In a bold and impassioned appeal to Nigeria’s lawmakers, the Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has called on the National Assembly to enact a specific law against unexplained wealth. His demand, made during the National Conference on Public Accounts and Fiscal Governance held in Abuja on Wednesday, July 9, 2025, adds renewed urgency to Nigeria’s long-standing battle against financial crimes and corruption.
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Speaking at the joint conference organized by the Senate and House of Representatives Public Accounts Committees, Olukoyede decried the legal vacuum that allows individuals to accumulate wealth far beyond their known income without facing consequences.
“I want to make an appeal to you all. Please, pass the bill on unexplained wealth,” he urged firmly, addressing senators, representatives, and policy stakeholders gathered at the event.
Olukoyede emphasized that without a robust legislative framework, anti-graft agencies are often left powerless when confronting cases of individuals living well above their means. According to him, this loophole continues to embolden corrupt practices and undermines the integrity of Nigeria’s financial systems.
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The Cost of Corruption and Insecurity
Highlighting the wider consequences of unchecked financial misconduct, the EFCC boss established a clear link between poor resource management and the country’s rising insecurity. He argued that crimes like terrorism, kidnapping, and banditry are not only fueled by poverty but by the reckless looting and mismanagement of public resources.
“Mismanagement of resources is behind banditry, kidnapping, terrorism, and other acts of insecurity,” he said. “Nigeria is rich in natural and human capital, but without transparency in how these resources are managed, development will remain elusive.”
Call for Asset Recovery and Reform
Mr. Olukoyede also issued a stern warning to custodians of looted assets stashed abroad, insisting they are as culpable as those who stole from the nation’s coffers. He appealed for international cooperation in asset recovery, reinforcing the EFCC’s readiness to trace and reclaim stolen wealth for national development.
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A Rare Opportunity with Tinubu’s Government
The EFCC Chairman praised the current administration under President Bola Ahmed Tinubu as offering a rare window for transformative change. He called on Nigerians to rally behind the leadership and prioritize accountability, discipline, and transparency.
“This is the best opportunity we have. We must not miss it,” he stated.
Lawmakers React with Wage Reform Advocacy
In response, Honourable Bamidele Salaam, Chairman of the House Committee on Public Accounts, acknowledged the EFCC’s efforts and called for an urgent review of Nigeria’s wage structure. He argued that improving wages would help insulate citizens from the temptations of corruption
Picture Credit: The EFCC X Page
