Reps Contemplate 0.05 percent Cut for EFCC

Reps Contemplate 0.05 percent Cut for EFCC

The lower chamber of the National Assembly is contemplating legislation that seeks to give the Economic and Crimes Commission the backing to retain 0.05 percent of proceeds recovered by the agencies.

The bill 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 sponsored by Tajudeen Yusuf.

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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.

About Author

Victor Okeh is a graduate of Economics from Lagos State University. He is versatile in reporting business and economy, politics and finance, and entrepreneurship articles. He can be reached via – [email protected]

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