EFCC boss seeks legislation against unexplained wealth

The Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has called for legislation against unexplained wealth as a way of checking the criminal activities of treasury looters in the country.

He made the call at a two-day International Law Conference with the themed: ‘Unexplained Wealth in the Global South: Examining the Asset Recovery and Return Trajectory’ organised by Christopher University, Mowe Ogun State.

Olukoyede said though several countries, including the United Kingdom, Australia, Mauritius, Kenya, Zimbabwe and Trinidad and Tobago, had embraced the Unexplained Wealth Orders, (UWOs) since it came into force in 2018, he said the EFCC still relied on the provisions of Section 7 of its Establishment Act to check the menace.

“The issue of unexplained wealth is not a local issue. There are jurisdictional legislations across the world to tackle it. Till date, countries of the world are faced with criminalities emanating from money laundering practices and illicit funds.

“This circumstance led to the promulgation of Unexplained Wealth Orders (UWOs) that came into force in 2018. Several countries, such as the United Kingdom, Australia, Mauritius and African countries like Kenya, Zimbabwe, and Trinidad and Tobago in the Caribbean have come up with UWO. Nigeria is yet to come up with a national legislation on it,” he said.