The Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede has advocated for the immediate enactment of legislation targeting unexplained wealth to combat the activities of treasury looters in the country.
By Lot Sunday
Speaking at a two-day International Law Conference themed “Unexplained Wealth in the Global South: Examining the Asset Recovery and Return Trajectory“, organized by Christopher University, Mowe, Ogun State, Olukoyede emphasized the global significance of addressing unexplained wealth.
According to a statement by EFCC Spokesperson, Mr. Dele Oyewale, the chairman highlighted that various countries, including the United Kingdom, Australia, Mauritius, Kenya, Zimbabwe, and Trinidad and Tobago have already implemented Unexplained Wealth Orders (UWOs) since their inception in 2018. He expressed concern that Nigeria is yet to have a national legislation addressing this critical issue.
Olukoyede, represented by the Abuja Zonal Commander, Assistant Commander of the EFCC, ACE1 Adebayo Adeniyi, stressed that unexplained wealth is a global problem that requires coordinated efforts to tackle effectively. He cited the absence of legislation in Nigeria, stating that the EFCC currently relies on Section 7 of its Establishment Act to combat the menace.
The EFCC boss underscored the practical importance of addressing unexplained wealth, noting that it is a crucial tool for tracing, identifying, investigating, and prosecuting corruption cases. He highlighted the agency’s reliance on asset declaration by suspects during investigations, urging the need for comprehensive legislation to strengthen the fight against corruption.
Concerns were raised about the challenges of asset recovery, with Olukoyede pointing out that countries in the global South, including Nigeria, face obstacles in establishing a culture of public accountability. He highlighted ethnic and religious biases as barriers to full disclosure of information, emphasizing the crucial role of intelligence and information in the operation of anti-corruption agencies.
Addressing the hurdles in asset recovery within Nigeria, Olukoyede discussed the technicalities involved in the prosecution of looted assets, including the requirement for publication in major newspapers. Despite acknowledging delays caused by fraudulent claims, he emphasized the paramount importance of providing accurate information to the court for the permanent recovery of ill-gotten wealth.
Olukoyede also urged the public to collaborate by providing information about suspicious assets in their communities, reaffirming that the EFCC operates more effectively with readily available intelligence. He also highlighted the complexities of recovering stolen funds stashed in foreign jurisdictions, acknowledging the involvement of state institutions and the time and effort required for such processes.
