Half of Nigeria’s Looted Funds May Never Be Recovered – EFCC Chairman

By Tanimu Salihu

The Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has made a startling admission, saying that half of Nigeria’s stolen resources may never be recovered, despite ongoing anti-corruption efforts.

Mr. Olukoyede made the disclosure in Abuja during the National Conference on Public Accounts and Fiscal Governance, jointly organized by the House and Senate Committees on Public Accounts.

“There are international legal bottlenecks and complex laundering schemes that make recovery extremely difficult,” he stated.

The EFCC boss emphasized that corruption has deeply eroded Nigeria’s socio-economic fabric and warned that the scale and sophistication of illicit financial flows often hinder prosecution and recovery.

In a striking revelation, Olukoyede added that some government agencies currently have worse corruption records than the Nigerian National Petroleum Company (NNPC)—long viewed as the epicenter of financial scandals in the country.

Meanwhile, the Director-General of the Bureau of Public Procurement, Adebowale Adedokun, highlighted inefficiencies and budget abuse in capital projects, calling them a major breeding ground for corruption in Nigeria’s public sector.

Speaking at the same event, Chairman of the House Committee on Public Accounts, Bamidele Salam, said the conference underscores the growing need for transparency and accountability in Nigeria’s fiscal management.

“This platform allows for the sharing of insights and strategies to strengthen public financial systems,” Salam noted.

The conference brought together key stakeholders from government agencies, civil society, and development partners, all focused on reforming Nigeria’s financial architecture and curbing endemic graft.