Breaking News: EFCC Urges Enactment Of Legislation Addressing Unexplained Wealth

Breaking News: EFCC Urges Enactment Of Legislation Addressing Unexplained Wealth....KINDLY READ THE FULL STORY HERE▶

The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has advocated for the enactment of legislation targeting unexplained wealth in Nigeria. This proposed law aims to curb the illicit activities of treasury looters within the country, according to a statement released by EFCC spokesperson Dele Oyewale on Thursday.

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Olukoyede made this call during the Two-Day International Law Conference themed “Unexplained Wealth in the Global South: Examining the Asset Recovery and Return Trajectory,” organized by Christopher University in Mowe, Ogun State. Represented by the EFCC Abuja Zonal Commander, ACE1 Adebayo Adeniyi, the Chairman highlighted that many foreign nations have successfully employed Unexplained Wealth Orders (UWOs) as a crucial tool in combating treasury looting and corruption since its implementation in 2018. He expressed regret that Nigeria has yet to enact such legislation, relying solely on Section 7 of its Establishment Act to address the issue.

Emphasizing that unexplained wealth is a global concern, Olukoyede pointed out that various jurisdictions worldwide have implemented legislation to tackle this problem. He cited the example of UWOs, which have been adopted by countries like the United Kingdom, Australia, Mauritius, Kenya, Zimbabwe, and Trinidad and Tobago. Nigeria, however, lacks a national legislation on this matter.

Due to the absence of legislation on unexplained wealth, Olukoyede explained that the EFCC continues to depend on the provisions of Section 7 of its Establishment Act to handle related cases. He stressed that the forfeiture of unexplained wealth can only benefit the state if the assets are ultimately seized. The EFCC, since its inception, has successfully confiscated substantial assets from fraudsters, including houses, vehicles, barges, jewelry, money, furniture items, and other properties.

Olukoyede outlined the procedures for asset forfeiture, which involve the prosecution of suspected fraudsters. Assets may be forfeited on an interim or permanent basis, depending on legal and court determinations. Regardless of the type of forfeiture, the primary objective is to recover and return all ill-gotten wealth to the government.

The Chairman urged the public to provide information about suspicious assets in their communities, emphasizing that the EFCC’s effectiveness relies on the availability of intelligence and information.

Olukoyede also acknowledged challenges in asset recovery in Nigeria, such as the technicalities of prosecuting looted assets, which may involve publicizing details in major newspapers. Additionally, recovering stolen funds stored in foreign jurisdictions presents complexities, often requiring the involvement of state institutions and considerable time and effort. The extended duration of the return trajectory for such funds can be frustrating for anti-corruption agencies and government institutions involved in the recovery process, as exemplified by instances of looted funds by various government officials in Nigeria.

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Source: Bushradiogist

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