Sh*ckwaves As EFCC Boss Exposes ‘Mind-Boggling’ Corruption In NNPCL

EFCC Chair Olukoyede Uncovers Shocking Corruption in NNPCL, Urges Swift Action on Unexplained Wealth Bill....KINDLY READ THE FULL STORY HERE▶

The Chairman of the Economic and Financial Crimes Commission (EFCC), Olanipekun Olukoyede, has revealed alarming findings from an ongoing probe into the Nigerian National Petroleum Company Limited (NNPCL), describing the level of corruption discovered so far as “mind-boggling.”

Speaking at the National Conference on Public Accounts and Fiscal Governance in Abuja on Wednesday, Olukoyede disclosed that the investigation, which began just three weeks ago, has already exposed staggering irregularities in Nigeria’s oil and gas sector.

“What we’ve found so far is truly shocking—and this is just the surface. Imagine what lies beneath if we dig deeper,” he said.

His revelations follow the recent replacement of Mele Kyari as Group Chief Executive Officer of NNPCL by Bashir Ojulari, as ordered by President Bola Tinubu.

Olukoyede warned that the massive fiscal abuse within the extractive industry is not just an economic issue but also closely linked to Nigeria’s deepening security crisis.

“There’s a direct link between resource mismanagement and insecurity. Terrorism, banditry, and kidnappings are often fueled by funds stolen through corruption,” he asserted.

Calling for urgent reforms, the EFCC boss urged the National Assembly to pass the long-stalled Unexplained Wealth Bill, which would give anti-corruption agencies power to go after individuals whose assets far exceed their declared income.

“I’ve been pleading for this law for over a year. How does someone work in a ministry for 20 years and suddenly own properties in Maitama and Asokoro? Yet we’re told to prove a predicate offence before taking action. It’s ridiculous,” he said.

The proposed legislation would create a strict liability framework, shifting the burden of proof to suspects, who would have to justify their wealth.

Olukoyede also revealed that the EFCC is currently tracking illegal assets in several countries, including the United States, Turkey, and even Iceland.

“An ambassador recently told me about a Nigerian who owns an entire estate in Iceland. Iceland of all places!” he exclaimed.

However, recovering stolen wealth from abroad remains a challenge. “Despite our efforts, we’re struggling to reclaim even a fraction of looted funds. Many foreign custodians of these assets are unwilling to cooperate,” he said, describing such foreign reluctance as complicity.

“Under international law, those who harbor stolen assets are just as guilty as those who stole them,” he emphasized.

The EFCC chairman also lamented the widespread lack of accountability in Nigeria’s public sector, noting that over 700 federal Ministries, Departments, and Agencies (MDAs) still operate without functional internal controls.

Even more troubling, Olukoyede said, is the culture of impunity: “We’re in court with overwhelming evidence against some people who have looted public funds, yet they’re still being celebrated. Is that the sign of a serious country?”

He warned that Nigeria might be at a critical juncture, urging the political class to put aside partisanship and take bold steps against corruption.

“This may be our last opportunity to fix things. If we can execute just 60% of our capital projects efficiently between 2025 and 2026, we’ll boost SMEs, build critical infrastructure, and turn the tide,” he said.

Olukoyede concluded with a call for transparency in revenue generation and strict accountability in public spending, saying those are the pillars upon which a prosperous Nigeria can be built.