The Economic and Financial Crimes Commission has urged the National Assembly to enact legislation that criminalises unexplained wealth and sudden fortune in Nigeria.

The commission noted that despite ongoing anti-corruption efforts, there is currently no legal framework to hold public officials accountable for owning assets that exceed their legitimate income.

Chairman of the Commission, Ola Olukoyede, made the appeal on Wednesday during his address at the National Conference on Public Accounts and Fiscal Governance, organised by the Public Accounts Committees of both the Senate and House of Representatives in Abuja.

Olukoyede disclosed that the EFCC has just started scrutinising the financial records of the Nigerian National Petroleum Company Limited, and initial findings are already deeply concerning.

“Help me pass the Unexplained Wealth Bill. I’ve been begging for the past year. This same bill was thrown out in the last Assembly. If we don’t make individuals accountable for what they have, we’ll never get it right.

“Someone has worked in a ministry for 20 years. We calculate their entire salary and allowances. Then we find five properties — two in Maitama, three in Asokoro. Yet we’re told to go and prove a predicate offence before we can act. That is absurd.

“In the last three weeks, we started a commission-wide investigation into the extractive industry, particularly the oil and gas sector. What we have discovered is mind-boggling. We have only just opened the books. So much more corruption is to be unravelled. If this is what we’re seeing at the surface, imagine what lies beneath,” he said.

According to Olukoyede, the findings highlight the scale of financial mismanagement within the system. He described fiscal recklessness and poor management of public funds as major contributors to both economic hardship and national insecurity.

“There is a very strong connection between the mismanagement of our resources and insecurity. When you look at banditry, kidnapping, terrorism, trace it back, and you will find a pattern of corrupt practices and diversion of funds that were meant to improve people’s lives,” he said.

He criticised the legal barriers preventing the Commission from prosecuting suspects, explaining that the requirement of a “predicate offence” such as theft or fraud often stalls asset recovery efforts.

He argued that the proposed legislation would create strict liability for individuals found with assets significantly beyond their known and legal earnings.

“Once you are living beyond your means, you should be held to account. Until we do this, there will always be an escape route for the corrupt,” he said.

Olukoyede also pointed to the global dimension of Nigeria’s stolen assets, revealing that the EFCC is tracing illicit wealth in multiple countries, including unexpected locations.

“Last month alone, I visited four or five countries chasing Nigeria’s stolen assets. An ambassador even told me they discovered an estate in Iceland owned by a Nigerian. Iceland of all places!” he said.

He admitted that even the best anti-graft efforts cannot recover more than half of what has been looted, citing resistance from foreign custodians of stolen funds.

“There is no amount of capacity I can build, no level of effort I can put in, that will enable me to recover even half of what has been stolen from Nigeria because the custodians of those assets in foreign countries don’t want to let go. And they won’t,” he said.

He also criticised those hoarding looted wealth, recalling how he confronted delegates at a United Nations forum.

“I told them at the United Nations Forum last December that if you are holding onto Nigeria’s stolen assets, we see you as an accessory after the fact. They grumbled, but I didn’t care,” he said.

Olukoyede condemned the culture of impunity in Nigeria’s public sector, noting that some individuals under prosecution are still being publicly celebrated despite evidence against them.

“We are doing this work. We see people who have stolen our money. We have shown you evidence. We’ve traced where the money went. We are already in court. Yet, they’re being celebrated all over the place. Does that show we’re serious?

“If we execute even 60% of our capital budget efficiently between 2025 and 2026, we will empower small and medium-scale industries. We’ll build infrastructure. We’ll be fine,” he said.

He emphasised that Nigeria has enough natural and mineral resources and should not rely on borrowing to sustain the economy.

“What we need is transparency in revenue generation and accountability in public expenditure,” he said, urging national leaders to unite in the fight against corruption.

“If we miss it under this administration, I pity Nigeria. Let’s put politics aside. Let’s put ethnicity aside. This is about rescuing the soul of Nigeria,” he said.

The Federal Government says Nigeria’s economy is on a path of steady recovery under President Bola Tinubu, attributing the progress to the administration’s broad reforms.

Minister of Information and National Orientation, Mohammed Idris, made the comment on Wednesday in Abuja during a visit by members and newly elected executives of the Nigerian Guild of Editors.

In a statement issued by his Special Assistant on Media, Idris acknowledged that while Nigeria’s economy was not yet in “El-dorado”, the country was recording tangible progress. He added that international rating agencies were beginning to acknowledge the economic direction.

