EFCC is advocating for legislation addressing unexplained wealth.
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The Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has advocated for legislation against unexplained wealth as a means to curb the criminal activities of treasury looters in the country.
During a two-day International Law Conference titled "Unexplained Wealth in the Global South: Examining the Asset Recovery and Return Trajectory," organized by Christopher University in Mowe, Ogun State on Thursday, the EFCC chairman pointed out that while several countries, including the United Kingdom, Australia, Mauritius, Kenya, Zimbabwe, and Trinidad and Tobago, have adopted Unexplained Wealth Orders (UWOs) since 2018, Nigeria's leading anti-graft agency, the EFCC, still relies on the provisions of Section 7 of its Establishment Act to address the issue.
He stated, "The problem of unexplained wealth is not confined to a local level. Jurisdictional legislations exist worldwide to combat it. Many countries have faced criminal activities stemming from money laundering and illicit funds, leading to the enactment of Unexplained Wealth Orders (UWOs) in 2018. Countries like the United Kingdom, Australia, Mauritius, Kenya, Zimbabwe, and Trinidad and Tobago have implemented UWOs. However, Nigeria has yet to establish national legislation on this matter."
Represented by the Abuja zonal commander, Assistant Commander of the EFCC, ACE1 Adebayo Adeniyi, the EFCC chairman underscored that addressing the issue of unexplained wealth more seriously globally would leave treasury looters with limited protection.
According to him, in today's Nigeria, tracing, identifying, investigating, and prosecuting corruption cases often involve scrutinizing unexplained wealth. As part of the anti-graft efforts, individuals suspected of economic and financial crimes must disclose their assets during investigations. This practice aims to establish their true asset base and determine any connections to corruption. Due to the absence of legislation on unexplained wealth, the EFCC relies on Section 7 of its Establishment Act.
The EFCC spokesperson, Dele Oyewale, stated that Olukoyede further elaborated on the commission's experience with asset recovery, emphasizing the focus on unexplained wealth related to asset tracing, investigation, and recovery. Oyewale explained that many nations are increasingly adopting non-conviction-based asset forfeiture, emphasizing that forfeiting unexplained wealth benefits the state. Since its inception, the EFCC has successfully obtained significant assets from fraudsters, including houses, vehicles, barges, jewelry, money, furniture items, landed properties, and more.
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