By Samuel Adeola
The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has urged the National Assembly to pass the Unexplained Wealth Bill, stating that Nigeria cannot win the fight against corruption without it.
Speaking in Abuja at a national conference on fiscal governance, Olukoyede lamented the bill’s rejection by the previous Assembly and stressed its importance in holding individuals accountable for wealth beyond their legal income.
“We can’t get it right unless we make people explain the sources of their wealth,” he said.
He revealed that recent EFCC investigations have uncovered massive corruption in the oil and gas sector, calling the discoveries “mind-boggling” and noting that the agency is just getting started.
Olukoyede also linked corruption to Nigeria’s insecurity, citing diversion of funds meant for development as a root cause of terrorism and kidnapping.
He questioned the logic behind requiring proof of predicate offences when individuals live far beyond their means, and shared the difficulty of recovering looted assets abroad, mentioning a Nigerian-owned estate found in Iceland.
Despite mounting evidence against some high-profile individuals, Olukoyede expressed concern that they continue to receive public praise, urging a collective commitment to transparency and accountability to curb borrowing and revive the economy.
