House of Reps want EFCC to retain 0.05% recoveries as running cost

The House of Representatives is considering making the Economic and Financial Crimes Commission retain a part of funds and property it recovers from corrupt persons and organisations to run its operations.

If the bill, sponsored by a member of the House, Mr Tajudeen Yusuf, is eventually passed by the National Assembly, the EFCC will be empowered to retain 0.05 per cent of its recoveries.

The legislation is titled, ‘A Bill for an Act to Amend the Economic and Financial Crimes Commission Act, Cap. E1, Laws of the Federation of Nigeria, 2004, to Make Provisions for a Limit and Timeframe Within which a Person Appointed as the Acting Executive Chairman of the Commission can Occupy the Office in an Acting Capacity; Provide for the Commission to Retain a Percentage of the Loot Recovered to Fund its Operations.’

The bill is part of the four bills by different sponsors seeking to amend the EFCC Act, which the House consolidated on December 15.

In the bill before the House, Yusuf is seeking an amendment to Section 35 of the EFCC Act by inserting new provisos immediately after the existing Subsection 2, which reads, “…provided that 0.05 per cent of the sums of money and value of assets recovered from looted funds and proceeds of crime is credited to the funds of the commission to enable it to be more effective in the discharge of its responsibilities.

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