The Chairman of Nigeria’s Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has urged for the enactment of laws to combat unexplained wealth, aiming to thwart the nefarious activities of treasury looters in the country.
Addressing delegates 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 in Ogun State, Olukoyede emphasized the imperative need for legislation to counter the proliferation of illicit wealth.
Olukoyede highlighted the global prevalence of measures such as Unexplained Wealth Orders (UWOs) adopted by countries including the United Kingdom, Australia, Mauritius, Kenya, Zimbabwe, and Trinidad and Tobago since its commencement in 2018. He underscored the significance of jurisdictions worldwide ensuring that unexplained wealth is effectively addressed.
“The issue of unexplained wealth is not confined to local boundaries. Various countries globally have implemented legislative measures to tackle this phenomenon,” Olukoyede stated. “The proliferation of money laundering and illicit funds prompted the introduction of Unexplained Wealth Orders (UWOs) in 2018. Several nations including the UK, Australia, Mauritius, Kenya, Zimbabwe, and Trinidad and Tobago have instituted UWOs. However, Nigeria is yet to establish national legislation in this regard,” he added.
As the EFCC intensifies its battle against financial malpractice, Olukoyede’s call for legislative reinforcement serves as a clarion call to stem the tide of corrupt activities, fostering a more transparent and accountable fiscal landscape in Nigeria.
