The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has advocated for the enactment of legislation to tackle unexplained wealth, aiming to curb the illicit activities of treasury looters in Nigeria and beyond.
During a two-day International Law Conference with the theme “Unexplained Wealth in the Global South: Examining the Asset Recovery and Return Trajectory” organized by Christopher University in Ogun State, EFCC Spokesperson, Dele Oyewale, quoted Olukoyede as emphasizing the necessity of adopting measures to address unexplained wealth.
Olukoyede highlighted that several countries, including the United Kingdom, Australia, Mauritius, Kenya, Zimbabwe, and Trinidad and Tobago, have already embraced Unexplained Wealth Orders (UWOs) since its implementation in 2018. He stressed the global significance of addressing unexplained wealth, citing the prevalence of money laundering and illicit funds on a global scale.
The EFCC boss underscored the absence of national legislation in Nigeria to combat unexplained wealth, revealing that the EFCC currently relies on the provisions of Section 7 of its Establishment Act to combat this menace. He emphasized that unexplained wealth is intricately linked to the identification and prosecution of corruption cases, making it a crucial issue in the fight against economic and financial crimes in the country.
Furthermore, Olukoyede emphasized the importance of asset tracing, investigation, and recovery in the context of unexplained wealth, noting the growing trend of non-conviction-based asset forfeiture. He emphasized the significance of recovering ill-gotten wealth for the benefit of the state, highlighting the substantial assets the EFCC has retrieved from perpetrators of financial crimes.
Addressing challenges faced in asset recovery, Olukoyede shed light on the hurdles encountered in prosecuting looted assets, emphasizing the time-consuming procedures involved, including legal publication requirements and fraudulent attempts to hinder forfeiture proceedings. He stressed the paramount need for accurate information and intelligence for the successful operation of anti-corruption agencies.
In addition, Olukoyede highlighted the complexities associated with the recovery of stolen funds stashed in foreign jurisdictions, noting the prolonged and intricate processes involved. He specifically mentioned the struggles faced by Nigeria in repatriating looted funds held abroad by government officials.
Olukoyede urged members of the public to provide pertinent information about suspicious assets within their communities to enhance the EFCC’s operations. He emphasized the pivotal role of intelligence and community participation in combating economic and financial crimes, striving for increased public accountability and transparency.
This call for legislation to combat unexplained wealth resonates with the global fight against financial crimes and money laundering, underlining the crucial role of legal frameworks in upholding transparency and accountability.