The Economic and Financial Crimes Commission (EFCC) has revealed a new strategy used by some politicians to legitimize illicit wealth by declaring ownership of assets before actually acquiring them.
EFCC Chairman Ola Olukoyede made this disclosure on Tuesday in Abuja during the launch of a virtual tool focused on the Code of Conduct for public officers.
The event, organized by the Technical Unit on Governance and Anti-Corruption Reforms in partnership with the Code of Conduct Bureau, aims to promote ethics, accountability, and good governance within Nigeria’s public service.
Olukoyede described this deceptive tactic as exposing how far some politicians go to outsmart anti-corruption agencies, carefully planning their illicit acquisitions even before taking public office.
In his goodwill address, the EFCC chairman referred to the practice as “anticipatory declaration of assets,” where corrupt officials list properties they intend to purchase with stolen funds after assuming office, thereby protecting themselves from future scrutiny.
He stated, “There is an issue that hasn’t been discussed today but, given the nature of our work, I believe it should be included in the code.
“For example, during an investigation, we uncovered a clever but criminally smart method used by some politically exposed persons in their illicit activities.”
Olukoyede cited a recent case where a politician declared ownership of a mansion valued at over N3 billion before it was constructed.
The suspect claimed the property was inherited, but the EFCC discovered that the land was only recently registered in his name and the building plans were finalized just before he was sworn in.
