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EFCC Seeks Law To Seize Unexplained Wealth

Published

2 years ago

December 18, 2023

The Chairman of the Economic and Financial Crimes Commission, Mr Ola Olukoyede, has called for legislation against unexplained wealth, as a way of checking the criminal activities of treasury looters in the country.

The EFCC spokesperson, Mr 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 was “Unexplained Wealth in the Global South: Examining the Asset Recovery and Return Trajectory.”

Olukoyede said several countries, including the United Kingdom, Australia, Mauritius, Kenya, Zimbabwe and Trinidad and Tobago, had embraced the Unexplained Wealth Orders since it came into force in 2018.

He said the EFCC 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 pieces of jurisdictional legislation across the world to tackle it.

“To 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, that came into force in 2018.

“Several countries, such as the United Kingdom, Australia, Mauritius and African countries like Kenya, Zimbabwe, and Trinidad and Tobago in the Caribbean have come up with UWO. Nigeria is yet to come up with a national legislation on it,” he said.

The EFCC boss, who was represented at the conference by the Abuja Zonal Commander, Assistant Commander of the EFCC, ACE1 Adebayo Adeniyi, emphasised that treasury looters would have little cover if the issue of unexplained wealth was tackled more seriously across the world.

“In Nigeria today, unexplained wealth has become a practical means of tracing, identifying, investigating and prosecuting corruption cases.

“As an anti-graft agency, suspects of any economic and financial crimes are usually required to declare their assets in the course of the investigation.

“The basis for this is to properly establish their true asset base and their linkage or otherwise to any act of corruption.

“Owing to the absence of legislation on the issue of unexplained wealth, the EFCC continues to rely on provisions of Section 7 of its Establishment Act to handle it,” he said.

Olukoyede said the concerns about unexplained wealth bordered more on asset tracing, investigation and recovery.

“Nations are rapidly settling for non-conviction-based asset forfeiture. The reason for this is simply unexplained wealth can only be beneficial to the state if they are forfeited.

“Since inception, the EFCC has secured sizable assets from fraudsters. They range from houses, vehicles, barges, jewelry, money, furniture items, landed properties, among others,” he said.

Explaining further, the EFCC boss stated that, “procedures for asset forfeiture usually involve the prosecution of the suspected fraudster, as assets may be forfeited on an interim basis or be forfeited permanently, depending on the position of the law and the court.

“However, whether interim forfeiture or permanent forfeiture, what is important is for every ill-gotten wealth to be recovered and kept with the government,” he said.

He urged the public to be forthcoming with information about suspicious assets in their various communities, as the commission would work better only if intelligence and information were readily available.

On the realities of countries in the global south concerning asset recovery, Olukoyede pointed out that countries in the global South were still far away from a culture of public accountability.

“Ethnic and religious biases often stand in the way of full disclosure of information by people in third world countries.

“The implication of this is that anti-corruption agencies can only operate based on the intelligence available to them,” he said.

While talking about the hurdles in asset recovery in Nigeria, Olukoyede punctured the technicality of prosecution of looted assets that sometimes require publication in major newspapers.

“This takes time. Sometimes, the delay may come from some fraudulent claims to frustrate the forfeiture proceedings. In all of these, what is paramount is the facts available to the court.

“At the end of it all, assets are always recovered permanently for the benefit of all.

“Also, recovery of stolen funds stashed in foreign jurisdictions is more complex. Institutions of state are usually involved in the recovery of such funds and this takes far more time and effort, he added.

“The return trajectory involved in this may even take years, and this can be really frustrating to anti-corruption agencies or government institutions involved in the recovery.

“Nigeria is having such instances in the recovery of looted funds by many government officials,“ he said.

News

JUST IN: Dangote Refinery Reacts To Alleged Mass Sack Of Workforce

Published

3 hours ago

September 26, 2025

Editor

The management of Dangote Petroleum Refinery and Petrochemicals has embarked on a sweeping reorganisation of its operations and workforce.

The refinery said the decision was taken in response to repeated sabotage by staff members that threatened the operational safety of the 650,000 barrels per day facility.

In a letter dated September 24, 2025, and signed by the Chief General Manager, Human Asset Management, Femi Adekunle, the refinery said it was “constrained to carry out a total reorganisation of the plant” following “many recent cases of reported sabotage in different units of the Petroleum Refinery leading to major safety concerns.”

Affected staff were directed to hand over all company property to their line managers and await clearance before receiving their entitlements, which the Finance Department would compute in line with their conditions of service.

However, a senior official of Dangote Petroleum Refinery & Petrochemicals dismissed reports that the company sacked workers en masse, insisting that the recent development was a reorganisation exercise aimed at curbing sabotage within the plant.

