The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has urged for the enactment of legislation targeting unexplained wealth in Nigeria as a means to combat the criminal activities of treasury looters in the country.
According to a statement released by EFCC Spokesperson Dele Oyewale on Thursday, Olukoyede made this call while participating in the Two-Day International Law Conference themed “Unexplained Wealth in the Global South: Examining the Asset Recovery and Return Trajectory,” organized by Christopher University in Mowe, Ogun State.
Represented by the EFCC Abuja Zonal Commander, ACE1 Adebayo Adeniyi, the Chairman emphasised that many foreign countries have adopted the Unexplained Wealth Orders, or UWOs, as a tool for tackling treasury looting and corruption since they came into force in 2018, regretting that Nigeria has yet to promulgate such a law but only relies on the provisions of Section 7 of its Establishment Act to act.
“The issue of unexplained wealth is not a local issue. There are jurisdictional laws across the world to tackle it.
To date, countries around the world have been faced with criminalities emanating from money laundering practices and illicit funds.
This circumstance led to the promulgation of unexplained wealth orders, or 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 has yet to come up with 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.”
The Chairman noted that unexplained wealth can only be beneficial to the state if it is forfeited, even as he mentioned that since its inception, the EFCC has secured sizable assets from fraudsters, which include houses, vehicles, barges, jewellery, money, furniture items, and properties, among others.
“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.” He added.
He urged the public to be forthcoming with information about suspicious assets in their various communities, as the Commission would work better only if intelligence and information were readily available.
Olukoyede also identified some delays in asset recovery in Nigeria, including the technicality of the prosecution of looted assets that sometimes require publication in major newspapers as well as the recovery of stolen funds stashed in foreign jurisdictions.
“Recovery of stolen funds stashed in foreign jurisdictions is more complex. Institutions of the 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,” he said.
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