The head of EFCC is calling for the enactment of laws to address unexplained riches.

 

Story by Iyiola Ayomide

"According to him, various assets such as cash, household goods, real estate, and more, were mentioned." 

 To elaborate, the head of EFCC clarified that the process of asset confiscation typically involves prosecuting the alleged fraudster, as assets can either be temporarily seized or permanently forfeited, depending on the legal framework and court decisions. 

 He stated that it is crucial to recover and retain all unlawfully acquired assets with the government, regardless of whether it is through interim or permanent forfeiture.

 He encouraged the general population to openly share any information they may have about questionable assets within their respective communities.

 He emphasized that the success of the commission relied heavily on the accessibility of intelligence and information. 

 Olukoyede highlighted that countries in the global South have not yet embraced a culture of public accountability when it comes to asset recovery. 

 "Biases based on ethnicity and religion frequently hinder individuals in developing nations from openly sharing information." "The significance of this is that anti-corruption agencies can solely function according to the information accessible to them.

" Olukoyede addressed the challenges faced in Nigeria regarding asset recovery, specifically highlighting the complexities involved in prosecuting individuals involved in looting assets, which occasionally involves the necessity of publishing notifications in prominent newspapers.

 "Time is required for this process. Occasionally, there may be delays caused by deceitful claims aimed at hindering the forfeiture proceedings. However, the most crucial aspect in all of these situations is the evidence presented to the court."

 "In the final analysis, assets are consistently retrieved in a lasting manner to serve the interests of everyone." "In addition, the process of retrieving stolen funds hidden in overseas locations is more intricate. 

 The involvement of state institutions is typically required, leading to a lengthier and more laborious recovery endeavor." "The process of returning involves a trajectory that may extend over several years, causing frustration for both anti-corruption agencies and government institutions responsible for the recovery." He stated that Nigeria is experiencing similar cases involving the retrieval of stolen funds by numerous government officials.