The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has stated that Nigeria needs a law against unexplained wealth in the country.
Olukoyede listed this as a part of effort to check the criminal activities of treasury looters in Nigeria.
According to the EFCC spokesperson, Dele Oyewale, who was quoting the anti-graft agency chair, said the statement was made at a two-day International Law Conference organised by Christopher University, Mowe, Ogun State.
The theme of the conference is “Unexplained Wealth in the Global South: Examining the Asset Recovery and Return Trajectory”.
The EFCC boss, the Unexplained Wealth Orders (UWOs) have been adopted by the United Kingdom, Australia, Mauritius, Kenya, Zimbabwe and Trinidad and Tobago since its inception in 2018.
Olukoyede decried that the anti-graft agency 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 jurisdictional legislations across the world to tackle it.
“Till 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, UWOs that came into force in 2018.
“Several countries, such as the United Kingdom, Australia, Mauritius and African countries like Kenya, Zimbabwe, and Tobago in the Caribbean have come up with UWO.
“Nigeria is yet to come up with a national legislation on it,” he said.
In a separate development, firefighters from the Kwara State fire brigade, on Saturday, prevented a major disaster at Aasco Petrol station, along Ajase-Ipo highway in Ilorin, Ilorin West Local Government of the state capital.
The incident occurred at about 17:57 hours, according to the spokesman of the fire service, Hassan Adekunle in Ilorin on Saturday.
“Upon arrival at the scene, the fire crew encountered a severe and rapidly spreading fire at the Aasco filling station along Ajase-Ipo Road, Ilorin
“The firemen immediately commenced firefighting operations to contain the inferno and prevented it from spreading to other parts of the filling station.
“Despite the scale of the disaster, the firemen who demonstrated their expertise and skill, successfully controlled and extinguished the fire with their knowledge and prowess in firefighting techniques,” he added.