EFCC Seeks Laws Against Unexplained Wealth

Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has called for legislation against unexplained wealth as a way of checking the criminal activities of treasury looters in the country.


Speaking at a two-day International Law Conference with the theme: “Unexplained Wealth in the Global South: Examining the Asset Recovery and Return Trajectory”, organized by Christopher University, Mowe, Ogun State on Thursday, the EFCC chairman said though several countries, including the United Kingdom, Australia, Mauritius, Kenya, Zimbabwe and Trinidad and Tobago, had embraced the Unexplained Wealth Orders (UWOs) since it came into force in 2018, the EFCC, Nigeria’s leading anti-graft agency, still relies on the provisions of Section 7 of its Establishment Act to check the menace.

According to him, “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.”

Represented by the Abuja zonal commander, assistant commander of the EFCC, ACE1 Adebayo Adeniyi, the EFCC chairman emphasised that treasury looters would have little cover if the issue of unexplained wealth was tackled more seriously across the world.

According to him, “ In Nigeria today, unexplained wealth has become practical means of tracing, identifying, investigating and prosecuting corruption cases. As an anti-graft agency, suspects of any economic and financial crimes are usually required to declare their assets in the course of investigation. The basis for this is to properly establish their true asset base and their linkage or otherwise to any act of corruption. Owing to the absence of a legislation on the issue of unexplained wealth, the EFCC continues to rely on provisions of Section 7 of its Establishment Act to handle it.”

Spokesperson of the EFCC, Dele Oyewale, said Olukoyede also used the occasion to throw more light on the commission’s experience regarding assets recovery, saying the concerns about unexplained wealth bordered on asset tracing, investigation and recovery.

He said: “Nations are rapidly settling for non- conviction based asset forfeiture. The reason for this is simple: unexplained wealth can only be beneficial to the state if they are forfeited. Since inception, the EFCC has secured sizable assets from fraudsters. They range from houses, vehicles, barges, jewelry , money, furniture items, landed properties, among others.”

https://leadership.ng/efcc-seeks-laws-against-unexplained-wealth/

This is long over due and if not abused, would help in the fight against corruption.

But to give it even more oomph, it should be linked to tax remittance. So, even if your wealth can somehow be explained (thieving politicians) do you pay the correct taxes?

You can't have assets worth billions of naira and be paying income tax of 60k per annum.

Unexplained sapa no?

How about ill gotten wealth from known sources, like heroin trafficking, bribery and corruption, embezzling state resources as governor, senator etc?

Anyway, for those who said they haven’t seen a bullion van and US dollar bills before, you’ll see them in these photos below

So those that sell Okrika clothes inside kiosks during the day but are into drugs, rituals, Baby factory & armed robbery at night will be exposed?

I know those businessmen involved in these evil trade will cry victimisation.

Story story. Bunch of idiots!

Most of our politicians are criminals. 90% of them. We need to start with them before coming to the masses

useless and kworrupt agency, since your creation what have you achieved? apart from chasing young ones around while allowing those real thieves who steal our money have a field day.

Unexplained Wealth keeel you there. You are bent looking for means to be harassing Nigerians just like the SARS.

So tomorrow your boys can start asking people how they are able to buy wrist watch, phones not to talk of cars.

Why is there no law seeking on unexplained poverty?

Jesus Christ is this for real. Has it gotten this bad😳😳

Will they ask Balablue to explain the source of their bag?

There should also be a law against "unexplained Poverty in Nigeria". Laws are made by the powerful to protect their interests,it is very rare to see a law that protects the weak and vulnerable in Nigeria. We live in a sad country indeed.

Mtchewwwwwwwww

Mynd44:
Unexplained sapa no?

Sapa can always be explained sir[left][/left]

what is tinubu's source of wealth?

It will only favour the untouchables, Na poor man go suffer am

Let us start with Tinubu

That will cripple IPOBidients and their drug money

ivandragon:
EFCC Seeks Laws Against Unexplained Wealth




https://leadership.ng/efcc-seeks-laws-against-unexplained-wealth/

They should start with the politicians, an individual who’s not in government can not have an unexplained wealth, except such person is doing unclean business

We know you guys just want to use it to target random Nigerian youths that are doing well , frustrate them and seize as much of their wealth as possible and share among yourselves. Only an idiot thinks EFCC cares about the politicians. They're obsessed about the youth because that's who they can randomly profile without probable cause and try to label and steal from.

There's been a lot of uproar lately and efcc just want their illegality of randomly breaking into people's house under the cover of the night to have a legal backing - unexplained wealth. They're even too incompetent and lazy to even do their investigation as that will limit the number of people they can randomly invade and violate.

The politicians would sweep this plan under the carpet.

Hope this will not be an opportunity to target enemies

When will they seek laws against unexplained poverty ?

Nigeria a country with the highest percentage of poor people in the entire galaxy had no business accusing anyone of unexplained wealth especially as the govt does nothing to improve the standard of living

No! Enact and enforce laws in place to fight corruption. Have long imprisonment sentences in common prisons in place for folks convicted of corruption. When arrested they should not be put in EFCC custody but the common police detention cells! Ha! Folks will flee corruption!! They know what that means!!!

Who sells drugs only at night sir? I thought drugs are sold round the clock!

Tjra:
So those that sell Okrika clothes inside kiosks during the day but are into drugs, rituals, Baby factory & armed robbery at night will be exposed?

I know those involved in these evil businesses will cry victimisation.

This will be good if only they start from politicians. We have present and former governors, ministers whom have not had a day job all their life but like Wike, can afford to buy form for all elective positions in his state from his pocket.

I hate Nigeria with all my heart

Another propaganda. Another term they want to use to witch hunt dissenting views. If they mean it, they should start from the very top. Till today no asset declaration. Lies without borders

Are you kidding me?
Almost every public officer will go to jail

Lori ilo my brother! No need for me to write again cos you just penned down my exact thoughts "story story"

MajorOvakporaye:
Story story. Bunch of idiots!