• Home
  • Agric
  • Sci & Tech
  • Health
  • Environment
  • Hausa News
  • More
    • Business/Banking & Finance
    • POLITICS
    • Entertainments & Sports
    • International
    • Investigation
    • Law & Human Rights
    • Africa
    • ACCOUNTABILITY/CORRUPTION
    • Hassan Gimba
    • Column
    • Prof. Jibrin Ibrahim
    • Prof. M.K. Othman
    • Defense/Security
    • Education
    • Energy/Electricity
    • Entertainment/Arts & Sports
    • Society and Lifestyle
    • Food & Agriculture
    • Health & Healthy Living
    • International News
    • Interviews
    • Investigation/Fact-Check
    • LAW & HUMAN RIGHTS
    • Oil & Gas/Mineral Resources
    • PRESS FREEDOM/JOURNALISM/PR
    • General News
    • Presidency
  • About Us
    • Contact Us
    • Board Of Advisory
    • Privacy Policy
    • Ethics Policy
    • Teamwork And Collaboration Policy
    • Fact-Checking Policy
    • Advertising
  • Media OutReach Newswire
    • Wire News
  • The Stories
Facebook Twitter Instagram
Trending
  • Retired DIG Gumel urges Nigerians to support anti-insecurity efforts
  • PRNigeria publisher releases memoir on NIPSS controversy, highlights IMPR’s mid-year achievements
  • NADF launches nationwide training for agricultural extension workers
  • Nigeria’s Erebor heads Africa telecom planning
  • FG urges youth to use tech in agriculture, awards $40K grants
  • Edo strengthens support for stranded returnees
  • Veritas university breaks ground on N1.3bn skills hub
  • Early mental health support key to children’s excellence – Masseyferguson
Facebook Twitter Instagram YouTube
AsheNewsAsheNews
  • Home
  • Agric

    NADF launches nationwide training for agricultural extension workers

    July 20, 2026

    FG urges youth to use tech in agriculture, awards $40K grants

    July 20, 2026

    Vegetable prices expected to rise in Lagos after flooding

    July 19, 2026

    Adedayo empowers 60 Apapa residents with fish farming equipment

    July 19, 2026

    Lagos residents lament rising fresh corn prices, seek year-round farming support

    July 19, 2026
  • Sci & Tech

    Nigeria’s Erebor heads Africa telecom planning

    July 20, 2026

    Nigeria urges stronger digital evidence management, collaboration against cybercrime

    July 18, 2026

    Instanda urges insurers to embrace no-code, AI

    July 18, 2026

    Delta unveils digital platform for outdoor advertising management

    July 17, 2026

    RMRDC launches digital journal to drive innovation, industrial growth

    July 17, 2026
  • Health

    Edo strengthens support for stranded returnees

    July 20, 2026

    Early mental health support key to children’s excellence – Masseyferguson

    July 20, 2026

    Expert links Ebola outbreaks to weak surveillance, funding

    July 20, 2026

    Doctor urges prompt care for children’s seizures

    July 19, 2026

    Soludo celebrates recovery of tortured boy

    July 19, 2026
  • Environment

    Veritas university breaks ground on N1.3bn skills hub

    July 20, 2026

    NEMA confirms 4 deaths in Sokoto windstorm

    July 20, 2026

    KADSEMA contains gas tanker leak in Kaduna south

    July 20, 2026

    Search launched for 2 swept away by flood in Kaduna river

    July 20, 2026

    Bauchi launches N29.69bn flood, erosion control project

    July 19, 2026
  • Hausa News

    UNA signs MoU to launch air Bissau in Guinea-Bissau

    June 15, 2026

    Otti plans 250-room 5-star hotel in Umuahia

    April 11, 2026

    Anti-quackery task force seals 4 fake hospitals in Rivers

    August 29, 2025

    [BIDIYO] Yadda na lashe gasa ta duniya a fannin Ingilishi – Rukayya ‘yar shekara 17

    August 6, 2025

    A Saka Baki, A Sasanta Saɓani Tsakanin ‘Yanjarida Da Liman, Daga Muhammad Sajo

    May 21, 2025
  • More
    1. Business/Banking & Finance
    2. POLITICS
    3. Entertainments & Sports
    4. International
    5. Investigation
    6. Law & Human Rights
    7. Africa
    8. ACCOUNTABILITY/CORRUPTION
    9. Hassan Gimba
    10. Column
    11. Prof. Jibrin Ibrahim
    12. Prof. M.K. Othman
    13. Defense/Security
    14. Education
    15. Energy/Electricity
    16. Entertainment/Arts & Sports
    17. Society and Lifestyle
    18. Food & Agriculture
    19. Health & Healthy Living
    20. International News
    21. Interviews
    22. Investigation/Fact-Check
    23. LAW & HUMAN RIGHTS
    24. Oil & Gas/Mineral Resources
    25. PRESS FREEDOM/JOURNALISM/PR
    26. General News
    27. Presidency
    Featured
    Recent

    Retired DIG Gumel urges Nigerians to support anti-insecurity efforts

    July 20, 2026

    PRNigeria publisher releases memoir on NIPSS controversy, highlights IMPR’s mid-year achievements

    July 20, 2026

    NADF launches nationwide training for agricultural extension workers

    July 20, 2026
  • About Us
    1. Contact Us
    2. Board Of Advisory
    3. Privacy Policy
    4. Ethics Policy
    5. Teamwork And Collaboration Policy
    6. Fact-Checking Policy
    7. Advertising
    Featured
    Recent

    Retired DIG Gumel urges Nigerians to support anti-insecurity efforts

    July 20, 2026

    PRNigeria publisher releases memoir on NIPSS controversy, highlights IMPR’s mid-year achievements

