EFCC Chairman Olukoyede Urges National Assembly to Pass Law Against Unexplained Wealth

The Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has made a strong appeal to the National Assembly (NASS), urging lawmakers to enact a law that criminalizes unexplained wealth in Nigeria.

According to a statement released on Wednesday by EFCC’s spokesperson, Dele Oyewale, Olukoyede emphasized that such legislation is necessary to strengthen the country’s ongoing fight against economic and financial crimes, particularly public sector corruption and illicit enrichment.

Speaking at the National Conference on Public Accounts and Fiscal Governance, jointly convened by the Public Accounts Committees of both the Senate and the House of Representatives, the EFCC boss criticized the absence of enforceable legislation targeting individuals who accumulate assets far beyond their legitimate income sources.

“I want to make an appeal to you all, please, pass the bill on unexplained wealth. We need transparency in resource management. That’s all we need,” Olukoyede stated passionately.

Lack of Law on Unexplained Wealth Encourages Corruption, Olukoyede Warns

Olukoyede warned that the absence of a legal framework addressing unexplained wealth has provided fertile ground for corruption to flourish. He stressed that individuals living above their legitimate earnings must be held accountable, noting that when such conduct is ignored, it emboldens further misuse of public funds and illicit activities.

He further connected mismanagement of public resources to worsening national security issues, stating that the misappropriation of public funds is a root cause of banditry, kidnapping, terrorism, and other security threats facing Nigeria.

EFCC Calls for Global Cooperation on Asset Repatriation

In addition to pushing for local legislation, Olukoyede also urged for stronger international cooperation in recovering stolen assets stashed abroad. He emphasized that countries or institutions that harbor stolen wealth are equally complicit in corruption and should be held accountable for enabling financial crime.

“Custodians of stolen assets are as guilty as those that stole the assets,” he affirmed.

Lawmakers Respond: Cost of Labour Must Be Reviewed to Fight Corruption

Responding to the EFCC Chairman’s submission, the Chairman of the House Committee on Public Accounts, Honourable Bamidele Salaam, agreed that tackling corruption requires a holistic strategy. He pointed out that the review of workers’ remuneration is crucial in the battle against corruption.

He argued that inadequate wages expose workers to temptation and make them more likely to accept bribes and indulge in other unethical practices. Hence, he recommended a full-scale review of the nation’s cost of labour as a necessary step toward achieving transparent and corruption-free governance.