The chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has sounded the alarm over what he calls a new and troubling tactic among some Nigerian politicians to evade anti-graft scrutiny: declaring assets they do not yet own before taking office.
He spoke in Abuja on Tuesday at the launch of a virtual tool on the code of conduct for public officers, organised by the Code of Conduct Bureau (CCB) in collaboration with the Technical Unit on Governance and Anti-Corruption Reforms (TUGAR). Olukoyede described the practice as “anticipatory looting” of public resources.
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EKO HOT BLOG gathered that he said EFCC investigations have revealed instances where politically exposed persons falsified their asset declaration forms by listing properties they intended to acquire while in office, thereby creating a paper trail designed to make illicit acquisitions appear legitimate later.
“There was an investigation we carried out, and we discovered something not too strange, but it proves the ingenuity and the criminally smart way that some of our politically exposed persons carried out some of the nefarious activities we investigated them for,” Olukoyede told attendees.
In one case, he said, a public officer declared ownership of a property valued at more than ₦3 billion before the building was even constructed. EFCC investigators noted discrepancies between the address on the CCB form and the location of the actual property — one listed as No. 39, the other as No. 44.
“So, while we were asking questions, eventually, we discovered what we call anticipatory declaration of assets. And that is the smart way that some of these leaders have resorted to now,” Olukoyede explained.
Further checks revealed that the politician had gone so far as to register the property in the land registry and prepare architectural designs for the mansion before being sworn into office. “Before he was sworn in, he had started thinking about the money to steal and what to do with the money,” the EFCC chairman said.
Mere talks without action?
The revelations will likely reignite public debate over the effectiveness of Nigeria’s anti-corruption framework and the willingness of enforcement agencies to hold politically powerful individuals to account.
While Olukoyede’s comments highlight a sophisticated form of graft, he did not disclose whether the individuals implicated in such schemes would face prosecution. Many would conclude that his public statement has no meaning if he is not willing to use existing laws prohibiting such conduct to prosecute offenders.
Under Nigerian law, knowingly making a false declaration of assets is an offence that can attract fines, imprisonment, and disqualification from holding public office. Both the EFCC and the CCB have the mandate to investigate and refer such cases for trial. Yet, in this instance, the EFCC’s stance appears limited to raising public awareness rather than initiating legal proceedings.
This raises a key question: if investigators have already uncovered documentary evidence and traced irregularities in asset declarations, why has the EFCC not moved to prosecute the offenders? Without visible consequences, the practice of “anticipatory looting” could persist unchecked, undermining public trust and entrenching corruption at the highest levels of governance.
For now, Nigerians are left with the troubling spectacle of detailed exposés without corresponding courtroom action and the suspicion that, when it comes to politically connected individuals, some cases may end with a press statement rather than a prosecution.
Tuesday’s public awareness of crimes committed by public officials was only the latest coming from the EFCC chairman. Last week, Olukoyede noted that many of the abandoned estates in the Federal Capital Territory (FCT), Abuja, belonged to corrupt civil servants who diverted public funds to finance luxury real estate projects.
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However, EKO HOT BLOG reported that the issue of abandoned buildings in Abuja has existed for over a decade, yet relevant authorities have done little to bring unlawful owners to justice for any wrongdoing. Instead of just pointing out the issues, many would expect the EFCC chairman to prosecute culprits without fear or favour.
Philip Ibitoye is a Special Correspondent with EKO HOT BLOG. Click here to find daily analysis and critical insight on trending issues in Lagos and other parts of Nigeria.
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