Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has called on the National Assembly to enact a law criminalizing unexplained wealth, describing it as a critical tool in Nigeria’s anti-corruption fight.
Speaking on Wednesday, July 9, at the National Conference on Public Accounts and Fiscal Governance in Abuja—organized by the Senate and House of Representatives Public Accounts Committees—Olukoyede stressed that Nigeria cannot effectively tackle corruption without legislation that allows authorities to investigate and seize assets that far exceed a public official’s lawful earnings. What we have discovered is mind-boggling,” he said, referencing a recent EFCC investigation into the extractive sector, especially oil and gas. “We’ve only just opened the books. If this is what we’re seeing on the surface, imagine what lies beneath.
Olukoyede linked widespread corruption in the public sector to Nigeria’s broader economic and security challenges, arguing that fiscal mismanagement directly fuels insecurity. There’s a strong connection between the mismanagement of our resources and the rise in insecurity. Banditry, kidnapping, terrorism—trace them back, and you’ll find a pattern of corruption and diversion of funds meant to serve the people, he said.
He highlighted the limitations of current laws, which require the EFCC to prove a specific crime—like theft or fraud—before pursuing asset recovery or prosecution. This, he argued, severely hampers the agency’s efforts. Help me pass the Unexplained Wealth Bill. I’ve been begging for a year,” he said. “The last Assembly threw it out. If we don’t hold individuals accountable for what they own, we’ll never get it right.
Olukoyede cited an example of a civil servant, in service for over 20 years, owning multiple luxury properties in upscale Abuja areas like Maitama and Asokoro—despite a modest salary. We’re told to go and prove a predicate offence first. That’s absurd, he said.
In a related development, Olukoyede revealed that 146 out of 194 foreign nationals arrested in 2024 for cyber-related financial crimes have been convicted. They will serve their prison terms and be repatriated to their home countries, he confirmed.
