Petroleum economist Kelvin Emmanuel has criticised Nigeria’s anti corruption agencies for failing to act on alleged financial mismanagement and abuse of office by senior regulators in the oil and refinery sector, questioning whether there is political will to hold powerful officials accountable.
Speaking on ARISE News on Wednesday, Emmanuel said he had little confidence that ongoing investigations involving senior regulatory officials would lead to accountability, citing past precedents and what he described as selective enforcement by enforcement agencies.
“I’m not holding my breath for the anti-corruption agencies in Nigeria,” he said.
Emmanuel made the remarks while reacting to allegations and petitions involving regulatory authorities and industry players, which have now reportedly been forwarded to the Independent Corrupt Practices and Other Related Offences Commission ICPC.
According to him, the lack of visible action by agencies such as the Economic and Financial Crimes Commission EFCC raises serious questions about institutional independence.
“The EFCC is not saying anything about that investigation or possible charges,” he said.
He pointed to what he described as unresolved issues around refinery maintenance funding, noting that significant public funds had been expended without corresponding results.
Emmanuel argued that allegations raised by business leaders should not be dismissed outright, especially when they come from major contributors to government revenue.
“But it’s important to state a few facts. Aliko Dangote is one of the largest taxpayers in Nigeria. Last year he paid up to $450 billion in taxes,” he said.
“As a taxpayer, he has a right to say that if a government official is allegedly abusing his office.”
He also raised concerns about the lifestyle and assets of public officials, questioning whether they align with declared earnings under public service rules.
“Considering that the authority chief executive doesn’t earn more than $50 million in salary and allowances in a year,” Emmanuel said, adding that there were “indications that the children that schooled abroad in the most elite private schools in Europe, boarding schools in Switzerland are more expensive than any boarding schools anywhere in the world. More expensive than the UK.”
Emmanuel stressed that Nigeria code of conduct rules require public officers to make regular asset declarations and that these should be scrutinised.
“I am worried about the code of conduct they have in form 001 asset declaration under public service rules,” he said.
“And that form, all public servants are required to date that form on a yearly basis.”
He said the appropriate authorities should review asset declarations from the point officials entered government service and compare them with subsequent updates.
“It’s now for them to review his file and check his asset declaration when he joins government and check his updates on the yearly basis and then investigate,” Emmanuel said.
Addressing possible defences that could be raised by officials under investigation, Emmanuel said claims of family wealth or spousal income must be backed by verifiable records.
“What if he comes and he says oh my wife is a business woman it’s her money that we are using to send the students to school what if he says I have family inheritance,” he said.
“The money didn’t come from the sky.”
He added that tax records are central to establishing financial capacity.
“If anybody says that I have XYZ I have this financial capacity the first indication to verify that they have that financial capacity is their tax returns,” Emmanuel said.
“You have to show your tax returns.”
Beyond individual cases, Emmanuel described the situation as a deeper structural problem involving regulators and industry operators.
“What we can establish is that this is a conflict between industry and the regulator which is a major problem in Nigeria,” he said.
He warned that focusing on removing a single official would not address the underlying issues in the sector.
“What we’re looking for is a long term solution not just for one man to be castigated and taken out,” he said.
On the broader question of accountability, Emmanuel directly challenged the political leadership.
“Is there political will to fight corruption in this country?” he asked.
He argued that if such political will existed, authorities would already be probing major cases involving public funds.
“If there was political will to fight corruption, right, yes, NNPCs, Foreman Management and Board should be asking questions at EFCC today for how they wasted $3 billion and the refineries are shut down,” he said.
“Why is EFCC not saying anything about the $3 billion that was wasted out of Nigeria’s money. Why are they not saying anything about it.”
Emmanuel concluded that until enforcement agencies demonstrate independence and consistency, public confidence in Nigeria anti-corruption efforts will remain low.
Faridah Abdulkadiri
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