The Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Ola Olukoyede, has emphasized the need for legislation against unexplained wealth in Nigeria as a means to combat the criminal activities of treasury looters in the country.
During the Two-Day International Law Conference organized by Christopher University in Mowe, Ogun State, with the theme “Unexplained Wealth in the Global South: Examining the Asset Recovery and Return Trajectory,” the EFCC Chairman, represented by the EFCC Abuja Zonal Commander, ACE1 Adebayo Adeniyi, highlighted that many foreign countries have implemented Unexplained Wealth Orders (UWOs) as a tool to address treasury looting and corruption.
He regretted that Nigeria is yet to enact such a law and solely relies on the provisions of Section 7 of its Establishment Act to address unexplained wealth issues.
The Chairman stressed the global nature of unexplained wealth-related criminal activities, citing the adoption of UWOs by countries like the United Kingdom, Australia, Mauritius, Kenya, Zimbabwe, and Trinidad and Tobago. He expressed concern over Nigeria’s lack of national legislation on the issue.
He underlined the importance of forfeiting unexplained wealth to the state, pointing out that the EFCC has successfully secured substantial assets from fraudsters, including houses, vehicles, barges, jewelry, money, furniture items, and properties.
Regarding asset recovery procedures, the Chairman mentioned the involvement of prosecution and the potential interim or permanent forfeiture of assets, emphasizing the significance of recovering illicit wealth and returning it to the government.
The EFCC Chairman encouraged the public to provide information about suspicious assets in their communities to enhance the Commission’s effectiveness in addressing such matters.
Olukoyede also identified challenges in asset recovery in Nigeria, including the technicality of prosecuting looted assets, the complexity of recovering stolen funds held in foreign jurisdictions, and the prolonged processes involved in the return of such funds.