By Erewunmi Peace

The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has urged the National Assembly to pass a dedicated law criminalizing unexplained wealth in Nigeria. He made the call during the National Conference on Public Accountability and Fiscal Transparency held in Abuja on July 9, 2025.

Olukoyede stressed that the absence of such a law has severely limited the EFCC’s ability to go after individuals living far beyond their legitimate means. According to him, anti-corruption agencies in countries like the United Kingdom, Kenya, and Australia have stronger legal frameworks that allow them to demand explanations for wealth suspected to be illicit.

“If someone earns ₦500,000 monthly and is found to have ₦5 billion in assets, we must first tie it to a predicate offense before we can act. That’s the limitation we face,” Olukoyede said.

Why It Matters

The EFCC boss emphasized that corruption and financial crimes are directly fueling insecurity across the country, including banditry, kidnapping, and terrorism.

He noted that the Unexplained Wealth (Prohibition) Bill, which was introduced in a previous Assembly, failed to progress due to political interests and lack of political will.

“We are calling on the 10th Assembly to revive and pass the bill. It will serve as a strong deterrent and give law enforcement agencies the backing they need,” he added.

Legislative Response

Lawmakers at the event acknowledged the need for stronger legal tools and promised to give the bill renewed attention. Some legal experts at the conference also called for whistleblower protection laws and digital transparency in public spending.