The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has called on the National Assembly to urgently enact legislation to criminalize unexplained wealth in Nigeria.
He emphasized that without such a law, the fight against corruption will remain severely handicapped.
Olukoyede made this appeal while speaking at the National Conference on Public Accounts and Fiscal Governance, which was jointly organized by the Public Accounts Committees of both the Senate and House of Representatives in Abuja.
During his address, the EFCC boss revealed that the Commission had recently launched a comprehensive investigation into Nigeria’s extractive industries, with a particular focus on the oil and gas sector.
He described the preliminary findings as “mind-boggling” and suggested that much deeper levels of corruption are yet to be uncovered.
“In the last three weeks, we began a Commission-wide investigation into the extractive industry, especially oil and gas.
What we’ve seen so far is shocking — and we’ve only just begun to scratch the surface. If this is what is visible at the top level, imagine the extent of what lies beneath,” he said.
Olukoyede went on to link the country’s persistent security challenges to economic mismanagement and systemic corruption.
“There is a direct correlation between the misuse of public resources and the insecurity we are battling today. If you trace incidents of banditry, kidnapping, and terrorism, you will often find they are fueled by the diversion of public funds that were meant to enhance citizens’ lives,” he added.
Reiterating his plea for legislative action, the EFCC Chairman urged lawmakers to revisit and pass the long-overdue Unexplained Wealth Bill.
“I’ve been appealing for over a year now. The previous National Assembly discarded the Bill. If we continue like this—requiring proof of a predicate offence before we can act against obviously illicit wealth—we will never win this fight. It’s simply irrational,” he said.
He illustrated the issue with a striking example: “Imagine someone has worked in a government ministry for 20 years. After reviewing their total earnings, including salaries and allowances, we discover that they own five luxurious properties — two in Maitama and three in Asokoro.
“Yet, under the current law, we’re expected to prove a specific predicate offence before we can take legal action. That is completely unreasonable.”
Olukoyede also highlighted the Commission’s success in curbing transnational financial crimes. “Last year, we apprehended 194 foreign nationals involved in various financial crimes and activities that undermine Nigeria’s economic growth and national security.
“I am pleased to report that we have successfully prosecuted and secured convictions against 146 of them. They will serve their prison terms in Nigeria and will be repatriated to their home countries afterward.”
The EFCC Chairman’s remarks underscored the urgent need for legislative reforms and stronger political will to combat corruption, protect public resources, and restore public trust in governance.