Oil Theft: EFCC Enters Investigation on High Profile Personalities, Hints at Major Causes
- An attempt to end the operations of crude oil thieves has been intensified by the Economic and Financial Crimes Commission (EFCC)
- The commission said there is an ongoing investigation on some of the top kingpins involved in crude oil thievery
- He also called on relevant stakeholders to synergise to help enforce a quick clampdown on crude oil theft
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FCT, Abuja - The Economic and Financial Crimes Commission (EFCC) says it will cut short the reign of fraud and corruption in the Nigerian oil and gas sector very soon.
The commission's chairman, Abdulrasheed Bawa made this pledge on Wednesday, November 9 in Abuja at the one-day Legislative Transparency and Accountability Summit organised by the House of Representatives Committee on Anti-Corruption.
Source: UGC
While speaking on the intricacies lingering in the oil and gas sector, Bawa said there is a serious vulnerability to money laundering.
He also noted that the supply chain of distributors, marketers, and dealers gives room for serious fraud in the oil and gas sector.
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As reported by the Nigerian Tribune, Bawa urged the federal government to create and foster avenues for transparency which include reeling out details of associations and dealings with other major players and mapping out appropriate designations of responsibilities in revenue evaluation and its report.
"AGF, NASS must synergise to curb monetary disparities" - EFCC boss
Similarly, Bawa called for a collaborative understanding between the office of the Auditor-General of the Federation (AGF) as well as related committees of the national assembly to help curb the issues of monetary disparities.
Bawa said:
“We will continue to hold accountable those who breach the public trust in the sector whether they are corporations or individuals, whether local or foreign.
“The laws enforced by the commission target contravention of legal stipulations on transparency and accountability in both public and private sectors.
“Throwing transparency and accountability in the petroleum industry might seem an arduous task but we believe in the EFCC that whatever we are determined to achieve is doable."
Bawa further appealed to relevant stakeholders in the oil and gas sector to give transparency a chance in order to save the dilapidated state of the Nigerian oil and gas industry.
Crude oil theft: Time to name and prosecute those behind the menace
Meanwhile, Nigeria lost a staggering $1 billion in revenue in the first quarter of 2022 from crude oil theft.
With millions of dollars lost daily, Nigeria has been experiencing some of the worst crude oil theft in its history.
Following the increasing incidents of crude oil theft, there have been several allegations of complicity levelled against powerful individuals and security officials.
Source: Legit.ng
