By Nkechi Eze
The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has urged the National Assembly to urgently pass legislation targeting unexplained wealth, describing it as a critical tool in the fight against corruption and financial crimes in Nigeria.
Olukoyede made the call in Abuja on Wednesday, July 9, 2025, at the National Conference on Public Accounts and Fiscal Governance, which was convened by the Public Accounts Committees of both the Senate and House of Representatives. According to an official statement signed by EFCC spokesperson Dele Oyewale, the anti-graft chief emphasized that the absence of a law criminalizing unexplained wealth continues to embolden corrupt practices among public officials and private individuals.
“I want to make an appeal to you all: please, pass the bill on unexplained wealth,” Olukoyede said, noting that corruption thrives when individuals who live beyond their lawful income go unchallenged by the law.
He stressed the need for transparency and accountability in the management of Nigeria’s abundant resources, asserting that the country’s natural wealth has not translated into development due to poor resource governance. “We need transparency in resource management. That’s all we need. Everywhere you go in Nigeria, you see natural resources all around you. We will succeed if we are resolute about resource management,” he declared.
Olukoyede also drew a direct connection between corruption, resource mismanagement, and the growing insecurity across the country. He maintained that crimes such as banditry, terrorism, and kidnapping are often symptoms of systemic corruption. “Mismanagement of resources is behind banditry, kidnapping, terrorism and other acts of insecurity,” he stated.
He called on Nigerians to take full advantage of the reform-oriented climate under the administration of President Bola Ahmed Tinubu, describing it as a rare opportunity for national rebirth. “The administration of President Tinubu is the best opportunity we have. We must not miss it,” Olukoyede stressed.
The EFCC chairman also issued a warning to custodians of looted funds abroad, urging them to cooperate with the Commission in recovering stolen assets. “Custodians of stolen assets are as guilty as those that stole the assets,” he said, calling for international collaboration to aid Nigeria’s asset recovery efforts.
In his remarks, the Chairman of the House Committee on Public Accounts, Hon. Bamidele Salam, commended Olukoyede for his proactive stance on anti-corruption reforms and advocated for a national conversation around fair wages. “We must do something about our wage system if we are serious about the fight against corruption,” he said, noting that poor remuneration often exposes public officials to temptations.
