EFCC Chair Exposes How Public Officers Fake Asset Declarations To Cover Future Looting

The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has revealed how some public officers are perfecting the fraudulent practice of “anticipatory declaration of assets” — a tactic used to justify future looting of public funds and other corrupt acts.

Speaking in Abuja on Tuesday, August 12, 2025, while delivering a goodwill message at the launch of the Virtual Tool on the Code of Conduct for Public Officers — an initiative of the Code of Conduct Bureau (CCB) in collaboration with the Technical Unit on Good Governance and Anti-Corruption Reforms (TUGAR) — Olukoyede detailed the cunning scheme.

He narrated one shocking case uncovered during an investigation:

“We discovered one very big property valued at over N3 billion declared in a CCB form. The declared address did not match the actual location of the property. We dug deeper and found that the property didn’t even exist at the time it was declared.”

Olukoyede urged the CCB to take note of such “criminal creativity” and intensify investigations using innovative methods to curb corruption.

The Attorney General of the Federation and Minister of Justice, Prince Lateef Fagbemi, stressed that ethics and standards are the bedrock of public service. Applauding the CCB’s virtual tool, he described it as a milestone in digitizing public conduct oversight, promoting preventive compliance, and raising awareness.

Head of Service, Mrs. Didi Esther Walson-Jack, emphasized the importance of technology in governance:

“Without conduct and ethics, no reform will last. This tool is accessible, cost-effective, and promotes transparency through tracking and compliance.”

In his opening remarks, CCB Chairman Abdullahi Usman Bello said the new tool will enhance accountability and guide public servants step-by-step on rules and regulations.