EFCC may retain 7% of crimes proceeds, lose control of NFIU

OrderPaperToday – The Economic and Financial Crimes Commission (EFCC) may be allowed to retain seven percent of recovered proceeds of crimes to bolster its operational capacity in the fight against graft in Nigeria.

However, the agency may also lose control of the Nigeria Financial Intelligence Unit (NFIU) which may be made an autonomous agency separate from the EFCC.

These possibilities were formed the highlights of a public hearing conducted by the House of Representatives Committee on Financial Crimes led by Mr. Kayode Oladele (APC, Ogun) on Tuesday to amend the EFCC Act and a bill to amend the money laundering Act.

Making a presentation to committee, Mrs. Jummai Audi of the Nigeria Law Reforms Commission (NLRC) disagreed with the proposal for the EFCC to keep 7% proceeds of recovered funds.

She however, gave a nod to absolute autonomy of the NFIU, a position also supported by the Directorate for State Security Services (DSS).

However, Mr. Asishana Okauru, the Director General, Nigeria Governor’s Forum faulted independence for the NFIU, a position also canvassed by Mr. Olarewaju Suraj of the Civil Society for Human Rights, Anti-Corruption and Governance.

Mr. Olarewaju also supported the 7% proceeds for the EFCC, saying such would boost the agency’s finances and hasten the fight against corruption.

According to Olarewaju, “we have to ensure there are alternative means of support for the Commission in order to build viable and strong EFCC. But one thing is key; accountability should be upheld and judicious use of percentage from the proceeds.”

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Author: Lizzy C