EFCC Seeks Law to Criminalize Unexplained Wealth

EFCC Chair Urges Lawmakers to Enact Legislation Targeting Illicit Wealth

The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has called on the National Assembly to pass legislation that would criminalize unexplained wealth, particularly among public officials.

Speaking at the National Conference on Public Accounts and Fiscal Governance—organized by the Senate and House Public Accounts Committees in Abuja—Olukoyede emphasized that Nigeria’s anti-corruption efforts would remain incomplete without laws empowering authorities to question assets that exceed legitimate income sources.

He stressed that such legislation is essential to ensuring transparency, accountability, and integrity in public service.

Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has raised alarm over the scale of corruption in Nigeria’s public sector, describing it as deeply troubling.

According to him, the agency recently launched a comprehensive investigation across the commission, focusing on the extractive industries, especially the oil and gas sector.

“What we’ve uncovered so far is staggering,” Olukoyede said, highlighting the depth of financial irregularities uncovered in just the past three weeks.

Olukoyede: Hidden Corruption Runs Deep, Fuels Insecurity and Economic Collapse

Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has warned that Nigeria has only scratched the surface of systemic corruption, with far more still hidden beneath the surface.

“We’ve just begun reviewing the records, and what we’re already seeing is alarming. If this is just the surface, imagine the depth of corruption yet to be uncovered,” he remarked.

Speaking at a public accountability forum, Olukoyede said the mismanagement of public funds is at the heart of Nigeria’s economic hardship and rising insecurity.

“There’s a direct link between the reckless handling of national resources and the country’s security challenges. Whether it’s terrorism, kidnapping, or banditry, you’ll often trace the roots back to diverted funds meant for public good,” he explained.

The EFCC boss also expressed frustration with the current legal framework, which requires proof of a specific criminal act — known as a “predicate offence” — before any action can be taken against suspicious wealth.

“We need legal tools that empower us to ask: where did this wealth come from? I’ve been appealing for over a year now — the Unexplained Wealth Bill must be passed. The previous National Assembly dismissed it, and that setback continues to hinder justice.”

He cited a common scenario: “Someone works in a government ministry for two decades, and we calculate every naira they’ve earned. Then they’re found to own five luxury properties — two in Maitama, three in Asokoro — and yet, we’re told we can’t act unless we first prove theft. That’s simply unreasonable.”

Olukoyede also revealed progress in tackling cross-border cybercrime, announcing that 146 foreign nationals were convicted in 2024 for various cybersecurity and financial offences out of a total of 194 arrests.

“These individuals were involved in crimes that directly undermine Nigeria’s economy,” he said, emphasizing EFCC’s continued resolve to protect the country’s financial systems.

Ribadu: Tinubu Committed to Secure, Digitally Resilient Nigeria Amid Political Distractions

At the International Cybersecurity Conference held in Abuja, National Security Adviser (NSA) Nuhu Ribadu reaffirmed the federal government’s dedication to a secure, digitally advanced Nigeria — while urging the public to ignore political distractions.

Speaking at the Abuja Continental Hotel, Ribadu praised the efforts of security and technology stakeholders, revealing that 146 out of 194 foreigners arrested for cyber-related crimes had been convicted and will soon be deported.

“Today, I can confirm that we’ve successfully prosecuted 146 cybercrime suspects. They will serve their sentences before being returned to their home countries,” Ribadu stated.

The NSA emphasized President Bola Ahmed Tinubu’s unwavering drive to guide Nigeria toward comprehensive development, despite what he called “noise from political corners.”

“The real work is being done by those committed to building Nigeria — not those seeking attention through political coalitions and desperate maneuvers,” he said.

The conference, themed “Cybersecurity: Building a Resilient Digital Future,” drew high-level participants, including U.S. Ambassador Richard Mills, Senate and House Cybersecurity Committee Chairs Shuaibu Salihu and Stanley Adedeji, and other key figures from Nigeria’s digital ecosystem.

Ribadu acknowledged the administration’s significant investments in digital infrastructure and cyber defense, stressing the need for continued cooperation between the public and private sectors.

“Whether in government or private industry, we’re one team. I urge our partners in the private sector to stay the course and continue supporting national progress,” he said.

He challenged attendees to transform the conference from a ceremonial event into a catalyst for implementation.

“Resilience is not a box to be checked. It’s a continuous effort that demands the involvement of every citizen, every agency, and every company,” Ribadu noted. “We must move from policies to real-world impact — and from awareness to decisive action.”

He concluded by urging participants to treat the gathering as a turning point for collective responsibility and national cybersecurity readiness.