The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has revealed that early findings from a fresh probe into the Nigerian National Petroleum Company Limited (NNPCL) show “mind-boggling” levels of corruption.
Speaking on Wednesday, July 10, during the National Conference on Public Accounts and Fiscal Governance in Abuja, Olukoyede said the Commission had only just begun reviewing NNPCL’s financial records but had already seen enough to raise serious concerns.
“What we have discovered is mind-boggling and we’ve only just scratched the surface,” he said.
The investigation is part of a broader probe into Nigeria’s oil and gas industry, launched by the EFCC just three weeks ago. The agency’s focus on the extractive sector follows the removal of Mele Kyari as NNPCL Group CEO by President Bola Tinubu in April 2025. Kyari was replaced by Bashir Ojulari.
Olukoyede said widespread mismanagement in the oil sector is directly linked to Nigeria’s economic hardship and growing insecurity.
“From banditry to terrorism, you’ll find a pattern of corruption behind it,” he added.
The EFCC boss called on the National Assembly to pass the Unexplained Wealth Bill, which would make it easier to confiscate assets that clearly exceed a public official’s legal income.
“We’re asked to prove a specific offence before we act, even when someone with a civil service salary owns five mansions in Asokoro and Maitama. It’s absurd,” he said.
According to Olukoyede, the bill would help the EFCC tackle cases where corrupt officials hide behind legal loopholes. He also disclosed that the Commission is tracking stolen Nigerian assets in countries like the United States, Turkey, and Iceland.
“An estate owned by a Nigerian was discovered in Iceland. Iceland of all places!” he exclaimed.
Olukoyede warned that no anti-corruption agency can recover all looted funds, as many foreign governments resist returning stolen Nigerian assets.
“The custodians of stolen funds abroad are just as guilty. They don’t want to give the money back,” he said.
The EFCC estimates that 90% of stolen public funds are taken out of Nigeria. Olukoyede said this loss is undermining national development and making borrowing unnecessary if resources were properly managed.
“That money could have built hospitals, schools, and supported education for millions of Nigerian students,” he said.
He urged lawmakers to strengthen internal controls across over **700 Ministries, Departments, and Agencies (MDAs)**, many of which still lack proper financial checks.
Olukoyede concluded with a strong warning:
“This may be our last chance to get it right. If we can execute just 60% of our capital budget effectively, Nigeria will be fine.”
He called for unity, political will, and public support to defeat corruption, saying the future of the country depends on it.