The House of Representatives has passed, for second reading, a bill seeking to strip the President of the power to sack the chairman of the Economic and Financial Crimes Commission (EFCC) without the approval of the National Assembly.
The proposed legislation, which is sponsored by the chairman of the House Committee on Navy, Yusuf Gagdi, seeks to amend the EFCC Act 2004 to, among others, provide for the support of two-thirds of members of the National Assembly before an EFCC chairman can be removed from office.
Gagdi, while leading the debate on the bill, stated that the proposed legislation, which is titled “A Bill for an Act to Amend the Economic and Financial Crimes Commission (Establishment) Act, 2004, and for Related Matters (HB. 2493)”, at Wednesday’s plenary, is aimed at strengthening the commission to perform optimally.
He explained that since the enactment of the EFCC Act in 2004, the scope of financial crimes has expanded to include cybercrime, cryptocurrency manipulation, illicit financial flows, terrorism financing, and real estate-based money laundering.
According to him: “When the EFCC Act was enacted in 2004, it provided Nigeria with a pioneering legal framework to tackle corruption and financial crimes. However, two decades later, the landscape of financial crimes has evolved far beyond what the current law envisaged. 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“Yet, the EFCC operates under outdated provisions that do not adequately address these new realities. Furthermore, the existing Act does not provide sufficient guarantees for the independence of the Commission, exposing it to external influence and political interference.”
Consequently, the lawmaker argued that it has become imperative to amend the Act to strengthen its operations and enhance its independence.
According to him: “The existing Act does not provide sufficient guarantees for the independence of the commission, exposing it to external and political interference.
“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 explained that part of the proposed amendment to the EFCC Act is that “the removal of the chairman of the commission will require two-thirds majority of both the Senate and House of Representatives, thereby safeguarding the tenure and integrity of the leadership.”
He added that the proposed legislation, if passed into law, would restore public confidence in the anti-graft agency and enhance the transparency and efficiency of the commission.
