Abuja: The Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukayode, has called upon the National Assembly to expedite the passage of the Unexplained Wealth Bill, which has been pending since the 9th Assembly. Olukayode delivered this appeal at the ongoing National Conference on Public Accounts and Fiscal Governance, organized by the Senate and House of Representatives Public Accounts Committees.
According to News Agency of Nigeria, the conference, themed ‘Fiscal Governance in Nigeria: Charting a New Course for Transparency and Sustainable Development,’ highlighted the need for legal frameworks to address individuals living beyond their means without accountability. Olukayode expressed concern over the lack of clear-cut laws to hold such individuals accountable, suggesting that the passage of the Unexplained Wealth Bill is crucial for tackling corruption.
Olukayode revealed that the EFCC had initiated a comprehensive investigation into the extractive industry, particularly the oil and gas sector, uncovering significant corruption. He emphasized the connection between resource mismanagement and insecurity, noting that patterns of corrupt practices and fund diversion contribute to issues like banditry and terrorism. He urged lawmakers to pass the Unexplained Wealth Bill, emphasizing the absurdity of requiring proof of a predicate offense to act against suspicious wealth.
Additionally, Olukayode called on Nigerians to unite beyond creed, politics, and ethnic sentiments to prevent revenue leakage and save the economy. He warned that failure to combat corruption effectively would have dire consequences for the nation.
In a related address, Dr. Adebowale Adedokun, Director-General of the Bureau of Public Procurement (BPP), criticized inefficiencies and violations in Nigeria’s budget and project implementation processes. Adedokun highlighted the urgent need for an overhaul in project funding models and the enforcement of accountability through judicial sanctions to curb fiscal irresponsibility and corruption.
Adedokun pointed out the practice of commencing projects without adequate funding as a deliberate invitation for budget variations and corruption. He noted that projects worth billions often receive insufficient allocations, which leads to wasteful spending and violations of procurement laws. He stressed the importance of fiscal oversight bodies, including the EFCC, to begin their monitoring from the start of the budget cycle to prevent misuse of funds.
