EFCC Amendment Bill passed by House to boost independence and powers of EFCC, tackling modern financial crimes and promoting good governance

EFCC Amendment Bill — The House of Representatives on Thursday passed for second reading a bill to amend the Economic and Financial Crimes Commission (EFCC) establishment act, aiming to bolster the agency’s powers in line with evolving financial crime realities.

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Yusuf Adamu Gagdi, the bill’s sponsor and Chairman of the House Committee on Navy, led the debate, emphasising that the amendment is necessary to enhance the EFCC’s independence, operational efficiency, and accountability framework.

Gagdi noted that while the EFCC Act of 2004 provided Nigeria with a pioneering legal framework to combat corruption and financial crime, the nature of such crimes has dramatically evolved over the past two decades.

He highlighted emerging threats such as cybercrime, cryptocurrency manipulation, illicit financial flows, terrorism financing, and real estate-based money laundering, which are not adequately covered by the existing legislation.

“The EFCC operates under outdated provisions that do not address these new realities,” Gagdi said. He further pointed out that the current Act does not sufficiently guarantee the EFCC’s independence, leaving it vulnerable to external influences and political interference.

The bill, unanimously passed without debate, has now been referred to the House Committee on Financial Crimes for further consideration.

Gagdi described the amendment as a decisive step toward ensuring the EFCC functions as an independent, professional, and transparent institution.

He added that the changes would not only improve Nigeria’s global reputation but also strengthen good governance, economic stability, and public confidence in the fight against corruption.

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This legislative move underscores Nigeria’s commitment to updating its anti-corruption framework to meet modern challenges and reinforce the nation’s resolve against financial crimes.