The EFCC Chairman Ola Olukoyede Urges National Assembly to Pass Law Targeting Unexplained Wealth
The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has appealed to the National Assembly to urgently enact a law that targets unexplained wealth in Nigeria.
Ola Olukoyede made this passionate appeal at 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 shared on Wednesday by EFCC spokesperson Dele Oyewale, the anti-corruption chief stressed that fighting corruption will remain difficult without a legal framework that addresses suspicious accumulation of wealth.
“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,” Olukoyede said during his address.
He argued that when individuals live far above their means without being questioned, corruption becomes emboldened. According to him, such silence weakens the rule of law and creates loopholes for economic and financial crimes to flourish.
Ola Olukoyede further linked the mismanagement of public funds to major insecurity challenges in Nigeria. “Mismanagement of resources is behind banditry, kidnapping, terrorism, and other acts of insecurity in the country,” he added.
The EFCC chairman also emphasized the need for international collaboration in recovering stolen assets. He noted that foreign custodians of looted Nigerian funds should be held just as accountable as those who stole them.
In support of the call for reform, Chairman of the House Committee on Public Accounts, Hon. Bamidele Salaam, said corruption in public service can only be tackled when fair wages are guaranteed. He called for a review of workers’ remuneration to reduce susceptibility to bribery and financial temptation.
The call for a bill against unexplained wealth has sparked renewed interest among civil society and anti-graft advocates, who argue it could help close the loopholes that allow looters to hide in plain sight.
