The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has raised alarm over persistent opacity in Nigeria’s financial reporting system, particularly in the oil and gas sector.
He warned that the lack of transparency continues to undermine national development and public trust.
Oloyede, who raised the alarm at a National Conference on Public Accounts and Fiscal Governance organised by the Senate and House of Representatives Public Accounts Committees (PACs) in Abuja on Tuesday, said that speculative earnings, unverified transactions, and poor oversight in critical sectors like 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 boss, who was represented by the agency’s Director of Public Affairs, Wilson Uwujaren, went further to highlight several loopholes that continue to threaten Nigeria’s fiscal integrity to include non-compliance with financial regulations, approval of spending beyond official limits, diversion of public funds to private accounts, and the padding of budgets to accommodate projects with no real developmental value.
He also cited 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).
“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 lamented.
While reiterating the Commission’s core mandate of investigation and prosecution, Olukoyede said the EFCC is now equally focused on prevention.
He revealed that in the past 18 months, the agency has taken strategic steps to strengthen internal controls across the public sector.
Key among these efforts is the creation of a Fraud Risk Assessment and Control Department, tasked with identifying and sealing off fiscal loopholes in MDAs. Additionally, the Commission has enhanced its collaboration with both local and international enforcement bodies to curb illicit financial flows.
Speaking on asset recovery, Olukoyede disclosed that the EFCC has returned trillions of naira in monetary assets to the national treasury, including what he described as “the largest real estate asset recovery in Nigeria’s history” which was the 750 duplexes seized 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).
He said the EFCC is also working with the Federal Ministry of Housing to convert seized properties into affordable housing for low-income Nigerians.
Despite these achievements, Olukoyede noted that the real work lies ahead. He called for the institutionalisation 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, from the highest levels of government to ordinary citizens, demand and practice accountability.
The EFCC boss urged members of the National Assembly to lead by example.
He said the EFCC had not received a single oversight report from the Public Accounts Committee of the National Assembly 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 Public Accounts Committee’s work is not routine or toothless,” he said.
Olukoyede made a passionate appeal for a national culture of accountability. “Let’s institutionalise transparency and make accountability a patriotic duty by enforcing the rules and regulations in our statutes. Together, we can make Nigeria a nation where fiscal governance delivers real value for real people,” he said.
