The head of the EFCC urges the implementation of legislation targeting unexplained wealth

Ola Olukoyede, the Chairman of the Economic and Financial Crimes Commission (EFCC), has advocated for the establishment of a law targeting unexplained wealth as a strategic measure to combat criminal activities related to treasury looting in the country.

According to a statement from the EFCC spokesperson, Dele Oyewale, Olukoyede made this plea during a two-day International Law Conference organized by Christopher University in Mowe, Ogun State.

The conference focused on the theme “Unexplained Wealth in the Global South: Examining the Asset Recovery and Return Trajectory.”

The EFCC chairman highlighted that several countries, including the United Kingdom, Australia, Mauritius, Kenya, Zimbabwe, and Trinidad and Tobago, have already adopted Unexplained Wealth Orders (UWOs) since its inception in 2018.

Olukoyede emphasized that the EFCC currently relies on the provisions of Section 7 of its Establishment Act to address the issue.

Olukoyede stated, “The issue of unexplained wealth is not a local matter. There are jurisdictional legislations across the world to tackle it. Till date, countries of the world are faced with criminalities emanating from money laundering practices and illicit funds.”

He further pointed out that the introduction of UWOs has been instrumental in combating such financial crimes globally.

However, he noted that Nigeria is yet to enact national legislation addressing unexplained wealth, underscoring the need for a comprehensive legal framework in this regard.

















Peter Ritdung Wakkias is a Nigerian blogger and programmer, known for being the CEO of and He holds a Higher National Diploma in Computer Science from Isa Mustapha Agwai 1 Polytechnic Lafia. Based in Lafia, Nasarawa State.

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