EFCC Chairman Urges National Assembly to Pass Unexplained Wealth Law, Links Corruption to Insecurity 

The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has called on the National Assembly to enact a law targeting unexplained wealth, stating that such legislation would strengthen the fight against economic crimes and corruption.

Olukoyede made the appeal on Tuesday, July 9, 2025, in Abuja, at the National Conference on Public Accounts and Fiscal Governance, organized by the Public Accounts Committees of the Senate and House of Representatives.

He lamented the absence of legal measures to hold individuals accountable for living beyond their known income, arguing that this gap emboldens corrupt practices.

“I urge you all to pass the bill on unexplained wealth,” he said. “Corruption thrives when people flaunt illicit wealth without consequences.”

The EFCC boss also emphasized the need for transparency in managing Nigeria’s abundant natural resources, stating that prudent resource management is key to national development.

“Nigeria is richly endowed, but without accountability, we cannot achieve meaningful progress. Transparency in resource management is non-negotiable,” he said.

Olukoyede further linked poor resource management to rising insecurity, including banditry, kidnapping, and terrorism.

He urged Nigerians to take advantage of the reforms under President Bola Ahmed Tinubu’s administration, describing it as a pivotal opportunity for national transformation.

“This government presents our best chance for progress—we must not waste it,” he stated.

Also, he called on foreign custodians of stolen Nigerian assets to cooperate with the EFCC in repatriating such funds, warning that “those who keep stolen wealth are as complicit as the thieves.”

In response, Honourable Bamidele Salaam, Chairman of the House Committee on Public Accounts, commended Olukoyede’s stance and advocated for a review of Nigeria’s wage structure to reduce vulnerability to corruption.

“If we are serious about fighting corruption, we must address the issue of fair wages,” Salaam said.

About The Author

Dele Fashomi

Dele Fashomi, seasoned journalist and communication teacher, is a holder of Master of Arts degree in Communication and Language Arts from the University of Ibadan in 1992/93.

Earlier, he had bagged a Bachelor degree from the same university in 1984, after which he proceeded to the Nigerian Institute of Journalism, Lagos, in 1990, for a postgraduate diploma in Journalism.

He had done many courses in communication, including the EU-BBC Editing Course in 2002.

Mr. Fashomi combines effectively the practice, research and teaching of communication. And to date, he has published two academic works in communication: Issues in Communication Technology and Policy (2010) and Economic and Social Issues in Advertising and PR (2013).

He had his first break in the Nigerian media in Concord Newspapers in 1990 and today, he has over two and half decades experience earned in several newspapers.

He has been part of many start-ups, such as The Republic (1987), The Comet (1999), The Anchor 2001 – 2002; Sun Newspapers (2003); Westerner newsmagazine (2005 – 2010) as Editor; National Life (2011) as Sunday Editor, and Newswatch Newspapers (2012- 2016) as Daily Editor.

Dele Fashomi is now the Publisher/Editor-in-Chief of Newstide247.com newspaper online, which he started in July 2015. He is also into biography writing, with many books in his trail, some of which he wrote alone and one he co- authored with his mentor, Mr Dare Babarinsa, entitled:  Olabiyi Durojaiye – DARE TO BE DiFFERENT. He also guided and collaborated with Pa Olatunji Odusanya in writing his autobiography – AGAINST ALL ODDS. There are many other books in the works under his pen.

See author's posts