Close Menu
    Facebook X (Twitter) Instagram
    Trending
    • Lagos-Calabar, Sokoto-Badagry Projects: Tinubu Moves Surveyor-General’s Office To Aso Rock
    • Minister Goronyo Commissions ₦3.6bn Japanese-Donated Equipment For National Road Maintenance
    • Radio Station Closure Shows Abuse Of Power, Amnesty Tells Niger Governor
    • Yar’adua University Expels 57 Students Over Exam Malpractice
    • Marked By Culture, Judged By Society: Nigerians With Tribal Marks Speak Out On Stigma, Pride, Pain
    • NDLEA, FG To Begin Mandatory Drug Tests For 800,000 New Undergraduates From September
    • ‘Use Your Influence To Foster Unity, Not Division’, Tinubu Tells New Media Influencers
    • ‘I Don’t Belong There’, Kemi Badenoch Renounces Nigerian Identity, Says Britain Is Her Home
    Facebook X (Twitter) Instagram
    NEWS POINT NIGERIANEWS POINT NIGERIA
    UBA 720X90
    • HOME
    • NEWS

      Lagos-Calabar, Sokoto-Badagry Projects: Tinubu Moves Surveyor-General’s Office To Aso Rock

      August 2, 2025

      Minister Goronyo Commissions ₦3.6bn Japanese-Donated Equipment For National Road Maintenance

      August 2, 2025

      Radio Station Closure Shows Abuse Of Power, Amnesty Tells Niger Governor

      August 2, 2025

      Yar’adua University Expels 57 Students Over Exam Malpractice

      August 2, 2025

      Marked By Culture, Judged By Society: Nigerians With Tribal Marks Speak Out On Stigma, Pride, Pain

      August 2, 2025
    • COLUMN

      Super Falcons Deserve Every Kobo: Stop The Unnecessary Debate – By Jonathan Nda-Isaiah

      August 1, 2025

      Balkanisation, Push-Back: Can ADC Weather The Storm? – By Zainab Suleiman Okino

      July 31, 2025

      Buhari: May Our Subsequent Leaders Die At Home (2) – By Dr Hassan Gimba

      July 28, 2025

      New Wave Of Malnutrition And The Road To 2027 – By Dr Dakuku Peterside

      July 28, 2025

      Dignifying The Nigeria Police – By Kazeem Akintunde

      July 28, 2025
    • EDUCATION

      13 Countries Offering Free Or Low-Cost PhD Programmes For Non-Citizens

      January 25, 2025

      NECO: Abia, Imo Top Performing States In Two Years, Katsina, Zamfara Come Last

      October 3, 2024

      NBTE Accredits 17 Programmes At Federal Polytechnic Kabo

      August 20, 2024

      15 Most Expensive Universities In Nigeria

      May 19, 2024

      FULL LIST: Tinubu Appoints Former SGF Yayale, Ex-Governor Yuguda, Muhammad Abacha, Jega In Universities’ Governing Councils

      May 18, 2024
    • INTERNATIONAL

      ‘A Death Journey’: Palestinians Describe Aid Site Turmoil In Gaza

      August 1, 2025

      Trump Deploys Nuclear Submarines In Row With Russia’s Putin

      August 1, 2025

      Palestinian Newborns Starving In Gaza As Infant Formula Runs Out

      August 1, 2025

      Microsoft Accuses Russia’s FSB Of Using Malware Against Foreign Embassies

      August 1, 2025

      Israel Starves More Palestinians To Death In Gaza As Attacks Continue

      July 31, 2025
    • JUDICIARY

      FULL LIST: Judicial Council Recommends Appointment Of 11 Supreme Court Justices

      December 6, 2023

      Supreme Court: Judicial Council Screens 22 Nominees, Candidates Face DSS, Others

      November 29, 2023

      FULL LIST: Judicial Commission Nominates 22 Justices For Elevation To Supreme Court

      November 16, 2023

      Seven Key Issues Resolved By Seven Supreme Court Judges

      October 26, 2023

      FULL LIST: CJN To Swear In Falana’s Wife, 57 Others As SANs November 27

      October 12, 2023
    • POLITICS

      What Peter Obi May Lose If He Joins Coalition As VP Candidate

      May 25, 2025

      Atiku Moves To Unseat Wike’s Damagum As PDP Chairman, Backs Suswam As Replacement

