The House of Representatives today 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, reports The Nation.
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 Yet, the EFCC operates under outdated provisions that do not adequately address these new realities”.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.
