Ola Olukoyede, Executive Chairman of the Economic and Financial Crimes Commission, has urged for legislation in Nigeria to combat unexplained riches.
He said that such a regulation will aid in the control of treasury thieves in the country.
According to the EFCC Spokesperson, Dele Oyewale, the Chairman made the call during the Two-Day International Law Conference on “Unexplained Wealth in the Global South: Examining the Asset Recovery and Return Trajectory” organised by Christopher University, Mowe, Ogun State, on Thursday.
The Chairman, who was represented by the EFCC Abuja Zonal Commander, ACE1 Adebayo Adeniyi, emphasised that many foreign countries have adopted the Unexplained Wealth Orders, UWOs, as a tool for combating treasury looting and corruption since its implementation in 2018, regretting that Nigeria has yet to enact such a law and instead relies on the provisions of Section 7 of its Establishment Act.
He said:
“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.
“Owing to the absence of legislation on the issue of unexplained wealth, the EFCC continues to rely on provisions of Section 7 of its Establishment Act to handle it.
“Procedures for asset forfeiture usually involve the prosecution of the suspected fraudster. Assets may be forfeited on an interim basis and may also be forfeited permanently, depending on the position of the law and the court. However, whether interim forfeiture or permanent forfeiture, what is important is for every ill-gotten wealth to be recovered and kept with the government.
“Recovery of stolen funds stashed in foreign jurisdictions is more complex. Institutions of state Institutions of state are usually involved in the recovery of such funds and this takes far more time and effort. The return trajectory involved in this may even take years and this can be frustrating to anti-corruption agencies or government institutions involved in the recovery. Nigeria is having such instances in the recovery of looted funds by many government officials.”
cc: Daily Post Ng
