Ola Olukoyede, the Executive Chairman of the Economic and Financial Crimes Commission (EFCC), recently addressed the imperative for legislative measures against unexplained wealth during a Two-Day International Law Conference. The conference, themed “Unexplained Wealth in the Global South: Examining the Asset Recovery and Return Trajectory,” was organized by Christopher University in Mowe, Ogun State, on December 14, 2023.
Olukoyede highlighted the necessity for comprehensive legislation to curb the activities of treasury looters within the country. Despite the adoption of Unexplained Wealth Orders (UWOs) by several nations, including the United Kingdom, Australia, Mauritius, Kenya, Zimbabwe, and Trinidad and Tobago, since 2018, Olukoyede emphasized that the EFCC, as Nigeria’s leading anti-graft agency, currently relies on the provisions outlined in Section 7 of its Establishment Act to combat this menace.
In his statement delivered through the Abuja Zonal Commander, Assistant Commander of the EFCC, ACE1 Adebayo Adeniyi, Olukoyede underscored the global nature of the unexplained wealth issue. He acknowledged the existence of jurisdictional legislations worldwide aimed at addressing criminal activities associated with money laundering and illicit funds. While countries like the UK, Australia, Mauritius, Kenya, Zimbabwe, and Trinidad and Tobago have enacted UWOs, Nigeria is yet to establish national legislation on the matter.
Olukoyede contended that tackling unexplained wealth globally would significantly reduce the cover available to treasury looters. He further emphasized the practical significance of addressing unexplained wealth in Nigeria, describing it as a crucial means of tracing, identifying, investigating, and prosecuting corruption cases. Due to the absence of specific legislation on unexplained wealth, the EFCC continues to depend on