    July 20, 2026

    NADF launches nationwide training for agricultural extension workers

    July 20, 2026
  • Media OutReach Newswire
    • Wire News
  • The Stories
AsheNewsAsheNews
Home»ACCOUNTABILITY/CORRUPTION»EFCC: “We’ve uncovered ‘mind-boggling’ fraud at NNPC”
ACCOUNTABILITY/CORRUPTION

EFCC: “We’ve uncovered ‘mind-boggling’ fraud at NNPC”

Abdoulaye KayBy Abdoulaye KayJuly 10, 2025Updated:July 10, 2025No Comments5 Mins Read
EFCC
Share
Facebook Twitter LinkedIn Pinterest Email

The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has revealed that a preliminary investigation into the Nigerian National Petroleum Company Limited (NNPCL) has exposed “mind-boggling” corruption in the organisation.

Olukoyede on Wednesday said the EFCC had only just begun examining the NNPC Limited’s books. Yet, early findings already pointed to entrenched financial malfeasance.

He stated this on the third day of the National Conference on Public Accounts and Fiscal Governance, organised by the Public Accounts Committees of the Senate and House of Representatives in Abuja.

“In the last three weeks, we launched a commission-wide investigation into the extractive industry, particularly the oil and gas sector. What we have discovered is mind-boggling,” Olukoyede said. “And we have only just opened the books. If this is what we’re seeing at the surface, imagine what lies beneath.”

Recalls that President Bola Tinubu in April sacked Mele Kyari as Group Chief Executive Officer of NNPCL, replacing him with Bashir Ojulari.

Kyari had led the NNPCL since 2019.

The EFCC chairman noted that the discoveries so far represent only a fraction of the rot within the oil and gas sector, stressing that systemic fiscal mismanagement is a major contributor to Nigeria’s economic and security crises.

“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 meant to improve people’s lives,” he stated.

Olukoyede urged the National Assembly to pass legislation that would criminalise unexplained wealth, arguing that the current legal framework impedes the Commission’s ability to act swiftly against suspects with disproportionate assets.

“Help me pass the Unexplained Wealth Bill. I’ve been begging for the past year. This same bill was thrown out in the last Assembly. If we don’t make individuals accountable for what they own, we’ll never get it right,” he said.

Citing an example, he said: “Someone has worked in a ministry for 20 years. We calculate their entire salary and allowances. Then we find five properties—two in Maitama, three in Asokoro. Yet we’re told to go and prove a predicate offence before we can act. That is absurd.”

He explained that the proposed bill would make it a strict liability offence for individuals to possess assets grossly beyond their known and legal income sources.

Olukoyede also revealed that the EFCC is currently tracking illicit assets across several jurisdictions, including the U.S., Turkey, and, unexpectedly, Iceland.

“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 exclaimed.

He admitted, however, that no anti-corruption agency—regardless of its strength—can recover more than half of what has been looted.

“There is no amount of capacity I can build, no level of effort I can put in, that will enable me to recover even half of what has been stolen from Nigeria, because the custodians of those assets in foreign countries don’t want to let go,” he said.

Olukoyede criticised foreign governments that refuse to repatriate stolen Nigerian assets, labelling them as accessories to the crime.

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

He further decried the culture of impunity in Nigeria’s public service, where individuals under prosecution are often celebrated, and financial compliance is widely ignored.

“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?” he asked.

Olukoyede said more than 700 federal Ministries, Departments, and Agencies (MDAs) still operate without adequate internal controls and questioned the National Assembly’s capacity to properly oversee them all.

“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 argued.

He emphasised that corruption is stifling Nigeria’s development potential. According to him, an internal EFCC analysis presented during his Senate confirmation showed that 90 per cent of stolen public funds in one year were moved abroad.

“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 called on political leaders to unite across party lines and ethnic divides to confront corruption, warning that the current administration might be Nigeria’s last chance to get things right.

“If we execute even 60 per cent 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 said.

“What we need is transparency in revenue generation and accountability in public expenditure,” he stressed.

He urged lawmakers and the Nigerian public to ignore resistance from vested interests and online trolls.

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

EFCC Fraud NNPCL
Share. Facebook Twitter Pinterest LinkedIn WhatsApp Reddit Tumblr Email
Abdoulaye Kay
  • Website

Related Posts

EFCC secures final forfeiture of 48 properties worth N212bn linked to ex-AGF Malami

July 15, 2026

EFCC, NFIU win Global StAR Award for collaboration against financial crimes

July 10, 2026

OAGF disputes Presidency, says PFIPC operated CBN accounts

July 6, 2026

Leave A Reply Cancel Reply

Retired DIG Gumel urges Nigerians to support anti-insecurity efforts

July 20, 2026

PRNigeria publisher releases memoir on NIPSS controversy, highlights IMPR’s mid-year achievements

July 20, 2026

NADF launches nationwide training for agricultural extension workers

July 20, 2026

Nigeria’s Erebor heads Africa telecom planning

July 20, 2026
About Us
About Us

ASHENEWS (AsheNewsDaily.com), published by PenPlus Online Media Publishers, is an independent online newspaper. We report development news, especially on Agriculture, Science, Health and Environment as they affect the under-reported rural and urban poor.

We also conduct investigations, especially in the areas of ASHE, as well as other general interests, including corruption, human rights, illicit financial flows, and politics.

Contact Info:
  • 1st floor, Dogon Daji House, No. 5, Maiduguri Road, Sokoto
  • +234(0)7031140009
  • ashenewsdaily@gmail.com
Facebook Twitter Instagram Pinterest
© 2026 All Rights Reserved. ASHENEWS Daily Designed & Managed By DeedsTech

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