The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has urged members of the National Assembly to enact legislation targeting unexplained wealth, arguing that such a law is critical to strengthening the country’s anti-corruption framework.
Speaking on Wednesday, July 9, 2025, at the National Conference on Public Accounts and Fiscal Governance in Abuja—organized by the Public Accounts Committees of both chambers of the National Assembly—Olukoyede stressed that the absence of a law against unexplained wealth weakens accountability and allows corruption to thrive.
“I want to make an appeal to you all—please pass the bill on unexplained wealth,” Olukoyede told lawmakers, emphasizing that individuals living far beyond their means should be subject to scrutiny.
He also advocated for greater transparency and accountability in public resource management, noting that Nigeria is endowed with abundant natural resources but lacks effective and prudent utilization. “We need transparency in resource management. Everywhere you go in Nigeria, you see natural resources all around you. We will succeed if we are resolute about resource management,” he said.
Olukoyede further drew a link between poor resource management and rising insecurity, citing banditry, kidnapping, and terrorism as consequences of corruption and misgovernance. He urged Nigerians to support the reforms and initiatives of President Bola Ahmed Tinubu’s administration, which he described as a rare opportunity for national renewal.
Additionally, the EFCC chairman called on foreign custodians of stolen Nigerian assets to cooperate with the Commission in facilitating their return, stating, “Custodians of stolen assets are as guilty as those that stole them.”
Chairman of the House Committee on Public Accounts, Hon. Bamidele Salaam, commended Olukoyede’s remarks and called for a review of Nigeria’s wage structure to reduce susceptibility to corruption. “We must do something about our wage system if we are serious about the fight against corruption,” Salaam said.
