EFCC Chairman Olukoyede Urges National Assembly to Enact Law Against Unexplained Wealth
The Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has called on the National Assembly to pass a law specifically targeting unexplained wealth, stating that such legislation would significantly strengthen the country’s fight against economic and financial crimes.
Olukoyede made the call during a law conference held at Christopher University, Mowe, Ogun State, where he addressed a gathering of legal scholars, students, and anti-corruption experts.
According to him, the absence of a specific law criminalizing unexplained wealth has continued to create loopholes in the prosecution of corruption-related cases, particularly in the area of asset tracing and recovery.
He explained that although the EFCC currently relies on Section 7 of its Establishment Act to investigate cases involving suspicious wealth, this legal provision is not sufficient to address the growing complexity of financial crimes in Nigeria. He argued that a dedicated legal framework would allow authorities to more effectively pursue individuals in possession of assets that cannot be linked to lawful income or transparent sources.
“Unexplained wealth has become a practical tool for tracing and prosecuting corruption. Yet, we continue to rely on general provisions that do not fully empower us to deal with illicit enrichment. We need specific legislation that targets this issue head-on,” Olukoyede stated.
He further noted that many countries around the world—such as the United Kingdom, Australia, Kenya, and Mauritius—have already implemented laws that allow anti-graft agencies to initiate legal proceedings against individuals who are unable to explain the source of their wealth. These laws, commonly referred to as Unexplained Wealth Orders (UWOs), enable law enforcement to seize properties, cash, and luxury items from individuals even without prior convictions, provided those assets cannot be legally justified.
The EFCC boss stressed that adopting such legislation in Nigeria would not only strengthen the agency’s prosecutorial powers but also serve as a deterrent to public officials and private individuals who amass wealth through corrupt means. He cited properties such as luxury houses, high-end vehicles, jewelry, and expensive real estate that have been traced to individuals under investigation, yet remain difficult to forfeit due to gaps in existing laws.
Olukoyede also referenced the conclusions from a 2023 capacity-building workshop co-hosted by the EFCC and the National Judicial Institute (NJI), which underscored the urgent need for laws that address the possession of unexplained wealth. He emphasized that the legal community, lawmakers, and anti-corruption advocates must unite in pushing for the passage of such a bill to close longstanding legal loopholes.
“The issue is no longer whether people are living beyond their means. The question now is: can they show how they earned it? If the answer is no, then the law must empower us to act,” he added.
His remarks come amid renewed national discourse on accountability and the need to recover looted public assets. The EFCC has, in recent months, intensified its efforts in prosecuting financial crimes and recovering stolen funds, yet continues to face legal and bureaucratic hurdles, particularly when cases involve politically exposed persons and high-net-worth individuals.
Olukoyede’s call is expected to spark legislative interest in the development of a bill addressing unexplained wealth. If passed, it would mark a significant milestone in Nigeria’s anti-corruption framework, bringing it closer in line with international best practices.
The EFCC chairman concluded by urging the National Assembly to consider the proposed law a national priority and to ensure that the legal tools available to anti-corruption agencies are equipped to meet the realities of modern economic crime.
