EFCC Uncovers Criminal Scheme as Politicians Declare Assets Before Acquisition

The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has revealed a new trend in corrupt practices, accusing some Nigerian politicians of declaring ownership of assets they have yet to acquire. Speaking in Abuja on Tuesday at the launch of an online asset-declaration verification platform developed by the Code of Conduct Bureau (CCB) and the Technical Unit on Governance and Anti-Corruption Reforms (TUGAR), Olukoyede described the practice as “criminally smart” and a form of anticipatory looting. He cited an example where a public official listed a ₦3 billion mansion under construction in their asset declaration, even altering the property address from “No. 44” to “No. 39” to give the claim legitimacy. “We have seen cases where people declare assets they plan to buy as though they already own them. This is a sophisticated way of legitimizing future corruption proceeds,” Olukoyede said. The EFCC chairman warned that such tactics undermine the asset-declaration system’s objective of tracking wealth and detecting illicit enrichment. He called for stronger verification processes to ensure all declared assets correspond to actual ownership records. The newly launched online verification platform will allow real-time cross-checking of asset declarations against official property, vehicle, and corporate registries, making it harder for public officials to falsify claims. Olukoyede pledged that the EFCC would work closely with the CCB to investigate and prosecute suspicious declarations, stressing the need for anti-corruption agencies to stay ahead of increasingly sophisticated criminal tactics.