EFCC Chairman Advocates Legislation Against Unexplained Wealth to Combat Treasury Looting

The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has urged the implementation of legislation targeting unexplained wealth to curb treasury looting in Nigeria.

Olukoyede emphasized the global adoption of Unexplained Wealth Orders (UWOs) by various nations but highlighted Nigeria’s lack of dedicated laws in this regard.

Speaking at a conference themed “Unexplained Wealth in the Global South: Examining the Asset Recovery and Return Trajectory,” Olukoyede stressed the EFCC’s reliance on Section 7 of its Establishment Act due to the absence of specific national legislation. He underlined the crucial need to address unexplained wealth to expose treasury looters and promote greater accountability.

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Olukoyede also shed light on the EFCC’s focus on non-conviction-based asset forfeiture, citing successful recoveries of various assets including properties, cash, and other valuables. He outlined the complexities involved in asset forfeiture procedures and emphasized the importance of reclaiming illegitimate wealth for the government’s benefit.

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Highlighting challenges faced by countries in the global South, including Nigeria, he pointed out ethnic and religious biases that hinder full disclosure of information. Additionally, Olukoyede discussed hurdles specific to Nigeria’s asset recovery efforts, citing technical prosecution intricacies and the complexity of retrieving funds from foreign jurisdictions. He also acknowledged the frustration caused by delays in the return of recovered funds, particularly in cases involving government officials’ looted funds.

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