President Bola Tinubu had in April sacked Mele Kyari as Group Chief Govt Officer of NNPCL, changing him with Bashir Ojulari. Kyari had led the state-owned oil agency since 2019.
The EFCC chairman famous that the discoveries to this point characterize solely a fraction of the rot inside the oil and fuel sector, stressing that systemic fiscal mismanagement is a significant contributor to Nigeria’s {economic} and safety crises.
“There’s a very robust connection between the mismanagement of our sources and insecurity. Whenever you take a look at banditry, kidnapping, terrorism—hint it again, and you can see a sample of corrupt practices and diversion of funds meant to enhance folks’s lives,” he said.
Olukoyede urged the Nationwide Meeting to move laws that might criminalise unexplained wealth, arguing that the present authorized framework impedes the Fee’s skill to behave swiftly towards suspects with disproportionate belongings.
“Assist me move the Unexplained Wealth Invoice. I’ve been begging for the previous 12 months. This identical invoice was thrown out within the final Meeting. If we don’t make people accountable for what they personal, we’ll by no means get it proper,” he stated.
Citing an instance, he stated: “Somebody has labored in a ministry for 20 years. We calculate their complete wage and allowances. Then we discover 5 properties—two in Maitama, three in Asokoro. But we’re advised to go and show a predicate offence earlier than we are able to act. That’s absurd.”
He defined that the proposed invoice would make it a strict legal responsibility offence for people to own belongings grossly past their identified and authorized revenue sources.
Olukoyede additionally revealed that the Fee is at the moment monitoring illicit belongings throughout a number of jurisdictions, together with the U.S., Turkey, and, unexpectedly, Iceland.
“Final month alone, I visited 4 or 5 international locations chasing Nigeria’s stolen belongings. An envoy even advised me they found an property in Iceland owned by a Nigerian. Iceland of all locations!” he exclaimed.
He admitted, nonetheless, that no anti-corruption company—no matter its power—can recuperate greater than half of what has been looted.
“There isn’t a quantity of capability I can construct, no stage of effort I can put in, that can allow me to recuperate even half of what has been stolen from Nigeria, as a result of the custodians of these belongings in international international locations don’t need to let go,” he stated.
Olukoyede criticised international governments that refuse to repatriate stolen Nigerian belongings, labelling them as equipment to the crime.
“Below worldwide regulation, the custodian of stolen belongings is simply as responsible as the unique thief,” he stated.
He additional decried the tradition of impunity in Nigeria’s public service, the place people below prosecution are sometimes celebrated, and {financial} compliance is extensively ignored.
“We see individuals who have stolen our cash. We’ve proven you proof. We’ve traced the place the cash went. We’re already in courtroom. But, they’re being celebrated in all places. Does that present we’re severe?” he requested.
Olukoyede stated greater than 700 federal Ministries, Departments, and Companies (MDAs) nonetheless function with out sufficient inside controls and questioned the Nationwide Meeting’s capability to correctly oversee all of them.
“What number of books are you able to verify? What number of information will you learn? We have to construct robust inside compliance techniques that may proactively checkmate corruption,” he argued.
He emphasised that corruption is stifling Nigeria’s growth potential. Based on him, an inside EFCC evaluation offered throughout his Senate affirmation confirmed that 90 per cent of stolen public funds in a single 12 months had been moved overseas.
“That cash might have constructed hospitals, faculties, and supported tens of millions of Nigerian college students from major to tertiary stage,” he stated. “Nigeria has no enterprise borrowing to outlive, given the pure and mineral wealth it possesses.”
Olukoyede known as on political leaders to unite throughout get together traces and ethnic divides to confront corruption, warning that the present administration is likely to be Nigeria’s final probability to get issues proper.
“If we execute even 60 per cent of our capital finances effectively between 2025 and 2026, we are going to empower small and medium-scale industries. We’ll construct infrastructure. We’ll be tremendous,” he stated.
“What we want is transparency in income technology and accountability in public expenditure,” he confused.
He urged lawmakers and the Nigerian public to disregard resistance from vested pursuits and on-line trolls.
“That is about rescuing the soul of Nigeria,” Olukoyede concluded.
