Ola Olukoyede, the Chairman of the Economic and Financial Crimes Commission (EFCC), has emphasized the need for legislation against unexplained wealth as a crucial measure to combat the activities of treasury looters in the country.
Addressing a recent event in Ogun State, Olukoyede highlighted the global nature of the issue, stating, “The issue of unexplained wealth is not a local issue. There are jurisdictional legislations across the world to tackle it.”
He noted that many countries worldwide are grappling with criminal activities stemming from money laundering and illicit funds, leading to the implementation of Unexplained Wealth Orders (UWOs) that became effective in 2018.
Various countries, including the United Kingdom, Australia, Mauritius, Kenya, Zimbabwe, and Trinidad and Tobago, have already instituted UWOs. However, Nigeria is yet to establish national legislation addressing this issue.
In the context of Nigeria, unexplained wealth has become a practical means of tracing, identifying, investigating, and prosecuting corruption cases. The EFCC, as an anti-graft agency, often requires suspects of economic and financial crimes to declare their assets during investigations. This process is aimed at accurately determining their true asset base and any connections to acts of corruption.
Due to the absence of specific legislation on unexplained wealth, the EFCC currently relies on the provisions of Section 7 of its Establishment Act to handle such cases.
Olukoyede pointed out the global trend toward non-conviction-based asset forfeiture, emphasizing that forfeiting unexplained wealth could significantly benefit the state in the fight against corruption. However, the establishment of comprehensive legislation remains crucial for more effective handling of such cases.