The Economic and Financial Crimes Commission (EFCC) has uncovered what its Chairman, Ola Olukoyede, described as “mind-boggling” corruption within the Nigerian National Petroleum Company Limited (NNPCL). Speaking at the National Conference on Public Accounts and Fiscal Governance in Abuja on Wednesday, Olukoyede revealed that a recent probe into the oil and gas sector, including NNPCL operations, has exposed widespread financial misconduct. The investigation, still in its early stages, points to deep-rooted fiscal mismanagement that Olukoyede said contributes to Nigeria’s economic and security challenges.
The EFCC’s findings follow the April dismissal of Mele Kyari as NNPC’s Group Chief Executive Officer by President Bola Tinubu, who replaced him with Bashir Ojulari. Olukoyede emphasized that the scale of fraud uncovered is just the surface, hinting at more revelations as the investigation deepens. He linked the mismanagement to broader issues, including rising insecurity, noting that the funds siphoned off could have supported critical infrastructure like hospitals and schools.
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In a passionate appeal, Olukoyede urged the National Assembly to pass the Unexplained Wealth Bill, a proposed law to criminalize assets disproportionate to known income sources. He argued that current laws hinder swift action against suspects, citing cases where public officials own lavish properties in areas like Maitama and Asokoro without clear justification. The bill would shift the burden of proof to suspects, easing prosecutions.
The EFCC is also tracking illicit assets globally, with Olukoyede disclosing discoveries in countries like Iceland. In Rivers State, where NNPCL oversees key operations like the Port Harcourt refinery, local stakeholders have echoed calls for transparency, though the probe’s focus remains national. The EFCC’s efforts extend beyond NNPCL, with Olukoyede revealing that over 700 federal agencies lack internal compliance mechanisms, worsening financial accountability.
Olukoyede stressed that passing the Unexplained Wealth Bill is critical to curbing corruption, warning that without it, Nigeria’s anti-graft fight will falter. The National Assembly has yet to respond, but the EFCC’s revelations have sparked urgent calls for reform to safeguard public resources.
