The House of Representatives on Thursday passed for second reading a bill seeking to amend the EFCC establishment act to give it more powers to carry out its task in line with current realities
Leading the debate, its sponsor, Yusuf Adamu Gagdi, said the
Bill seeks to strengthen the institutional Independence, operational
efficiency, and accountability framework of the EFCC, with a view to making it
more effective in combating the growing complexity of Economic and financial
crimes in Nigeria.
Gagdi, who heads the House Committee on Navy, said when the
EFCC Act was enacted in 2004, it provided Nigeria with a pioneering legal
framework to tackle corruption and financial crimes, adding that two decades
later, the landscape of financial crimes has evolved far beyond what the
current law envisaged.
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 Yet, the EFCC operates under outdated provisions that do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 these new realities”.
He argued that the existing Act does not provide sufficient
guarantees for the Independence of the Commission, exposing it to external
influence and political Interference.
“This Bill represents a decisive step toward strengthening
Nigeria’s anti-corruption
framework. It seeks to ensure that the EFCC operates as an
independent, professional, and transparent institution that is responsive to
modern financial crime realities.
“This amendment will not only enhance Nigeria’s global
reputation, but also promote good governance, economic stability and public
confidence in the fight against corruption.”
The bill which has been referred to the House Committee on
Financial Crimes was unanimously passed without debate.
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