EFCC to investigate ministries, agencies implicated in audit report findings

DDM News

The Economic and Financial Crimes Commission (EFCC) has announced plans to investigate ministries, departments, and agencies implicated in the findings of the 2021 consolidated financial statement audit report.

According to Diaspora digital media (DDM), the audit report, released last year by the Office of the Auditor-General, exposed financial mismanagement, revenue diversions, and other irregularities affecting government revenue remittances.

EFCC Chairman, Ola Olukoyede, made this announcement during the Public Presentation of the Report on the Review of Transparency International’s Corruption Perception Index Assessments for 2019-2024.

The event, organized by the Technical Unit on Governance & Anti-Corruption Reforms, took place in Abuja on Tuesday.

During his address, Olukoyede confirmed that the EFCC had received the audit report from the Auditor-General’s office and had already begun investigations.

He stressed the commission’s commitment to addressing financial irregularities identified in the audit report and ensuring accountability.

According to him, the EFCC is taking necessary steps to investigate the ministries and agencies flagged in the report.

Olukoyede also disclosed that the commission had recovered a substantial amount from oil and gas firms indicted in the Nigeria Extractive Industries Transparency Initiative (NEITI) 2023 audit report.

Although he did not specify the exact ministries or agencies under investigation, previous reports have highlighted major financial irregularities in government institutions.

Last year, the Office of the Auditor-General published its 2021 consolidated financial statement audit report.

The audit report uncovered widespread financial mismanagement, revenue misappropriation, and unaccounted expenditures across several government agencies.

One of the most alarming findings was the alleged misappropriation of N514 billion by the Nigerian National Petroleum Company Limited (NNPCL).

According to the audit report, these funds were meant for the Federation in 2021 but were not properly accounted for.

The report also revealed that over N17.105 trillion was overdrawn from the Consolidated Revenue Fund within the same year.

Additionally, the 558-page audit report, submitted to the National Assembly, implicated the Central Bank of Nigeria (CBN).

The report alleged that the CBN mismanaged N2.73 trillion in interest payments from Ways and Means advances.

Several other infractions were detailed, exposing financial mismanagement across multiple government institutions.

Olukoyede reiterated that the EFCC is committed to investigating all agencies flagged in the audit report.

He emphasized that audit reports play a crucial role in exposing financial misconduct and ensuring public accountability.

“Last year alone, I shared with the NEITI Executive Secretary how much we recovered from the audit report they submitted to us,” he stated.

He pointed out that Nigeria has faced significant financial challenges, making revenue recovery a top priority.

“We had a situation where we could pay salaries for two, three months without revenue from the extractive industry,” he explained.

Olukoyede described this as a major achievement for the current administration in blocking financial leakages.

He attributed the success to concerted efforts aimed at strengthening financial transparency and accountability.

The EFCC chairman highlighted the role of NEITI in promoting financial accountability in the oil and gas sector.

1. According to him, audit reports serve as essential tools in ensuring that government funds are properly managed.

Olukoyede also revealed that the EFCC is actively collaborating with the Auditor-General’s office to enhance financial oversight.

“We received an audit report from the Auditor-General, and we are working on it right now,” he confirmed.

He stated that his recent visit to the Auditor-General’s office was aimed at fostering cooperation and strengthening institutional synergy.

The EFCC chairman emphasized that stronger collaboration between the executive, legislative, and judicial arms of government is essential for tackling corruption.

He stressed that enhanced coordination among key institutions would help improve financial oversight and accountability.

Olukoyede acknowledged that Nigeria has made significant progress in its anti-corruption efforts despite global perceptions

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