The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has called on the National Assembly to enact a law criminalizing unexplained wealth as a strategic step in the fight against corruption and financial crimes in Nigeria.

Olukoyede made the call on Wednesday while addressing participants at the National Conference on Public Accounts and Fiscal Governance, convened by the Public Accounts Committees of the Senate and House of Representatives in Abuja.

Decrying the absence of legal backing to tackle individuals living far beyond their known means, the EFCC Chairman said such a loophole emboldens corrupt practices. “I want to make an appeal to you all—please, pass the bill on unexplained wealth,” he urged lawmakers.

He emphasized the importance of transparency in the management of national resources, noting that Nigeria is richly endowed but suffers from poor resource governance. “We need transparency in resource management. That’s all we need. Everywhere you go in Nigeria, you see natural resources all around you. We will succeed if we are resolute about resource management,” he said.

Olukoyede also drew a link between corruption, poor governance, and rising insecurity across the country, stating that “mismanagement of resources is behind banditry, kidnapping, terrorism and other acts of insecurity.”

He urged Nigerians to take advantage of the reform-oriented agenda of President Bola Ahmed Tinubu’s administration, describing it as a unique window for national recovery. “The administration of President Tinubu is the best opportunity we have; we must not miss it,” he said.

In addition, the anti-graft chief appealed to foreign custodians of stolen Nigerian assets to collaborate with the EFCC in repatriating the funds. “Custodians of stolen assets are as guilty as those that stole the assets,” he stated.

Also speaking at the conference, Chairman of the House Committee on Public Accounts, Honourable Bamidele Salaam, commended the EFCC Chairman for his insights and advocated for a review of the national wage structure as a preventive measure against corruption.

“We must do something about our wage system if we are serious about the fight against corruption,” Salaam said.