The Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has advocated for legislation against unexplained wealth as a measure to curb the criminal activities of treasury raiders in Nigeria. Speaking at an International Law Conference organized by Christopher University in Ogun State, Olukoyede highlighted the global prevalence of Unexplained Wealth Orders (UWO), citing countries such as the United Kingdom, Australia, Mauritius, Kenya, Zimbabwe, and Trinidad and Tobago that have embraced this legal tool since its inception in 2018.<\/p>\n
Olukoyede stressed that the absence of national legislation on unexplained wealth in Nigeria has prompted the EFCC to rely on Section 7 of its Establishment Act to address the issue. The Abuja Zonal Commander, Adebayo Adeniyi, representing the EFCC boss, emphasized the significance of tackling unexplained wealth, stating that it is a practical means to trace, investigate, and prosecute corruption cases in Nigeria.<\/p>\n
He highlighted the lack of legislation on unexplained wealth as a hurdle for the EFCC, which currently relies on Section 7 of its Establishment Act for handling such cases. Olukoyede underscored the importance of asset forfeiture and encouraged the public to provide information about suspicious assets, emphasizing the role of intelligence in the commission’s work.<\/p>\n
Regarding asset recovery in Nigeria and the challenges faced, Olukoyede mentioned the technicality of prosecuting looted assets and the time-consuming process, especially in the case of funds stashed in foreign jurisdictions. He acknowledged the complexities involved in recovering stolen funds abroad and the frustratingly long return trajectory, citing instances of recovery involving government officials in Nigeria.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has advocated for legislation against unexplained wealth as a measure to curb the criminal activities of treasury raiders in Nigeria. Speaking at an International Law Conference organized by Christopher University in Ogun State, Olukoyede highlighted the global prevalence of Unexplained Wealth Orders […]<\/p>\n","protected":false},"author":24,"featured_media":11765,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[172],"tags":[223],"class_list":["post-11722","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-efcc"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/11722","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=11722"}],"version-history":[{"count":3,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/11722\/revisions"}],"predecessor-version":[{"id":11788,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/11722\/revisions\/11788"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/11765"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=11722"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=11722"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=11722"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}