The Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has called for the enactment of legislation against unexplained wealth as a crucial measure to combat the criminal activities of treasury looters in Nigeria. Speaking at a two-day International Law Conference themed “Unexplained Wealth in the Global South: Examining the Asset Recovery and Return Trajectory,” organized by Christopher University in Ogun State, Olukoyede emphasized the need for a legal framework to address the issue.
While highlighting that several countries, including the United Kingdom, Australia, Mauritius, Kenya, Zimbabwe, and Trinidad and Tobago, have embraced Unexplained Wealth Orders (UWOs) since its inception in 2018, Olukoyede noted that Nigeria, despite being a victim of money laundering practices and illicit funds, has not implemented a national legislation on the matter.
Represented by the Abuja zonal commander, Assistant Commander of the EFCC, ACE1 Adebayo Adeniyi, Olukoyede stressed that the absence of legislation on unexplained wealth in Nigeria hinders the EFCC’s efforts, forcing the agency to rely on the provisions of Section 7 of its Establishment Act to address the issue.
Olukoyede highlighted that unexplained wealth has become a practical means of tracing, identifying, investigating, and prosecuting corruption cases in Nigeria. He underscored that suspects of economic and financial crimes are required to declare their assets during investigations, aiming to establish their true asset base and their connection to acts of corruption.
The EFCC chairman argued that tackling unexplained wealth more seriously worldwide would leave treasury looters with little cover. He pointed out that nations are increasingly adopting non-conviction based asset forfeiture, emphasizing that the forfeiture of unexplained wealth is beneficial to the state. Olukoyede shared the EFCC’s experience in assets recovery, detailing the agency’s success in securing sizable assets from fraudsters, including houses, vehicles, barges, jewelry, money, furniture items, and landed properties.
