Lucky Obukohwo, Reporting
The House of Representatives has passed a bill seeking to deprive the President of the power to sack the chairman of the Economic and Financial Crimes Commission (EFCC) without the approval of the National Assembly for second reading, saying it will help strengthen public confidence on the anti-graft agency.
The proposed legislation sponsored by the chairman, House Committee on Navy, Yusuf Gagdi, is seeking to amend the EFCC Act 2004, to among others, provide for the support of two-third of members of the National Assembly before an EFCC chairman can be removed from office.
Leading debate on the bill, Gagdi said that the proposed legislation titled: “A Bill for an Act to Amend the Economic and Financial Crimes Commission (Establishment) Act, 2004, and for Related Matters (HB. 2493)” is aimed at strengthening the commission to perform optimally.
He said since the enactment of the EFCC Act in 2024, the scope of financial crimes has expanded to include cybercrime, cryptocurrency manipulation, illicit financial flows, terrorism financing, and real estate-based money laundering.
“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“Yet, the EFCC operates under outdated provisions that do not adequately address these new realities.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.”
Based on that, the lawmaker argued that it has become important to amend the act so as to strengthen its operations and enhance its independence.
“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.”
He further said that part of the proposed amendment to the EFCC Act is that “the removal of the chairman will require two-third majority of both the Senate and House of Representatives, thereby safeguarding the tenured and integrity of the leadership. “