Speaking to The PUNCH on Friday, the official, who confirmed the authenticity of the disengagement letter, stressed that its interpretation had been largely misrepresented.

“Yes, the letter is correct. But the interpretation is wrong. The interpretation is that it affects some people because of certain things discovered in the refinery. It has nothing to do with unionism or anything like that,” the official said.

According to him, the move was designed to plug leakages and protect the company’s assets following repeated acts of sabotage.

“It doesn’t mean they have been sacked. That is incorrect. What was done was to put a check in place. It is more like a clean-up in the system to check where those sabotage and leakages are coming from and then address them. As soon as the issues are addressed, they will be reabsorbed. That is why it is not a sack and that word wasn’t used,” he explained.

He added that the exercise was carried out suddenly to prevent those involved in the alleged sabotage from concealing their actions.

“Some acts of sabotage have been noticed repeatedly and the company is only trying to safeguard its assets. Also, you cannot do things like this and give two weeks’ notice; otherwise, those in the act would cover up and complicate issues,” he said.

The official further clarified that refinery operations were ongoing and that both Nigerians and expatriates were still actively working at the plant.

“As we speak, people are still working at the refinery. The people affected know themselves, and those who did not get the letter are not affected. Anyone who doesn’t have a hand in sabotage has nothing to worry about,” he stressed.

When contacted, Dangote spokesperson, Anthony Chiejina, did not respond to messages sent to him by our correspondent

A copy of the disengagement letter, obtained by our correspondent on Friday, was addressed to all staff of Dangote Petroleum Refinery & Petrochemicals FZE and Dangote Industries Free Zone Development Company.

It read, “In view of the many recent cases of reported sabotage in different units of the Petroleum Refinery leading to major safety concerns, the Management is constrained to carry out a total re-organisation of the plant.

“As a consequence of this development, we wish to inform you that your services are no longer required, with effect from the eve of Thursday, the 25th September, 2025.

“Please surrender all the Company’s properties in your possession to your line manager and obtain an exit clearance accordingly, but the date for doing so will be communicated to you later.

“The Finance Department, by a copy of this letter, is advised to compute all your benefits and entitlements in line with your terms of employment and conditions of service and pay the amount due to you (less all indebtedness), subject to the condition that you have obtained the exit clearance certificate as mentioned above.

“We seize this opportunity to thank you for your services while you were in our employment.”

The refinery, which commenced production in 2024 amid fanfare and expectations of ending Nigeria’s decades-long reliance on imported petroleum products, is already battling operational turbulence and industrial disputes.

Recently, the refinery was enmeshed in a bitter row with the Nigeria Union of Petroleum and Natural Gas Workers over labour practices and safety standards.

The oil workers’ union had accused the company of “high-handedness” and warned against what it described as an emerging pattern of unfair labour practices.

The plant also faced friction with the Depot and Petroleum Products Marketers Association of Nigeria over product pricing and distribution arrangements, with marketers alleging that Dangote imposed rigid conditions that could distort the downstream market.

News

BREAKING: Ladoja Crowned 44th Olubadan, Set To Receive Staff Of Office

Published

3 hours ago

September 26, 2025

Editor

A former Governor of Oyo State, Oba Rashidi Ladoja, has officially been crowned the 44th Olubadan of Ibadanland.

He was crowned at the Ose Meji Temple in Ibadan South-East Local Government Area of the state.

Ladoja, who had earlier received the traditional Akoko leaf at the Labosinde Compound, Oja’ba, Ibadan, is expected to be formally presented with the staff and instrument of office by Governor Seyi Makinde at the historic Mapo Hall.

The PUNCH reports that Governor Makinde cut short his annual leave on Thursday to personally attend Oba Ladoja’s coronation.

It will be recalled that Ladoja became Olubadan-designate following the passing of the 43rd Olubadan, Oba Owolabi Olakulehin, who joined his ancestors on Monday, July 7, 2025.

Details later…

News

BREAKING: Akoko Leaves Placed On Ladoja Ahead Of Crowning As 44th Olubadan

Published

4 hours ago

September 26, 2025

Editor

The Afobaje of Ibadanland, Chief Waheed Popoola of the Labosinde Compound, Oja’ba, in the Ibadan South East Local Government Area of Oyo State has placed the Akoko leaves on the head of the former Governor of the state, Oba Rashidi Ladoja, with a loud ovation from the mammoth growth in attendance.

The process is in preparation for his moving to the Ose Meji House where he would be crowded as the 44th Olubadan of Ibadanland, shortly after leaving Labosinde Compound.

Ladoja becomes Olubadan designate following the passing of the 43rd Olubadan, Oba Owolabi Olakulehin, who joined his ancestors, on Monday, July 7, 2025.

In attendance were the High Chief of Ibadanland; Aare Latoosa, Chief Onikepo Akande and others.

Details later…