EFCC Calls on Nigerian Lawmakers to Pass Unexplained Wealth Bill to Combat Corruption

• The Economic and Financial Crimes Commission (EFCC) has recently been trying to trace Nigeria's funds stashed in other countries
• Amid its several investigations and prosecutions, the commission has urged the National Assembly to give it legal backing
• The EFCC boss noted that many people were slipping through their fingers as there was no law allowing them to prosecute them

Ruth Okwumbu-Imafidon, a journalist with Legit.ng, has over a decade of experience in business reporting across digital and mainstream media.

The Economic and Financial Crimes Commission (EFCC) has urged the National Assembly to pass a law criminalising unexplained wealth and fortune in the country.

EFCC Chairman, Ola Olukoyede, made this request while addressing the National Conference on Public Accounts and Fiscal Governance organised by the Public Accounts Committees of the Senate and House of Representatives in Abuja.

He noted that the absence of such laws makes it impossible for the commission to successfully prosecute public officials when they hold assets far beyond their legitimate earnings.

His words:

“Help me pass the Unexplained Wealth Bill. I’ve been begging for the past year. This same bill was thrown out in the last Assembly. If we don’t make individuals accountable for what they have, we’ll never get it right.

“Someone has worked in a ministry for 20 years. We calculate their entire salary and allowances. Then we find five properties — two in Maitama, three in Asokoro. Yet we’re told to go and prove a predicate offence before we can act. That is absurd.”

EFCC makes shocking discoveries

Olukoyode revealed that the anti-graft agency had made shocking discoveries since it started investigating the extractive industry.

He stated that their findings show a connection between the mismanagement and diversion of public resources and the insecurity in the country.

The EFCC boss pointed out that efforts to punish public officers involved in this act proved abortive because the law often required the commission to prove a predicate offence like theft or fraud before such assets could be seized, even where they were clearly above the means of the individual.

What does the Unexplained Wealth Bill cover?

The EFCC Chairman asked that the law should make it a strict liability offence for any individual to possess assets above their known and legal income sources.

This would guard against economic and financial crimes, blocking all routes for corrupt public officers to divert funds.

Olukoyede referred to several visits outside Nigeria by the EFCC trying to track looted wealth that has been stored in other locations like America, Turkey and even Iceland.

He urged the custodians of stolen assets abroad to cooperate with the EFCC in returning the assets to the country, stressing that custodians of stolen assets are as guilty as the thieves.

He also spoke against the culture of impunity where public servants still under prosecution for financial crimes are being celebrated, which further promotes impunity.

“We are doing this work. We see people who have stolen our money. We have shown you evidence. We’ve traced where the money went. We are already in court. Yet, they’re being celebrated all over the place. Does that show we’re serious?"

Nigeria should not be borrowing.

According to the EFCC boss, Nigeria could run the entire national budget without any need to borrow and worsen its debt profile, if the abundant natural and mineral resources were not being diverted by greedy public officers.

Note that the government just took a $747 million infrastructure loan for the Lagos-Calabar highway project.

Olukayode called for transparency in revenue generation and accountability in public expenditure, noting that it was the only way to end corruption in the country.

EFCC sacks 27 staff for alleged misconduct

In related news, EFCC recently dismissed 27 officers over several offences, including misconduct and fraudulent activities.

Legit.ng reported that the EFCC spokesperson, Dele Oyewale, made the announcement on Monday, January 6, 2025, but did not reveal their names.

He stated that the dismissal of the officers followed a thorough investigation and recommendation by the EFCC's Staff Disciplinary Committee.

Source: Legit.ng