The House of Representatives has commenced legislative action to amend the Economic and Financial Crimes Commission (EFCC) Act, 2004, in a bid to strengthen the Commission’s institutional independence, operational efficiency, and accountability framework.
The proposed amendment bill, titled “A Bill for an Act to Amend the Economic and Financial Crimes Commission (Establishment) Act, 2024,” was sponsored by Yusuf Gagdi (APC, Plateau) during Thursday’s plenary.
|
|
Leading debate on the general principles of the bill, Mr Gagdi said the amendment seeks to modernise and realign the EFCC’s legal framework with global standards in combating economic and financial crimes.
He explained that while the EFCC Act of 2004 provided Nigeria with a pioneering framework to tackle corruption and financial crimes, emerging realities have exposed significant gaps that must now be addressed.
|
|
|
|---|
He said, “Cybercrime, cryptocurrency manipulation, illicit financial flows, terrorism financing, and real estate-based money laundering have become prevalent, yet the EFCC operates under outdated provisions that do not adequately address those new realities.”
The lawmaker said the amendment bill was conceived to insulate the EFCC from external influence and political interference, close existing gaps in its governance structure, and strengthen coordination with other anti-corruption bodies.
He noted that the absence of clear procedures for managing seized and forfeited assets has created public mistrust, inefficiency, and loss of recovered funds.
Stay Ahead with Premium Times
Follow us on Google News and never miss breaking stories, investigations, and in-depth reporting.
Add as a preferred source on Google
Key objectives of the amendment
Mr Gagdi highlighted several core objectives of the bill, including:
- Institutional Independence: The bill provides that the EFCC shall operate independently, without direction or control from any person or authority in the performance of its duties. It also proposes that the removal of the EFCC chairman would require the approval of two-thirds of both the Senate and the House of Representatives — a measure designed to preserve the Commission’s leadership integrity and security of tenure.
- Expanded Composition: The bill seeks to broaden the Commission’s membership to include eminent Nigerians with expertise relevant to anti-corruption enforcement and financial regulation.
- Operational Efficiency: It empowers the EFCC to make rules and regulations for its internal operations and procedures, ensuring greater autonomy and flexibility in tackling modern financial crimes.
According to Mr Gagdi, the bill presents a decisive step towards strengthening Nigeria’s anti-corruption framework.
“This amendment will not only ensure Nigeria’s global reputation, but also promote good governance, economic stability, and public confidence in the fight against corruption,” he said.
Support from colleagues
In seconding the motion, Ginger Onwusibe (LP, Abia) said the amendment would help to correct structural cracks that have undermined the Commission’s effectiveness since its creation.
“There were several cracks when the EFCC was first established,” Mr Onwusibe noted. “This amendment will help to checkmate those cracks and ensure the Commission works better for Nigerians.”
READ ALSO: Reps discharge committees over delayed bills, cite breach of standing orders
After deliberation, the Deputy Speaker, Benjamin Kalu, who presided over the session, referred the bill to the Committee on Financial Crimes for further legislative action.
The amendment bill is expected to undergo a public hearing in the coming weeks as part of broader efforts by the 10th House to reform key anti-corruption laws and strengthen oversight institutions.
Discover more from Premium Times Nigeria
Subscribe to get the latest posts sent to your email.
More News
