By Gift ChapiOdekina, Abuja
The House of Representatives, on Thursday, passed for second reading a bill seeking to amend the Economic and Financial Crimes Commission (Establishment) Act, 2004 to strengthen the agency’s independence, enhance operational efficiency, and reduce political interference.
Sponsored by Hon. Yusuf Adamu Gagdi (APC, Plateau), the bill titled “A Bill for an Act to Amend the Economic and Financial Crimes Commission (Establishment) Act, 2004, and for Related Matters (HB. 2493)” aims to align the EFCC’s operations with international anti-corruption standards and modernize its legal framework.
Presenting the bill during plenary presided over by Deputy Speaker Benjamin Kalu, Gagdi explained that the proposed amendments were designed to make the EFCC more effective in tackling the growing complexity of financial and economic crimes, including cybercrime, cryptocurrency manipulation, illicit financial flows, terrorism financing, and real estate-based money laundering.
He noted that the current EFCC Act, enacted in 2004, has become outdated and leaves the commission vulnerable to political influence.
“The existing Act does not provide sufficient guarantees for the independence of the Commission, exposing it to external interference,” Gagdi said.
A key highlight of the proposed amendment is the plan to limit the President’s power to remove the EFCC Chairman. Under the current law, the President can remove the EFCC Chairman at discretion for misconduct or inability to perform duties.
However, the new proposal would require the approval of two-thirds of both chambers of the National Assembly before such removal can take effect — a move lawmakers say will ensure checks and balances and protect the EFCC from undue political control.
“This amendment will restore public confidence, enhance transparency, and ensure that the EFCC operates as an independent, professional, and transparent institution responsive to modern realities,” Gagdi added.
Supporting the bill, Hon. Ginger Obinna Onwusibe, Chairman of the House Committee on Financial Crimes, described the reforms as timely, noting that many emerging financial crimes were not anticipated when the EFCC Act was first enacted two decades ago.
The bill was unanimously passed for second reading and referred to the relevant House committee for further legislative consideration.
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