The Chairman of the Economic and Financial Crimes Commission, Ola Olukoyede, has called for legislation against unexplained wealth, as a way of checking the criminal activities of treasury looters in the country.
According to a statement by EFCC spokesperson, Dele Oyewale, the chairman made call at a two-day International Law Conference organised by Christopher University, Mowe, Ogun State, with the theme, “Unexplained Wealth in the Global South: Examining the Asset Recovery and Return Trajectory”.
Olukoyede said several countries, including the United Kingdom, Australia, Mauritius, Kenya, Zimbabwe and Trinidad and Tobago, had embraced the Unexplained Wealth Orders since it came into force in 2018.
He said the EFCC was still relying on the provisions of Section 7 of its Establishment Act to check the menace.
“The issue of unexplained wealth is not a local issue. There are pieces of jurisdictional legislation across the world to tackle it.
“To 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, that came into force in 2018.
“In Nigeria today, unexplained wealth has become a 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 the investigation.
“The basis for this is to properly establish their true asset base and their linkage or otherwise to any act of corruption.
Olukoyede said the concerns about unexplained wealth bordered more on asset tracing, investigation and recovery.
“Nations are rapidly settling for non-conviction-based asset forfeiture. The reason for this is simply 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,” he said.
“Procedures for asset forfeiture usually involve the prosecution of the suspected fraudster, as assets may be forfeited on an interim basis or 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 said.
Olukoyede further 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.
