Abuja, July 10, 2025 — The Economic and Financial Crimes Commission (EFCC) has uncovered shocking levels of corruption within Nigeria’s oil and gas sector, according to its Chairman, Ola Olukoyede.
Speaking on Wednesday, Olukoyede revealed that the EFCC has launched a sweeping investigation into the financial operations of the extractive industry, particularly oil and gas. The findings so far, he said, are “mind-boggling,” even as the probe is still in its early stages.
“In the last three weeks, we started 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 stated. “If this is what we’re seeing at the surface, imagine what lies beneath.”
Click Here to Join Our Whatsapp Channel
The EFCC boss linked the widespread corruption in the sector to Nigeria’s worsening insecurity, arguing that funds meant for development are being diverted by corrupt individuals.
“There is a very strong connection between the mismanagement of our resources and insecurity. When you look at banditry, kidnapping, terrorism, trace it back, and you will find a pattern of corrupt practices and diversion of funds that were meant to improve people’s lives,” he added.
Olukoyede also renewed his call on the National Assembly to urgently pass the long-delayed Unexplained Wealth Bill, which would empower anti-graft agencies to hold individuals accountable for wealth that cannot be justified by their income.
“Help me pass the Unexplained Wealth Bill. I’ve been begging for the past one year. This same bill was thrown out in the last Assembly. If we don’t make individuals accountable for what they have, we’ll never get it right,” he said.
Citing examples, Olukoyede questioned how civil servants with modest incomes could own multiple properties in upscale neighborhoods like Maitama and Asokoro, lamenting that the law currently requires the EFCC to prove a predicate offence before seizing assets.
“Once you are living beyond your means, you should be held to account. Until we do this, there will always be an escape route for the corrupt,” he warned.
He also highlighted the challenges of asset recovery abroad, noting that many foreign countries are reluctant to release assets stolen from Nigeria and hidden within their jurisdictions.
“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.
According to him, without strong international cooperation and internal compliance systems, Nigeria will struggle to recover even a fraction of its looted funds.
“We are doing this work. We see people who have stolen our money. We have shown you evidence. We’ve traced where the money went. We are already in court. Yet, they’re being celebrated all over the place. Does that show we’re serious?”
Olukoyede stressed the need for a proactive approach, calling for the establishment of internal mechanisms capable of detecting and curbing corruption before it festers.
