EFCC Chairman, Olukoyede Seeks Legislation Against Unexplained Wealth

EFCC Chairman, Olukoyede Seeks Legislation Against Unexplained Wealth....KINDLY READ THE FULL STORY HERE▶

Written By Oshiobugie John

Ola Olukoyede, the Executive Chairman of the Economic and Financial Crimes Commission (EFCC), has advocated for legislation against unexplained wealth as a crucial measure to combat the activities of treasury looters in Nigeria. He emphasized the need to address the issue of unexplained wealth globally to tackle criminal activities related to money laundering and illicit funds.

Speaking at a Two-Day International Law Conference organized by Christopher University in Mowe, Ogun State, Olukoyede highlighted that many countries, including the United Kingdom, Australia, Mauritius, Kenya, Zimbabwe, and Trinidad and Tobago, have adopted Unexplained Wealth Orders (UWOs) since 2018. However, Nigeria, through the EFCC, relies on Section 7 of its Establishment Act to address the problem.

Olukoyede, represented by the Abuja Zonal Commander, Assistant Commander of the EFCC, ACE1 Adebayo Adeniyi, stressed that a national legislation on unexplained wealth is essential. He asserted that tackling this issue globally would diminish the cover for treasury looters and enhance the fight against corruption.

Unexplained wealth has become a practical means of tracing, identifying, investigating, and prosecuting corruption cases in Nigeria. Olukoyede pointed out that due to the absence of legislation on unexplained wealth, the EFCC continues to use Section 7 of its Establishment Act for handling such cases.

During the conference, Olukoyede also shed light on the EFCC’s experiences with asset recovery, highlighting the importance of non-conviction based asset forfeiture. He emphasized that unexplained wealth should be forfeited to the state for the benefit of the nation. The EFCC has successfully secured assets, including houses, vehicles, jewelry, money, and landed properties, from individuals involved in fraud.

Olukoyede encouraged the public to provide information about suspicious assets in their communities, emphasizing the importance of intelligence and information for effective EFCC operations.

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