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Massive fraud traced in oil and gas operations, says EFCC chairman.
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Stolen assets found abroad, including an estate in Iceland.
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Olukoyede demands passage of Unexplained Wealth Bill to fight graft.
The Economic and Financial Crimes Commission (EFCC) has uncovered shocking levels of fraud in Nigeria’s oil and gas industry following a commission-wide probe into the extractive sector.
EFCC Chairman, Mr Ola Olukoyede, revealed the findings on Wednesday during the third day of the National Conference on Public Accounts and Fiscal Governance in Abuja.
“In the last three weeks, we launched a commission-wide investigation into the extractive industry, particularly the oil and gas sector. What we have discovered is mind-boggling. And we have only just opened the books,” Olukoyede said.
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The anti-graft boss linked the corruption to rising insecurity across the country, noting that the diversion of public funds has contributed to banditry, terrorism, and widespread poverty.
Unexplained Wealth Bill Urged
Olukoyede called on the National Assembly to urgently pass the Unexplained Wealth Bill to enable the EFCC to hold public officials accountable for assets beyond their legitimate earnings.
“Help me pass the Unexplained Wealth Bill. Someone works in a ministry for 20 years, yet owns five properties in Maitama and Asokoro. We calculate their salary and allowances, and it doesn’t add up. Yet we’re told to prove a predicate offence before acting. That is absurd,” he lamented.
Stolen Assets Traced Abroad
The EFCC chairman disclosed that illicitly acquired assets by Nigerians have been traced to several countries, including an estate in Iceland. “Last month alone, I visited four or five countries chasing Nigeria’s stolen assets. An ambassador even told me they discovered an estate in Iceland owned by a Nigerian. Iceland of all places!” he said.
Despite these efforts, Olukoyede admitted the difficulty in recovering stolen funds from foreign jurisdictions, accusing some nations of aiding the concealment of stolen wealth.
NNPC Under Scrutiny
This revelation comes as the Nigerian National Petroleum Company Limited (NNPC Ltd) faces a probe by the National Assembly over N210 trillion allegedly unaccounted for between 2017 and 2023. Lawmakers have issued a fresh ultimatum to NNPC executives to explain the missing funds.
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Olukoyede criticised the culture of impunity in Nigeria, saying: “We see people who have stolen our money. We’ve shown you evidence. We’re already in court. Yet they’re being celebrated all over the place. Does that show we’re serious?”
The EFCC boss urged political leaders to unite in the fight against corruption, warning that Nigeria’s survival depends on transparent governance and accountability.