      April 15, 2024

      Edo’s Senator Matthew Uroghide, Others Defect To APC

      April 13, 2024

      Finally, Wike Opens Up On Rift With Peter Odili

      April 2, 2024

      El-Rufa’i’s Debt Burden: APC Suspends Women Leader For Criticising Kaduna Gov

      March 31, 2024
    • SPORTS

      Adamawa Governor Gifts Super Falcons’ Coach ₦50m, House For WAFCON Victory

      August 1, 2025

      Man United Plot Blockbuster Swoop For PSG’s Goalkeeper, Donnarumma

      August 1, 2025

      Super Eagles Forward, Osimhen Completes Transfer To Galatasaray In Record €75m Deal

      August 1, 2025

      AfroBasket 2025: Nigeria’s D’Tigress To Play Cameroon In Quarter-Final

      August 1, 2025

      Nigeria’s D’Tigress Await Angola, Cameroon As 2025 Afrobasket Enters Quarterfinals

      July 31, 2025
    • MORE
      • AFRICA
      • ANALYSIS
      • BUSINESS
      • ENTERTAINMENT
      • FEATURED
      • LENS SPEAK
      • INFO – TECH
      • INTERVIEW
      • NIGERIA DECIDES
      • OPINION
      • Personality Profile
      • Picture of the month
      • Science
      • Special Project
      • Videos
      • Weekend Sports
    NEWS POINT NIGERIANEWS POINT NIGERIA
    UBA 720X90
    Home - We Uncovered ‘Mind-Boggling’ Corruption In NNPCL, Asset Tracing Leads To Iceland – EFCC Chairman

    We Uncovered ‘Mind-Boggling’ Corruption In NNPCL, Asset Tracing Leads To Iceland – EFCC Chairman

    By Sadiq AbdullateefJuly 9, 2025
    New EFCC Boss Olukoyede

    CHAIRMAN of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has described the scale of corruption uncovered at the Nigerian National Petroleum Company Limited (NNPCL) as “mind-boggling,” revealing that a sweeping investigation into Nigeria’s oil and gas sector has already exposed significant financial misconduct despite being in its early stages.

    Speaking on the third day of the National Conference on Public Accounts and Fiscal Governance, organized by the Senate and House of Representatives Public Accounts Committees, Olukoyede said the EFCC’s recent deep-dive into the extractive industries has only scratched the surface, yet already reveals a troubling picture.

    “In the last three weeks, we launched a commission-wide investigation into the extractive industry, particularly oil and gas. What we have discovered is mind-boggling,” Olukoyede told lawmakers.

    UBA

    “And we have only just opened the books. If this is what we’re seeing at the surface, imagine what lies beneath.”

    His remarks come just months after President Bola Tinubu replaced Mele Kyari as NNPCL Group Chief Executive Officer with Bashir Ojulari, amid growing pressure to sanitize Nigeria’s oil industry.

    WIDGET ADS

    Olukoyede warned that the corruption deeply entrenched in Nigeria’s oil and gas sector is not just an economic crisis, but a direct driver of the country’s worsening insecurity and poverty levels.

    He argued that the mismanagement of public funds fuels the very criminal enterprises such as terrorism, banditry, and kidnapping that threaten Nigeria’s stability.

    Thomas Sankara African Leadership Prize

    “There is a very strong connection between the mismanagement of our resources and insecurity,” he said.

    “When you look at banditry, kidnapping, terrorism—trace it back, and you will find a pattern of corrupt practices and diversion of funds meant to improve people’s lives.”

    Nigerian TAX Reform - Federal Goverment

    He lamented a culture where stolen public funds are quietly funneled abroad and where public servants with suspicious wealth are celebrated rather than investigated.

    In a pointed appeal to lawmakers, Olukoyede urged the National Assembly to pass the long-stalled Unexplained Wealth Bill, which would empower law enforcement agencies to prosecute individuals who possess assets grossly out of step with their lawful income.

    “Help me pass the Unexplained Wealth Bill. I’ve been begging for the past year,” he said.

