Nigeria Needs Legislation To Tackle Menace Of Unexplained Wealth – EFCC

The Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has said the country needs legislation to tackle the menace of unexplained wealth in the country.

Speaking on Thursday, at a two-day International Law Conference titled: Unexplained Wealth in the Global South: Examining the Asset Recovery and Return Trajectory organised by Christopher University, Mowe Ogun State, the EFCC Chairman who was represented by the Abuja Zonal Command, Assistant Commander of the EFCC, ACE1 Adebayo Adeniyi, said Nigeria has not legislated in the penance to criminalise and tackle it like some countries.

He stated that treasury looters would have little cover if the issue of unexplained wealth is given cognisance globally.

Olukoyede said several countries, including the United Kingdom, Australia, Mauritius, Kenya, Zimbabwe, Trinidad and Tobago, had embraced the Unexplained Wealth Orders (UWOs) since 2018.

He said the Commission which is Nigeria’s leading anti-graft agency, is relying on the provisions of Section 7 of its Establishment Act to check the menace.

The EFCC Boss said: “The issue of unexplained wealth is not a local issue. There are jurisdictional legislations across the world to tackle it.

“Till date, countries of the world are faced with criminalities emanating from money laundering practices and illicit funds.”

This circumstance he noted, led to the promulgation of Unexplained Wealth Orders, UWOs that came into force in 2018 adding that Nigeria is yet to come up with a national legislation on it.

According to him: “In Nigeria today, unexplained wealth has become practical means of tracing, identifying, investigating and prosecuting corruption cases.

“As an anti-graft agency, suspects of any economic and financial crimes are usually required to declare their assets in the course of investigation.

“The basis for this is to properly establish their true asset base and their linkage or otherwise to any act of corruption.”

He emphasised that treasury looters would have little cover if the issue of unexplained wealth was tackled more seriously across the world.