Abuja — The Economic and Financial Crimes Commission, EFCC, says it has uncovered massive fraud in the Nigerian oil and gas sector following ongoing investigations into the financial records of the sector.
The Chairman of the agency, Ola Olukoyede, disclosed this in Abuja at the National Conference on Public Accounts and Fiscal Governance organised by the Public Accounts Committees of the Senate and House of Representatives.
Olukoyede said the “mind-boggling” discovery is deeply disturbing.
“In the last three weeks, we started 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. So, much more corruption is to be unravelled. If this is what we’re seeing at the surface, imagine what lies beneath,” the EFCC boss stated.
Olukoyede added: “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 that were meant to improve people’s lives.”
