Breaking News: EFCC Urges National Assembly to Pass Law Against Unexplained Wealth

The Economic and Financial Crimes Commission (EFCC) has called on the National Assembly to enact a law that would make possession of unexplained wealth a criminal offense in Nigeria. According to EFCC Chairman Ola Olukoyede, this legislation would help tackle corruption and financial crimes in the country.

The EFCC’s demand was made during a capacity-building workshop for justices and judges at the National Judicial Institute in Abuja.

The stakeholders emphasized the need for a globally acceptable legislation to address the issue of unexplained wealth, citing examples of countries like the United States, United Kingdom, and Kenya that have already enacted such laws.

The EFCC wants the National Assembly to pass a law that would require individuals to explain the source of their wealth. Failure to provide a legitimate source would lead to prosecution.

Many countries have laws against unexplained wealth, and Nigeria’s EFCC believes it’s time for the country to follow suit.

The EFCC has made significant progress in recovering stolen assets, with over N250 billion recovered in the last year alone.

The commission has secured close to 3,500 convictions within the same period.

The EFCC’s chairman believes that unexplained wealth is a form of economic sabotage that inflicts reputational damage on the country.

He urges the National Assembly to pass the bill to help combat financial crimes and promote transparency in the country.