The House of Representatives in Nigeria has advanced a bill for a second reading that aims to amend the Economic and Financial Crimes Commission (EFCC) Act of 2004, with significant reforms to enhance the institution’s independence, efficiency, and accountability. It was sponsored by Hon. Yusuf Adamu Gagdi, the bill responds to two decades of financial crime evolution, including new challenges such as cybercrime, cryptocurrency manipulation, illicit financial flows, terrorism financing, and real estate-based money laundering.
A central amendment seeks to reduce the President’s unilateral power to remove the EFCC chairman. Currently, the Act allows the President to remove the chairman at discretion for inability to perform or misconduct. The proposed change would require approval by a two-thirds majority of both the Senate and the House of Representatives, significantly reinforcing the EFCC’s autonomy from executive interference.
Therefore, Gagdi emphasized that these reforms aim to align the EFCC with modern realities of financial crime and global anti-corruption standards. By ensuring the EFCC operates as an independent, professional, and transparent institution, the bill seeks to restore public confidence, enhance Nigeria’s global reputation, promote good governance, and foster economic stability.
The bill was unanimously passed for second reading and awaits further legislative action in the relevant House committee. Supporters argue that this amendment is long overdue given the changing landscape of financial crime and the need for effective, insulated anti-corruption mechanisms in Nigeria.
