EFCC Chairman Ola Olukoyede on Wednesday, July 9, urged the National Assembly to urgently pass the long-pending Unexplained Wealth Bill, arguing that without such legislation, Nigeria will continue to struggle in the fight against corruption and economic crime. He appealed to the National Conference on Public Accounts and Fiscal Governance, organised by the Senate and House Committees on Public Accounts in Abuja.
Olukoyede warned that Nigeria cannot hold public officers accountable for assets far beyond their legitimate earnings under current law, which still requires proof of a predicate offence before any action can be taken. “Help me pass the Unexplained Wealth Bill. I’ve been begging for the past year. This same bill was thrown out in the last Assembly. If we don’t make individuals accountable for what they have, we’ll never get it right,” he stated.
Revealing recent investigations into the oil and gas sector, Olukoyede described findings as “mind‑boggling,” calling out links between corruption and insecurity. “There is a very strong connection between the mismanagement of our resources and insecurity. When you look at banditry, kidnapping, terrorism, trace them back, and you will find a pattern of corrupt practices and diversion of funds that were meant to improve people’s lives,” he said.
He emphasised that asset recovery efforts are hampered when stolen funds are hidden behind unexplained wealth. Highlighting the urgency, he noted examples like civil servants with modest incomes yet owning multiple high-value properties in Abuja’s elite districts, yet current legislation prevents swift action.
