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Nigeria: Unexplained Wealth and Lifestyle Audit

Image Credit: www.kiar.center

Nigerians living above their means may soon be called upon to explain the sources of their wealth in a new ‘Lifestyle Audit’ proposed by the Federal Government of Nigeria. The proposed ‘Lifestyle Audit’ will be implemented by the Independent Corrupt Practices and Other Related Offences Commission (ICPC). In addition to curbing corruption, the Lifestyle Audit bill will also serve as a way to generate revenue for the government from forfeiture of assets and ill-gotten wealth.

Although information into the operations of the Lifestyle Audit is still sketchy, the Lifestyle Audit will propel Nigeria into the ranks of countries like South Africa and the UK that have active Lifestyle Audit mechanisms.