EFCC uncovers mind-boggling corruption in Oil & Gas sector

Austin Okoro DDM NEWS

Ola Olukoyede

The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has revealed that the agency has uncovered “mind-boggling” levels of corruption in the oil and gas sector.

According to Olukoyede, the EFCC’s investigation into the financial records of the sector has only scratched the surface of widespread fiscal malfeasance.

The EFCC’s investigation aims to uncover financial irregularities and corruption in the oil and gas sector.

Olukoyede stated that the agency has discovered significant discrepancies in the financial records of companies operating in the sector, which suggests a deep-seated culture of corruption.

The EFCC’s findings have revealed a pattern of corrupt practices, including financial irregularities.

Companies operating in the oil and gas sector have been found to have engaged in financial irregularities, such as falsification of records and misappropriation of funds.

Some companies have been found to have evaded taxes, depriving the government of revenue.

The EFCC has uncovered evidence of money laundering activities in the sector.

The EFCC’s investigation has significant implications for the oil and gas sector.

The agency’s findings suggest that corruption is widespread in the sector, and that companies operating in the sector are not transparent in their financial dealings.

The investigation also highlights the need for greater oversight and regulation of the sector to prevent corruption and ensure that companies operate transparently.

The EFCC has reiterated its commitment to fighting corruption in all sectors of the economy, including the oil and gas sector.

Olukoyede stated that the agency will continue to investigate financial irregularities and bring perpetrators to justice.

The EFCC’s investigation into the oil and gas sector has uncovered significant corruption and financial irregularities.

The agency’s findings highlight the need for greater transparency and oversight in the sector to prevent corruption and ensure that companies operate in accordance with the law.

The EFCC’s commitment to fighting corruption in the sector is a step in the right direction towards ensuring that the sector operates in a transparent and accountable manner

Mr Olukoyede disclosed this on Wednesday 9th July 2025 during 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.

And we have only just opened the books.

If this is what we’re seeing at the surface, imagine what lies beneath,” he said.

The EFCC chairman argued that the corruption in Nigeria’s oil and gas sector directly contributes to rising insecurity across the country.

“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.

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