The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has advocated for the enactment of a law addressing unexplained wealth to combat criminal activities related to treasury looting in the country. Speaking at a two-day International Law Conference organized by Christopher University in Ogun State, EFCC spokesperson Dele Oyewale quoted Olukoyede as emphasizing the need for legislation against unexplained wealth.
The conference, themed “Unexplained Wealth in the Global South: Examining the Asset Recovery and Return Trajectory,” provided a platform for the EFCC chairman to express his concerns. Olukoyede highlighted that various countries, including the United Kingdom, Australia, Mauritius, Kenya, Zimbabwe, and Trinidad and Tobago, had already adopted Unexplained Wealth Orders (UWOs) since their introduction in 2018.
While acknowledging the existence of Section 7 of the EFCC Establishment Act as the current tool to address the issue, Olukoyede stressed the global nature of unexplained wealth, citing the prevalence of money laundering and illicit funds across the world. He urged Nigeria to follow the example of other nations and establish a national legislation on Unexplained Wealth Orders to effectively tackle the challenge.
