Categories: News

EFCC Chair Olukoyede Calls For Legislative Action Against Unexplained Wealth

Eko Hot Blog reports that the Chairman of the Economic and Financial Crimes Commission, EFCC, Ola Olukoyede, has asked for law against unexplained wealth, as a way of checking the criminal activities of treasury looters in the country.

Spokesperson for EFCC, Dele Oyewale, in a statement quoted Olukoyede as making the call at a two-day International Law Conference organised by Christopher University, Mowe, Ogun State.

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

According to the EFCC chairman, many countries, including the United Kingdom, Australia, Mauritius, Kenya, Zimbabwe and Trinidad and Tobago, had embraced the Unexplained Wealth Orders, UWOs, since its inception in 2018.

Nigerian Senate

He noted that the anti-graft agency was still relying on the provisions of Section 7 of its Establishment Act to check the menace.

“The issue of unexplained wealth is not a local issue. 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.

“This circumstance led to the promulgation of Unexplained Wealth Orders, UWOs that came into force in 2018.

“Several countries, such as the United Kingdom, Australia, Mauritius and African countries like Kenya, Zimbabwe, and Tobago in the Caribbean have come up with UWO.

“Nigeria is yet to come up with a national legislation on it,” he said.

Click To Watch Our Video Of The Week 

Akande Ismail Abiola

Share
Published by
Akande Ismail Abiola

Recent Posts

BREAKING: Price Of Petrol Reduces At NNPCL Stations – See New Price

NNPCL reduces petrol price to ₦965 in Abuja. Independent marketers maintain higher prices, ranging from…

2 hours ago

Nigerian Govt Declares Public Holidays For Christmas, New Year

The Federal Government has declared Wednesday, Thursday and Jan.1, 2025 as public holidays. This was…

4 hours ago

‘It’ll Boost Development’ -Matawalle Reacts To Lifting ban On Mining Activities In Zamfara

The Minister of State for Defence, Bello Matawalle, says the lifting of ban on mining…

4 hours ago