EFCC Urges Legislation On Unexplained Wealth To Curb Treasury Looting

Ola Olukoyede, Chairman of EFCC, emphasized the need for Nigeria to enact legislation against unexplained wealth.

Olukoyede at an International Law Conference underscored the global impact of addressing unexplained wealth, citing jurisdictions worldwide that have adopted measures such as Unexplained Wealth Orders (UWOs).

Expressing concern over Nigeria’s absence of national legislation on this issue, he highlighted its role in tracing corruption and stressed its significance in asset recovery.

“The issue of unexplained wealth is not a local issue. There are jurisdictional legislations across the world to tackle it,” Olukoyede stated, emphasizing the necessity for a robust framework to combat money laundering and illicit funds.

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He outlined the EFCC’s reliance on existing provisions but highlighted the need for specific legislation to enhance their efficiency in tackling economic crimes.

The EFCC’s success in asset recovery has faced challenges, particularly in prosecuting looted assets and recovering funds hidden abroad. Olukoyede urged public cooperation in reporting suspicious assets, emphasizing intelligence as pivotal in anti-corruption efforts.

While acknowledging the hurdles within Nigeria’s legal system, he stressed the importance of solid evidence for courts and reiterated the need for effective asset recovery. Recovery efforts involving foreign jurisdictions add complexity, requiring extensive time and state collaboration.

Olukoyede’s address at the conference shed light on the crucial role legislation plays in combating treasury looting and emphasized the need for concerted efforts in asset recovery both locally and internationally.