At a notable International Law Conference held at Christopher University in Mowe, Ogun State, EFCC Chairman, Mr. Ola Olukoyede, made a compelling case for the introduction of legislation targeting unexplained wealth in Nigeria. The conference, themed “Unexplained Wealth in the Global South: Examining the Asset Recovery and Return Trajectory”, spotlighted the critical need for such laws to effectively combat the escalating issue of treasury looting.
Olukoyede, represented by Abuja zonal commander ACE1 Adebayo Adeniyi, highlighted the global approach to tackling unexplained wealth. He pointed out that while countries like the United Kingdom, Australia, Mauritius, Kenya, Zimbabwe, and Trinidad and Tobago have adopted Unexplained Wealth Orders (UWOs) since their inception in 2018, Nigeria still primarily relies on Section 7 of the EFCC Establishment Act. This section, though potent, may not sufficiently cover the complexities of modern financial crimes.
The EFCC Chairman stressed the universality of the unexplained wealth issue, stating, “Unexplained wealth transcends borders and jurisdictions. The world continues to grapple with crimes borne out of money laundering and illicit funds.” He underscored the necessity for Nigeria to join the global movement by enacting its national legislation on unexplained wealth.
In his address, Olukoyede shed light on the practical implications of unexplained wealth in Nigeria’s fight against corruption. He explained that tracing and investigating unexplained wealth has become an effective method for prosecuting corruption cases. However, the absence of specific legislation on the matter means the EFCC must continue to navigate these complex cases using the broader provisions of its Establishment Act.
EFCC spokesperson, Dele Oyewale, expanded on Olukoyede’s points, emphasizing the commission’s experiences and successes in asset recovery. He noted, “The shift towards non-conviction based asset forfeiture is gaining momentum globally. The rationale is clear: assets that cannot be accounted for should benefit the state.” Oyewale highlighted the significant assets recovered by the EFCC from fraudsters, ranging from real estate to luxury items, as evidence of the agency’s effectiveness.
The call for unexplained wealth legislation in Nigeria is a clarion call to enhance the nation’s legal framework against economic and financial crimes. By aligning with global standards and adopting specific laws targeting unexplained wealth, Nigeria stands to strengthen its fight against corruption and treasury looting, ensuring a more transparent and accountable system.
