The House of Representatives on Thursday passed through Second Reading a bill which seeks to grant Economic and Financial Crimes Commission (EFCC) additional powers to prosecute cybercrime, cryptocurrency manipulation, illicit financial flows, terrorism financing, and real estate-based money laundering.
Speaking on the general principles of the bill, Chairman, House Committee on Navy, Hon. Yusuf Adamu Gagdi explained that the proposed legislation 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.
“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“Yet, the EFCC operates under outdated provisions that do not adequately address these new realities.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.
“There are also gaps in the governance structure, weak coordination with other anti-corruption bodies, and lack of clear procedures for managing seized and forfeited assets. These deficiencies have created room for public mistrust, inefficiency, and loss of recovered proceeds.
“This amendment is therefore intended to modernize the EFCC’s legal framework, clarify its mandate, and align its operations with global anti-corruption and anti-money laundering standards such as those of the United Nations Convention Against Corruption (UNCAC) and the Financial Action Task Force (FATF).
“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,” Hon. Gagdi noted.
To this end, the Deputy Speaker, Hon. Benjamin Kalu who presides over the plenary referred the bill to relevant Committee for further legislative action.
