The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, on Tuesday expressed grave concern over the persistent opacity in Nigeria’s financial reporting system, particularly within the oil and gas sector.
Speaking in Abuja during the second day of the 2025 National Conference on Public Accounts and Fiscal Governance organised by the Public Accounts Committees of the Senate and House of Representatives, Olukoyede lamented that the lack of transparency continues to undermine national development and public trust.
Represented by the Director of Public Affairs, Mr. Wilson Uwujaren, he noted that speculative earnings, unverified transactions, and poor oversight in critical sectors such as oil and gas have entrenched inefficiency and corruption in public finance.
“Opaque financial reporting, especially in the oil and gas sector, where earnings remain speculative rather than factual is one of the most disturbing vulnerabilities in our system. These weaknesses feed corruption and erode public trust,” he said.
The EFCC Chairman also highlighted several loopholes that threaten Nigeria’s fiscal integrity, including non-compliance with financial regulations, unauthorized spending, diversion of public funds into private accounts, and budget padding to accommodate projects with no real developmental value.
He further cited the digital manipulation of government platforms such as the Government Integrated Financial Management Information System (GIFMIS) and the Integrated Payroll and Personnel Information System (IPPIS), which have become tools for payroll fraud in some Ministries, Departments, and Agencies (MDAs).
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“Despite years of reforms and development plans, the gap between policy intent and public impact remains wide. We must move from paper reforms to institutional enforcement,” Olukoyede said.
While reiterating the Commission’s core mandate of investigation and prosecution, he emphasized that the EFCC is now equally focused on prevention. He revealed that in the past 18 months, the agency had taken strategic steps to strengthen internal controls across the public sector.
Key among these efforts, he said, is the creation of a Fraud Risk Assessment and Control Department, tasked with identifying and sealing fiscal loopholes in MDAs.
Additionally, the Commission has enhanced collaboration with both local and international enforcement agencies to curb illicit financial flows.
On asset recovery, Olukoyede disclosed that the EFCC had returned trillions of naira in recovered monetary assets to the national treasury, including what he described as “the largest real estate asset recovery in Nigeria’s history” the seizure of 750 duplexes in Abuja.
Funds recovered from various corruption cases, he noted, have been redirected into key national initiatives such as the Nigerian Education Loan Fund (NELFund) and the Consumer Credit Scheme (CREDICORP).
The EFCC, he added, is also partnering with the Federal Ministry of Housing to convert seized properties into affordable housing for low-income Nigerians.
Despite these strides, Olukoyede stressed that the real work lies ahead. He called for the institutionalization of real-time digital budget and project tracking, public access to expenditure data, and a strengthened whistleblowing system.
“We must close procurement and payroll loopholes through robust automation and active citizen participation. No system will work without the right people. That’s why we’re pushing for integrity testing for all public officers across MDAs,” he said.
He added that sustainable development and fiscal transparency can only take root when Nigerians at all levels, from government officials to ordinary citizens demand and practice accountability.
In a pointed message to lawmakers, Olukoyede urged the National Assembly to lead by example, noting that the EFCC had not received a single oversight report from its Public Accounts Committee for further investigation.
“Parliament cannot demand accountability if it doesn’t practice it. Fiscal integrity must be the norm in all organs of government. Legislators must embrace transparent appropriation and resist any actions that erode public trust.
“There is also a need for greater synergy and collaboration between the Public Accounts Committee of the National Assembly and the EFCC. To the best of my knowledge, no report of the Committee’s oversight of MDAs has been forwarded to the EFCC for investigation. Leveraging the enforcement powers of the Commission will send a powerful message that the Committee’s work is neither routine nor toothless,” he said.
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