By Mercy Aikoye
Ola Olukoyede, Chairman of the Economic and Financial Crimes Commission (EFCC), has called on the National Assembly to urgently pass a law criminalizing unexplained wealth. He emphasized that Nigeria cannot win the anti-corruption war without holding public officers accountable for assets far beyond their legitimate earnings.
The EFCC has begun examining the books of the Nigerian National Petroleum Company (NNPC) Limited, and the findings are “mind-boggling.” Olukoyede revealed that the Commission has only just started to scratch the surface of corruption in the extractive industry.
The EFCC Chairman lamented the legal bottlenecks hindering the Commission’s ability to prosecute suspicious cases. He explained that investigations into public officers often stall because the law requires a “predicate offence” before assets can be seized or charges filed.
The proposed legislation would make it a strict liability offence for individuals to possess assets grossly beyond their known and legal income sources. Olukoyede emphasized that this would hold individuals accountable for their wealth and prevent corruption.
The EFCC is tracking illicit assets across multiple jurisdictions, including America, Turkey, and Iceland. Olukoyede revealed that foreign governments are enabling corruption by keeping stolen funds under various pretexts.
The EFCC Chairman condemned the prevalent culture of impunity in Nigeria’s public service, where those already under prosecution are often celebrated. He emphasized that compliance with financial laws is often flouted with impunity.
Olukoyede called on political leaders to unite across party and ethnic lines to confront corruption head-on. He described the current administration as Nigeria’s “last best chance” to get it right.
The EFCC Chairman emphasized that corruption is stalling Nigeria’s economic potential. He cited his own analysis, which showed that 90% of stolen public funds in a single year ended up abroad.
Olukoyede urged the National Assembly to pass the Unexplained Wealth Bill and called on the public to support the fight against corruption. He emphasized that transparency and accountability are essential for Nigeria’s development and growth.
