“We Must Move from Paper Reforms to Institutional Enforcement” — EFCC
Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has raised alarm over Nigeria’s persistent fiscal opacity, particularly in the oil and gas sector, warning that weak financial oversight continues to fuel inefficiency, corruption, and public distrust.
Speaking on Tuesday at the National Conference on Public Accounts and Fiscal Governance, organised by the Public Accounts Committees of the Senate and House of Representatives in Abuja, Olukoyede condemned the speculative nature of financial reporting in key revenue sectors and called for urgent institutional reforms.
“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.
Represented by the EFCC’s Director of Public Affairs, Wilson Uwujaren, Olukoyede identified several loopholes threatening Nigeria’s fiscal integrity, including non-compliance with financial regulations, unauthorized spending, diversion of public funds, and budget padding for non-impactful projects.
He also drew attention to the abuse of digital public finance platforms such as the Government Integrated Financial Management Information System (GIFMIS) and the Integrated Payroll and Personnel Information System (IPPIS), saying they 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 stated.
While reaffirming the EFCC’s core function of investigation and prosecution, Olukoyede said the Commission is increasingly focused on prevention. Over the past 18 months, the EFCC has taken strategic steps to close fiscal loopholes, including the establishment of a Fraud Risk Assessment and Control Department to proactively detect and block avenues for corruption in MDAs.
He added that the Commission is deepening collaboration with domestic and international enforcement agencies to track illicit financial flows and recover stolen assets.
Olukoyede revealed that the EFCC has returned trillions of naira in recovered assets to the national treasury. Among the notable recoveries is what he described as “the largest real estate asset recovery in Nigeria’s history” the seizure of 750 duplexes in Abuja.
He said funds from corruption cases are being redirected into national programmes such as the Nigerian Education Loan Fund (NELFund) and the Consumer Credit Scheme (CREDICORP).
Also in partnership with the Federal Ministry of Housing, the Commission is working to convert forfeited properties into affordable housing for low-income Nigerians.
Despite these gains, Olukoyede warned that much more needs to be done. He called for:
Real-time digital budget and project tracking, Public access to government expenditure data, a stronger whistleblowing system, and Integrity testing for all public officers.
“We must close procurement and payroll loopholes through robust automation and active citizen participation. No system will work without the right people,” he said.
In a direct message to lawmakers, the EFCC chairman criticised the lack of collaboration between the National Assembly’s Public Accounts Committees and the EFCC, revealing that the agency has not received a single oversight report from the committees for follow-up 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,” he said.
“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.”
Olukoyede concluded with a passionate appeal for a national culture of accountability, stating that sustainable development can only be achieved when both leaders and citizens embrace fiscal discipline.
“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.
