The Economic and Financial Crimes Commission (EFCC) has begun a thorough investigation into the financial activities of Nigeria’s oil and gas sector and has already uncovered major corruption.
EFCC Chairman, Ola Olukoyede, revealed this on Wednesday, explaining that the investigation, which started recently, has exposed massive financial misconduct.
According to him, the agency is just scratching the surface, but early findings already point to large sums of money being misused within the industry.
The anti-graft agency believes that stolen public funds are not only affecting the economy but also fueling insecurity across the country.
According to Olukoyede, crimes such as kidnapping, terrorism, and banditry often have roots in the misuse of public funds that were meant to develop the country.
He called on the National Assembly to quickly pass the Unexplained Wealth Bill.
The bill, which was rejected by the previous Assembly, would give legal backing to go after individuals living beyond their known income without needing to first prove the original crime.
He said it is unreasonable for people to own several luxury properties with no clear source of income, while law enforcement is asked to remain inactive.
Olukoyede also disclosed that he has visited several countries in the last month in search of Nigeria’s stolen assets.
In one of those countries, Iceland, he said an entire estate linked to a Nigerian was discovered.
However, he explained that retrieving stolen assets from foreign governments remains difficult, as many of them are unwilling to return the funds.
He also pointed out that some individuals accused of stealing public money are being praised in society despite being taken to court. He said this attitude weakens the fight against corruption.
Olukoyede stressed that internal systems must be put in place within public institutions to prevent financial crimes before they happen, as it is not possible to chase every case after the damage has been done.
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