EFCC Chairman Advocates Legislation Against Unexplained Wealth in Nigeria
The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has called for legislation targeting unexplained wealth in Nigeria to curb criminal activities related to treasury looting. Speaking at the 6th Senator Abiola Ajimobi Roundtable and 74th Posthumous Birthday, Olukoyede emphasized the need for Nigeria to diversify its economy away from oil, suggesting a shift towards mineral resources, agriculture, manufacturing, tourism, and technology.
Olukoyede highlighted the success of Unexplained Wealth Orders (UWOs) implemented by several countries, including the United Kingdom, Australia, Mauritius, Kenya, Zimbabwe, and Trinidad and Tobago since 2018. He urged Nigeria to enact similar legislation to address the challenges posed by money laundering practices and illicit funds.
The EFCC Chairman stressed that the issue of unexplained wealth is not confined to Nigeria and has global implications. He noted the absence of national legislation on the matter in Nigeria and highlighted the reliance on Section 7 of the EFCC Establishment Act to combat the menace.
Olukoyede revealed that unexplained wealth has become a practical means of tracing, identifying, investigating, and prosecuting corruption cases in Nigeria. He explained that suspects of economic and financial crimes are required to declare their assets during investigations, but the lack of legislation specifically addressing unexplained wealth hampers the process.
The Chairman acknowledged the challenges in prosecuting looted assets, citing delays caused by technicalities in the publication of notices in major newspapers. He also noted the complexities involved in recovering stolen funds stashed in foreign jurisdictions, involving institutions of the state and taking considerable time and effort.
In conclusion, Olukoyede appealed to the public to provide information about suspicious assets in their communities, emphasizing that the EFCC’s effectiveness relies on readily available intelligence.
Source: Daily Trust
