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EFCC Seeks Law To Seize Unexplained Wealth
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.
READ ALSO: NANS Slams EFCC’s Claim Of Students’ Engagement In Cybercrimes
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.
READ ALSO: Convicted Drug Lord Loses Mansion, Other Property To FG
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.
READ ALSO: EFCC Warns Nigerians Against ATM Swap Fraudsters
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.
READ ALSO: Tinubu Violated EFCC Extant Laws Appointing Olukoyede As Chairman, Group Alleges
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.
READ ALSO: Convicted Drug Lord Loses Mansion, Other Property To FG
“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
New Tax Laws: Suspend January 2026 Implementation — Senator Ndume Tells Tinubu
Former Senate Leader, Ali Ndume has appealed to President Bola Ahmed Tinubu to suspend the January 1, 2026, implementation of the country’s new tax laws amid growing controversy.
The federal lawmaker made the appeal in a statement he issued on Wednesday in Abuja.
This comes as the Nigerian Bar Association demanded the suspension of the implementation.
Recall that a member of the House of Representatives, Abdussamad Dasuki, had last week called the Parliament’s attention to alleged alteration to the tax laws.
READ ALSO:FIRS Confirms NIN As Tax ID
Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, in an interview on Arise Television on Wednesday, called for calm over claims of alterations in tax laws and urged Nigerians to allow lawmakers to complete their investigation before drawing conclusions.
Speaking on the ongoing controversy about the tax laws, Ndume noted that proceeding with the implementation without getting to the root of the alleged forgery will create a legitimacy challenge for the tax laws.
His statement read, “With the controversy surrounding it, the President should constitute a team to verify the veracity of the claim and act accordingly.
“As the responsive leader that he has always been, he should look at it to find out if the copy that was signed and the claim of alterations are genuine so that he will do the needful to bring the controversy to rest.
READ ALSO:US Threatens To Sanction Countries That Vote For Shipping Carbon Tax
“If not, the controversy will continue.” That is to say, the tax law will not be implemented, because you can’t build on nothing.
“So, Mr. President should suspend the implementation until the issues are resolved because so many civil society organizations, the Arewa Community, and the Nigerian Bar Association are saying that he should withdraw the tax law and investigate the allegation of forgery.”
“Therefore, Mr President should get to the root of the allegation of forgery. The small committee that will be set up should look into it while the House of Representatives does its own.”
News
Tambuwal Engages Security Agencies As US Airstrikes Hit Own LG In Sokoto
Senator Aminu Waziri Tambuwal, representing Sokoto South, has called on residents of Sokoto State to remain calm following reports of United States airstrikes targeting ISIS-linked terrorists on Christmas Day.
In a statement posted on his personal X account, the former Sokoto State governor said he was aware of reports concerning the airstrikes, which marked a direct US military action in Nigeria based on intelligence about ISWAP threats, and urged citizens to remain law-abiding while authorities clarify the situation.
“I have noted the reports concerning an airstrike carried out as part of ongoing counterterrorism efforts through cooperation between the federal government of Nigeria and the United States,” Tambuwal said. “I urge our communities to remain calm and law abiding as relevant authorities clarify the circumstances surrounding the operation.”
READ ALSO:US Dept Of War Shares Video Of Air Strikes In Nigeria
Tambuwal assured constituents that he was engaging with relevant security agencies to obtain full details of the operation and to ensure that necessary things were in place to protect civilians.
“I wish to assure the people of Sokoto South that I am in active talks with relevant security authorities to obtain full details and ensure that all necessary safeguards are upheld,” he added.
The senator emphasised that counterterrorism operations were aimed strictly at criminal and terrorist elements threatening public safety, not innocent civilians who are often victims of insecurity. He stressed that the protection of civilian lives must remain central to all legitimate security actions.
He further called on community leaders, traditional institutions and residents to work closely with security agencies by sharing credible intelligence and resisting misinformation capable of causing fear or heightening tension.
News
Rep Moore Confirms 12 Tomahawk Missiles Launched In Sokoto
No fewer than 12 Tomahawk missiles were on December 25 launched against terrorists in Sokoto State by the United States military.
Rep Riley M. Moore, the lawmaker representing Virginia’s Second District in the Congress, confirmed this in an interview with Fox News.
The US military operated in Sokoto State on Christmas night, bombing terrorists killing innocent people in parts of Nigeria.
READ ALSO:Trump’s Airstrikes: Halt Military Cooperation With US Immediately – Sheikh Gumi Tells Tinubu Govt
Some security analysts claimed on Friday that the operation was unsuccessful and had no significant impacts on the targeted terrorists.
According to them, the airstrikes landed in safe places including farms where there was no history of terrorists’ hideout.
But details began to emerge on Friday night, indicating that several terrorists were killed during the joint operations between the US army and it’s Nigerian counterpart.
READ ALSO:Nigerian Ringleader Of Nationwide Bank Fraud, Money Laundering Jailed In US, Says FBI
Moore said: “This year, thanks to President Trump, Radical Islamic Terrorists were on the receiving end of 12 Tomahawk missiles as a present.
“The successful strikes on ISIS, in coordination with the Nigerian government, is just the first step to secure the country and end the slaughter of our brothers and sisters in Christ”.
DAILY POST reports that residents of Sokoto State have been panicking since the US military operation.
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