    National Orientation Agency Page UP
    National Orientation Agency - Down

    “How do you explain someone working 20 years in a ministry, yet owning five luxury properties in Maitama and Asokoro? We’re still told to go and prove a predicate offence. That is absurd.”

    The EFCC chairman also provided startling updates on international asset recovery efforts. He disclosed that the Commission is currently tracking stolen Nigerian wealth hidden in jurisdictions as far-flung as the United States, Turkey, and Iceland.

    “Just last month, I visited four or five countries chasing stolen assets. An ambassador even told me they discovered an estate in Iceland owned by a Nigerian. Iceland of all places!” Olukoyede revealed.

    However, he was frank about the limits of such efforts. Despite intensified international cooperation, he said foreign governments often act as complicit custodians of looted funds, citing their reluctance to repatriate assets back to Nigeria.

    “Under international law, the custodian of stolen assets is just as guilty as the original thief,” he declared.

    He stressed that no anti-corruption agency—no matter how strong—can recover more than half of what has been stolen, due to the sophistication of financial crimes and international protection of wealth.

    Olukoyede decried what he described as widespread impunity in public service, noting that over 700 federal ministries, departments, and agencies (MDAs) continue to operate without basic financial controls.

    He questioned the National Assembly’s ability to properly supervise such a vast and unregulated system, calling instead for internal mechanisms that prevent fraud before it happens.

    “How many books can you check? How many files will you read? We need to build strong internal compliance systems that can proactively checkmate corruption,” he said.

    Citing a confidential EFCC report presented during his Senate confirmation, Olukoyede said that 90 percent of looted public funds in a single year were smuggled out of the country, leaving little for domestic development.

    “That money could have built hospitals, schools, and supported millions of Nigerian students from primary to tertiary level,” he said.

    “Nigeria has no business borrowing to survive, given the natural and mineral wealth it possesses.”

    Olukoyede concluded with a sobering warning: that Nigeria is at a critical crossroads, and the current administration may represent the country’s last realistic opportunity to decisively defeat corruption.

    “If we execute even 60 percent of our capital budget efficiently between 2025 and 2026, we will empower small and medium-scale industries. We’ll build infrastructure. We’ll be fine,” he asserted.

    “But what we need is transparency in revenue generation and accountability in public expenditure.”

    He urged lawmakers and citizens to reject online misinformation and special interest interference, stating that the anti-corruption war is not about personal politics—but about the soul of the nation.

    “This is about rescuing the soul of Nigeria,” he concluded.

    “If we don’t act now united across political lines history will judge us harshly.”

    EFCC Chairman NNPCL Probe
    Share. Facebook Twitter WhatsApp LinkedIn Telegram Email

    Related Posts

    Lagos-Calabar, Sokoto-Badagry Projects: Tinubu Moves Surveyor-General’s Office To Aso Rock

    August 2, 2025

    Minister Goronyo Commissions ₦3.6bn Japanese-Donated Equipment For National Road Maintenance

    August 2, 2025

    Radio Station Closure Shows Abuse Of Power, Amnesty Tells Niger Governor

    August 2, 2025

    Yar’adua University Expels 57 Students Over Exam Malpractice

    August 2, 2025
    Add A Comment
    Leave A Reply Cancel Reply

    Latest Posts

    Lagos-Calabar, Sokoto-Badagry Projects: Tinubu Moves Surveyor-General’s Office To Aso Rock

    August 2, 2025

    Minister Goronyo Commissions ₦3.6bn Japanese-Donated Equipment For National Road Maintenance

    August 2, 2025

    Radio Station Closure Shows Abuse Of Power, Amnesty Tells Niger Governor

    August 2, 2025

    Yar’adua University Expels 57 Students Over Exam Malpractice

    August 2, 2025

    Marked By Culture, Judged By Society: Nigerians With Tribal Marks Speak Out On Stigma, Pride, Pain

    August 2, 2025
    Advertisement
    WIDGET ADS
    News Point NG
    © 2025 NEWS POINT NIGERIA Developed by ENGRMKS & CO.
    • Home
    • About us
    • Disclaimer
    • Our Advert Rates
    • Privacy Policy
    • Terms of Use

    Type above and press Enter to search. Press Esc to cancel.

    Join Us On WhatsApp