The EFCC boss highlights how digital manipulation of key government platforms such as IPPIS, (GIFMIS) are enabling payroll fraud in MDAs
Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has decried the persistent lack of transparency in Nigeria’s financial reporting system particularly within the oil and gas sector.
He warned that the trend continues to undermine national development and erode public trust.
Olukoyede, represented by the Director of Public Affairs at the EFCC, Wilson Uwujaren, made the remarks on Tuesday at the National Conference on Public Accounts and Fiscal Governance, organised by the Public Accounts Committees of both the Senate and House of Representatives in Abuja.
“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 stated.
The EFCC chief lamented that speculative earnings, unverified transactions, and poor regulatory oversight in critical sectors had entrenched inefficiency and corruption in Nigeria’s public finance space.
Olukoyede also identified several fiscal loopholes threatening the country’s financial integrity, including persistent non-compliance with financial regulations, approval of expenditures beyond official limits, diversion of public funds into private accounts, and budget padding to accommodate projects lacking real developmental value.
He further highlighted how digital manipulation of key government platforms such as the Government Integrated Financial Management Information System (GIFMIS) and the Integrated Payroll and Personnel Information System (IPPIS) has enabled 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 said.
While reiterating the EFCC’s core mandate of investigation and prosecution, he emphasized that the commission was now equally focused on prevention.
According to him, the commission has taken deliberate steps in the past 18 months to tighten internal controls across MDAs. Notably, a fraud risk assessment and control department has been created to proactively detect and close fiscal loopholes.
The EFCC has also intensified its collaboration with both domestic and international law enforcement partners to combat illicit financial flows, he added.
On asset recovery, Olukoyede revealed that the commission had returned trillions of naira in recovered assets to the national treasury. Among these is what he described as “the largest real estate asset recovery in Nigeria’s history”—the seizure of 750 duplexes in Abuja.
He added that funds recovered from various corruption cases have been channeled into national priority initiatives such as the Nigerian Education Loan Fund (NELFund) and the Consumer Credit Scheme (CREDICORP).
In partnership with the federal ministry of housing, the EFCC is also converting seized properties into affordable housing for low-income Nigerians.
Despite the achievements, Olukoyede stressed that more work lies ahead. He called for the institutionalisation of real-time digital budget and project tracking, greater public access to expenditure data, and a strengthened whistleblower protection 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.
According to him, fiscal transparency and sustainable development will only thrive when Nigerians at all levels embrace accountability as a civic duty.
In a direct message to lawmakers, Olukoyede urged the National Assembly to lead by example, expressing concern over the lack of communication between the EFCC and the legislature’s Public Accounts Committees.
“To the best of my knowledge, no report of the Committee’s oversight of MDAs has been forwarded to the EFCC for investigation. Parliament cannot demand accountability if it doesn’t practice it,” he said.
“There is also a need for greater synergy and collaboration between the Public Accounts Committee of the National Assembly and the EFCC. 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 concluded with a strong appeal for a nationwide culture of transparency and fiscal responsibility.
“Let’s institutionalize 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.
