EFCC uncovers oil fraud at NNPCL, exposing financial misconduct and linking stolen assets to insecurity, with calls to criminalise unexplained wealth

EFCC uncovers oil fraud in the Nigerian National Petroleum Company Limited (NNPCL), revealing massive financial irregularities that point to deep-rooted corruption in Nigeria’s oil sector.

Also read: Former NNPC CFO refutes EFCC arrest claim in $7.2bn fraud case

The Economic and Financial Crimes Commission (EFCC) Chairman, Ola Olukoyede, made this known in Abuja during a national conference on public accounts and fiscal governance.

Olukoyede said the agency recently began reviewing transactions and financial records in the oil and gas sector, with early findings from NNPCL already exposing what he described as “mind-boggling” misuse of public resources.

“If this is what we’re seeing just on the surface, imagine the scale of rot that lies underneath,” he said.

The EFCC chairman linked the mismanagement in the oil industry to Nigeria’s worsening insecurity, arguing that funds stolen from vital sectors often finance criminal activities across the country.

“There’s a strong connection between stolen public funds and rising cases of kidnapping, terrorism, and banditry,” Olukoyede said. “It’s not just about missing money—it’s about lives.”

As part of the wider investigation, the EFCC is also tracing illegal asset transfers to foreign jurisdictions, including unusual destinations such as Iceland.

“Last month, I visited multiple countries in pursuit of stolen Nigerian assets. One of the shocking discoveries was a sprawling estate in Iceland linked to a Nigerian official,” he revealed.

Olukoyede appealed to lawmakers to pass the long-delayed Unexplained Wealth Bill, which would give anti-corruption agencies the legal backing to confiscate assets not linked to legitimate income.

“You can’t tell me someone who’s been in the civil service for two decades now owns five properties in Maitama and Asokoro. We calculate their salary and allowances—it doesn’t add up. Yet we’re told to prove the crime first. That’s not how to fight corruption,” he said.

According to him, over 700 Ministries, Departments, and Agencies still operate without effective internal audit controls, making public finance easy to manipulate.

“We need to fix the system from within. No matter how hard EFCC tries, we can’t check every file or transaction. But strong internal checks will stop a lot of fraud before it even starts,” he added.

The EFCC’s oil fraud findings also revealed that 90 per cent of looted public funds in a single year were moved offshore, funds he said could have funded hospitals, schools, and infrastructure for millions of Nigerians.

He criticised foreign governments that delay the return of stolen assets, stating, “If you’re holding onto what was stolen from Nigeria, you are part of the crime.”

Calling for national unity across party and ethnic lines, Olukoyede warned that Nigeria may not get another chance to correct its course.

“We must act now. If we can account for just 60 per cent of our capital spending next year, we’ll empower industries, fix infrastructure, and stop borrowing to survive,” he said.