Unexplained wealth: EFCC pushes Nigerian lawmakers for action

The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has urged the National Assembly to enact a law specifically targeting unexplained wealth, describing it as a major step toward strengthening the fight against corruption and economic crimes.

Olukoyede made this appeal on Wednesday, July 9, 2025, while speaking at the National Conference on Public Accounts and Fiscal Governance, organised by the Public Accounts Committees of the Senate and House of Representatives in Abuja.

Decrying the absence of such legislation, the anti-graft chief argued that corruption thrives when individuals who live far beyond their known means are not investigated or punished.

“I want to make an appeal to you all, please, pass the bill on unexplained wealth,” he said.

He emphasized the importance of transparency in governance and resource management, noting that Nigeria is abundantly blessed with natural resources, but without proper oversight and accountability, meaningful development remains elusive.

“We need transparency in resource management. That’s all we need. Everywhere you go in Nigeria, you see natural resources all around you. We will succeed if we are resolute about resource management,” he added.

Olukoyede also drew a direct link between resource mismanagement and insecurity, blaming widespread corruption for the rise in banditry, kidnapping, terrorism, and other forms of violent crime across the country. He called on citizens and stakeholders to leverage the opportunities presented by the current administration.

“Mismanagement of resources is behind banditry, kidnapping, terrorism and other acts of insecurity… The administration of President Tinubu is the best opportunity we have, we must not miss it,” he said.

The EFCC chairman further urged individuals or entities holding stolen Nigerian assets abroad to cooperate with the agency in recovering them, insisting that:

“Custodians of stolen assets are as guilty as those that stole the assets.”

In his remarks, Chairman of the House Committee on Public Accounts, Honourable Bamidele Salaam, commended Olukoyede’s contributions and highlighted the need to improve the country’s wage system to reduce the lure of corrupt practices.

“We must do something about our wage system if we are serious about the fight against corruption,” Salaam said.