“The economy is not yet what we want it to be but we can see that there is a steady progression. The President has said over and over again that we are turning the corner. I know that many people will say it’s not yet El-dorado. Yes! I also agree but you cannot always say that there is no progress.

“Even all the rating agencies in the world are also giving Nigeria some pass marks. We are seeing some upward ticks in the way our economy is being managed,” he said.

He cited major reforms such as the removal of fuel subsidy and the unification of foreign exchange rates as key policies already showing positive results.

He explained that although these measures are tough, they are part of a broader plan to stabilise and grow the economy over time.

Idris also described the Students Loan Scheme as a major social investment initiative of the administration, noting that about 300,000 students are currently benefiting.

“Because of this deliberate, intentional policy of the government, over 300,000 Nigerian students who hitherto were out of school or could have been out of school, now have the opportunity to be in school because the government is paying for their tuition and upkeep. This is unprecedented,” Idris stated.

Speaking on security, Idris said the government was making “sustained successes” in addressing violent crime and restoring peace in troubled areas.

He urged the media to support the military and other security agencies, warning against giving prominence to criminal groups.

“I have always said that it is not good for us as media practitioners to place emphasis or premium on these criminals, gangsters and terrorists or bandits or whatever they are, over and above the citizens of this country,” he said.

He said news coverage should highlight the courage and sacrifices of Nigeria’s security personnel alongside any challenges.

“We must amplify these achievements, particularly in the context of condemning the actions of criminal groups and motivating the Armed Forces,” Idris said.

He acknowledged that the media plays a role in holding government accountable but called for balanced reporting that includes the government’s successes.

He promised to review the Law Reform Report presented by the Guild and work with the Minister of Justice and Attorney General of the Federation to address outdated legal provisions.

Idris restated the administration’s commitment to press freedom and freedom of expression, describing them as “the cornerstone of the nation’s democracy.”

He encouraged media professionals to exercise their rights with patriotism and responsibility, and assured the Guild of the government’s readiness to partner closely with the media.

Earlier, Deputy President of the Nigerian Guild of Editors, Sebastian Abu, said the delegation presented the Law Reform Committee’s report to highlight outdated laws that need revision or repeal to promote a freer media environment.

Veteran Nollywood actress Moji Afolayan has revealed that she was blacklisted by movie marketers after refusing their sexual advances.

In a recent interview on Oyinmomo TV, which gained traction on Wednesday, the 57-year-old actress and daughter of the late iconic actor Adeyemi ‘Adeluv’ Afolayan, disclosed that turning down the “casting couch” culture cost her fame and acting opportunities.

“This is because, at that time, when we had marketers at Idumota, they used to give producers money to work. However, due to the kind of training I received at home, I cannot trade my body for movies.

“My husband, who married me, has not even done anything. You will notice that I am trying to speak in proverbs,” she said.

Moji said that after declining their advances, marketers held a meeting and agreed to stop offering her roles.

“Because I did not do it, they held a meeting among themselves not to call me. I did not sleep with them. I did not offer my body for sex,” she said.

She also pointed out that some married actresses engaged in the practice while hiding it from their spouses.

“They are all watching this programme. People who are doing it are doing it. Many of them will have their husbands outside while the wives will be with them inside. I am exposing their secrets now.

“They would tell me, ‘is it only my husband?’ I was like is it because you want to help. Then you would have to hold on to your help.

“I thank God I stood with my dignity. That is what I am enjoying today. I held on to my virginity. I stand out among them now. I have only received mercy. They made them stars. Their posters were all around.

“But when they tried to stand alone, there was a great fight, which was bound to happen in that kind of relationship. I did not inform my husband at the time.

“It was because I did not offer myself for sex that they denied me movie roles,” she said.

Moji, who is married to fellow actor Rasaq ‘Ojopagogo’ Olayiwola, also recounted how a now-deceased colleague faced similar rejection after refusing a marketer’s request.

“I was not the only person they did it to. There was one person who was late now, took her job to a marketer there at Arena, but it was turned down.

“The lady at the time told me to continue with my nobility. She narrated how the marketer told her how he had slept with in the industry.

“They now know how it feels. They have made us social media-friendly. They have pushed us to put movies on YouTube.

“It affected me in terms of income and fame. I cherish my body more than anything. Even my husband knows,” she said.