By Olu Fasan
Ola Olukoyede, the chairman of the Economic and Financial Crimes Commission, EFCC, recently appointed by Nigeria’s new president, Bola Tinubu, is saying the right things and making the right noises about fighting corruption in Nigeria. Recently, he struck a chord with me when he called for unexplained wealth legislation in Nigeria.
Unexplained wealth laws are the most powerful tool for tackling corruption, as I wrote in a piece titled: “Fighting corruption? Nigeria must tackle unexplained wealth” (Vanguard, November 22, 2021). Yet, despite my positive opinion of the new EFCC chairman, the stark reality is that the EFCC won’t and can’t make an iota of difference in stemming the inexorable rise of corruption in Nigeria. The agency is so bedevilled that it has become part of the problem, not part of the solution.
