ABUJA – The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has revealed that a preliminary probe into the Nigerian National Petroleum Company Limited (NNPCL) has uncovered deeply troubling financial misconduct. He described the findings so far as “mind-boggling” and warned that even greater revelations may lie ahead.
Speaking on Wednesday at the National Conference on Public Accounts and Fiscal Governance in Abuja, Olukoyede said the EFCC only began examining the books of the NNPCL three weeks ago as part of a broader investigation into Nigeria’s extractive industries.
“What we have discovered is mind-boggling,” he said. “And we have only just opened the books. If this is what we’re seeing at the surface, imagine what lies beneath.”
The EFCC boss said the revelations reflect widespread fiscal mismanagement that is undermining Nigeria’s economy and contributing to security challenges. He called for urgent reforms and legislative backing to intensify the fight against corruption.
Olukoyede also renewed calls for the passage of a law to criminalise unexplained wealth, a measure already in place in several countries. He argued that current laws requiring a predicate offence, such as fraud or theft, before prosecution, limit the agency’s ability to tackle illicit enrichment.
“Help me pass the Unexplained Wealth Bill,” he pleaded. “If we don’t hold individuals accountable for what they have, we’ll never get it right.”
He disclosed that the EFCC is currently tracing stolen assets across multiple countries, including unexpected locations like Iceland. “An ambassador even told me they discovered an estate in Iceland owned by a Nigerian. Iceland of all places!” he said.
Olukoyede’s revelations come months after President Bola Tinubu dismissed Mele Kyari as the NNPCL’s Group Chief Executive Officer in April, appointing Bashir Ojulari in his place.
Also at the conference, the Chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), Dr Musa Aliyu, raised concerns over the conduct of revenue-generating agencies. Represented by the Director of Finance, Michael Akporo, he said many agencies act with impunity and treat public funds as private wealth.
“You see, the funny thing is that these revenue-generating agencies believe the money is their own. Unfortunately, it is not theirs,” Akporo said. “Please, intensify oversight so they’ll be held accountable.”
The ICPC boss endorsed the Tinubu administration’s ongoing fiscal policy reforms and recent tax legislation, noting that they have the potential to significantly strengthen Nigeria’s revenue system.
The conference, jointly organised by the Public Accounts Committees of the Senate and House of Representatives, served as a platform for renewed calls to improve transparency and accountability in public finance.
