The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has urged the implementation of laws targeting unexplained wealth as a means of curbing criminal activities related to treasury looting in the country.
This call was made during a two-day International Law Conference organized by Christopher University in Mowe, Ogun State.
Spokesperson for the EFCC, Dele Oyewale, conveyed Olukoyede’s appeal in a statement.
The conference, themed “Unexplained Wealth in the Global South: Examining the Asset Recovery and Return Trajectory,” served as a platform for discussing measures to combat financial crimes.
Olukoyede highlighted that several countries, including the United Kingdom, Australia, Mauritius, Kenya, Zimbabwe, and Trinidad and Tobago, have embraced Unexplained Wealth Orders (UWOs) since their inception in 2018.
He emphasized the global nature of the issue, stating that many nations face criminal activities arising from money laundering practices and illicit funds.
While noting that the EFCC currently relies on the provisions of Section 7 of its Establishment Act to address the menace, Olukoyede stressed the need for Nigeria to adopt a national legislation specifically targeting unexplained wealth.
He underscored the importance of aligning with global efforts in combating financial crimes and urged the country to enact laws similar to UWOs to enhance the fight against corruption.
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