EFCC Chairman Urges National Assembly to Pass Law Against Unexplained Wealth

The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has urged the National Assembly to enact legislation that criminalizes unexplained wealth as part of efforts to strengthen the fight against corruption and financial crimes in Nigeria.

Olukoyede made the appeal during the National Conference on Public Accounts and Fiscal Governance organized by the Public Accounts Committees of the Senate and House of Representatives. In a statement issued by EFCC spokesperson Dele Oyewale, the chairman emphasized the urgent need for legal backing to question individuals living beyond their known means.

“I want to make an appeal to you all, please, pass the bill on unexplained wealth. We need transparency in resource management. That’s all we need,” he stated, highlighting the gap in existing laws that allows corruption to thrive unchecked.

He further stressed that the mismanagement of public resources contributes significantly to the country’s security challenges, including terrorism, kidnapping, and banditry. According to him, promoting transparency at all levels of government is key to addressing these issues.

Olukoyede also called for greater international cooperation in the recovery of stolen public assets hidden abroad, pointing out that foreign custodians of such assets share culpability with those who looted them.

Speaking at the event, Chairman of the House Committee on Public Accounts, Hon. Bamidele Salaam, noted that any meaningful fight against corruption must also address the economic realities of public workers. He advocated for a review of the nation’s wage structure to reduce vulnerability to corrupt practices.