Connect with us

News

EFCC chair calls for legislation against unexplained wealth

Avatar

Published

on

The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has advocated for the enactment of a law addressing unexplained wealth to combat criminal activities related to treasury looting in the country. Speaking at a two-day International Law Conference organized by Christopher University in Ogun State, EFCC spokesperson Dele Oyewale quoted Olukoyede as emphasizing the need for legislation against unexplained wealth.

The conference, themed “Unexplained Wealth in the Global South: Examining the Asset Recovery and Return Trajectory,” provided a platform for the EFCC chairman to express his concerns. Olukoyede highlighted that various countries, including the United Kingdom, Australia, Mauritius, Kenya, Zimbabwe, and Trinidad and Tobago, had already adopted Unexplained Wealth Orders (UWOs) since their introduction in 2018.

While acknowledging the existence of Section 7 of the EFCC Establishment Act as the current tool to address the issue, Olukoyede stressed the global nature of unexplained wealth, citing the prevalence of money laundering and illicit funds across the world. He urged Nigeria to follow the example of other nations and establish a national legislation on Unexplained Wealth Orders to effectively tackle the challenge.

Click to comment

Leave a Reply

News

‘You’re responsible for Nigeria’s economic woes’— Atiku tackles Tinubu

Avatar

Published

on


Atiku Abubakar, the Peoples Democratic Party (PDP) candidate in the 2023 general election, attributed Nigeria’s economic challenges to President Bola Ahmed Tinubu.

In a statement shared on his official social media account on Sunday, the former Vice President of Nigeria urged Tinubu to take cues from Argentina’s President Javier Milei on swiftly restoring investor confidence despite inheriting a troubled economy.

Atiku criticized Tinubu for deflecting blame onto the opposition and his predecessors, calling such actions unnecessary and shortsighted. He emphasized that market dynamics respond to concrete actions, not political rhetoric.

Drawing parallels with President Milei’s leadership in Argentina, Atiku highlighted the need for well-sequenced economic reforms. He commended Milei’s proactive approach in preparing for the post-reform challenges and ensuring the availability of mitigating measures.

Atiku contrasted Tinubu’s administration’s ad hoc and hurried reforms with Milei’s strategic sequencing. He pointed out Argentina’s lean government structure achieved through reducing ministries and privatizing state-owned enterprises, contrasting it with Nigeria’s expanding bureaucracy and excessive spending on official residences.

Atiku likened Tinubu’s administration’s approach to Nero fiddling while Rome burns, accusing him of evading substantive action and blaming the opposition for policy failures, reminiscent of characters in George Orwell’s Animal Farm.

Expressing admiration for Argentina’s reforms, Atiku suggested aligning his “Recover Nigeria Plan” with Milei’s stabilization strategy to alleviate Nigeria’s economic distress. He emphasized the need for transparent policies focused on economic revival and warned against dismissing discontent, particularly among the youth, which could manifest in protests.

The statement referred to the worsening economic conditions in Nigeria, highlighted by soaring inflation rates and high living costs, as reported by the National Bureau of Statistics, with headline inflation reaching 29.90% and food inflation at 35.42% in January 2024.

Continue Reading

News

BREAKING: Fire guts FCT Minister’s residence

Avatar

Published

on


A fire broke out at the private residence of Dr. Mariya Mahmoud, the Minister of State in the Federal Capital Territory Administration (FCTA), on Sunday afternoon.

Situated at No. 9, Justice Roseline Ukeji Close in the affluent Asokoro district of Abuja, the property was reportedly completely destroyed by the blaze.

Despite prompt emergency response efforts, including the arrival of fire service personnel, nothing could be salvaged from the premises.

Mr. Austin Elemue, the Minister’s Special Adviser on Media, confirmed the incident, indicating that the cause of the fire remained unknown at the time.

Authorities have initiated an investigation to ascertain the cause of the fire.

Continue Reading

News

PHOTO: Gov Makinde Host Nigeria Police Games

Avatar

Published

on

1: Oyo State Governor, Seyi Makinde (left) and Inspector General of Police, Olukayode Egbetokun, during the opening ceremony of the 14th Biennial Nigeria Police Games, host by Oyo State Government, held at Adamasigba Stadium, Ibadan. PHOTO: Oyo Gov’s Media Unit.

2: From left, Deputy Governor of Oyo State, Barr Bayo Lawal; Governor Seyi Makinde; Inspector General of Police, Olukayode Egbetokun and his wife Elizabeth, during the opening ceremony of the 14th Biennial Nigeria Police Games, host by Oyo State Government, held at Adamasigba Stadium, Ibadan. PHOTO: Oyo Gov’s Media Unit.

3: Oyo State Governor, Seyi Makinde (left) take a salute from the Police Mascots, during the opening ceremony of the 14th Biennial Nigeria Police Games, host by Oyo State Government, held at Adamasigba Stadium, Ibadan. PHOTO: Oyo Gov’s Media Unit.

CREDIT: Oyo Gov Media 

Continue Reading

Trending