Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has issued a passionate plea to the National Assembly to urgently pass a law criminalising unexplained wealth, saying Nigeria cannot win the war against corruption without holding public officials accountable for assets beyond their lawful earnings.
Speaking on Wednesday at the National Conference on Public Accounts and Fiscal Governance in Abuja, Olukoyede described the scale of corruption in Nigeria’s public sector as “mind-boggling,” particularly within the oil and gas industry.
“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,” he revealed.
Unexplained Wealth Bill: A Missing Weapon in Anti-Graft Fight
Olukoyede lamented that the lack of legislation on unexplained wealth remains a major loophole exploited by corrupt officials. He urged lawmakers to pass the Unexplained Wealth Bill, which was previously rejected by the last Assembly.
“Someone has worked in a ministry for 20 years. We calculate their earnings, yet they own five properties in Maitama and Asokoro. But we are still told to prove a predicate offence. That is absurd,” he said.
He explained that the proposed law would make it a strict liability offence for any individual to possess assets grossly above their legitimate income, regardless of whether theft or fraud can be proved.
NNPC Probe Unveils Deeper Rot
The EFCC chairman disclosed that the commission had begun scrutinizing the accounts of the Nigerian National Petroleum Company (NNPC) Limited, and initial findings exposed disturbing levels of financial misconduct.
He linked public sector corruption directly to the country’s worsening security crisis, noting that diverted funds meant for education, infrastructure, and poverty alleviation are instead fuelling banditry, kidnapping, and terrorism.
“There is a strong connection between mismanaged resources and insecurity. Trace it back, and you’ll find corruption at the root,” he said.
Global Hunt for Nigeria’s Looted Wealth
Olukoyede also exposed the international scale of Nigeria’s stolen assets, stating that the EFCC is currently tracking illicit funds in the United States, Turkey, and even obscure locations like Iceland.
“Last month alone, I visited four or five countries chasing Nigeria’s stolen assets. An ambassador told me they found an estate in Iceland owned by a Nigerian. Iceland of all places!” he said.
Despite these efforts, he admitted that no anti-corruption agency could recover more than 50% of looted funds due to foreign custodians' reluctance.
“The custodians of those assets don’t want to let go. Under international law, they are just as guilty as the original thief,” he asserted.
Call for Structural Reforms and Political Unity
The EFCC boss also bemoaned widespread impunity in Nigeria’s public sector, where over 700 MDAs operate without effective internal controls, and those already under prosecution are often celebrated instead of condemned.
“We’ve shown the evidence in court, yet these individuals are being celebrated. That doesn’t show seriousness,” he noted.
Olukoyede called for stronger internal compliance systems across MDAs to detect and prevent corruption before it escalates.
Nigeria Doesn’t Need to Borrow—If Funds Are Properly Managed
The EFCC chief argued that transparency and fiscal discipline, not foreign loans, are what Nigeria truly needs.
“If we implement even 60% of the capital budget in 2025 and 2026 efficiently, we’ll build infrastructure, support SMEs, and won’t need to borrow,” he said.
A Last Chance to Save Nigeria
Ending on a sobering note, Olukoyede described President Bola Tinubu’s administration as “Nigeria’s last best chance” to root out corruption and rebuild national integrity.
“If we miss it under this administration, I pity Nigeria. This is about rescuing the soul of our country. Let’s put politics and ethnicity aside,” he pleaded.
He called on lawmakers to resist backlash from entrenched interests and social media criticism, urging them to take decisive legislative action.
