A bill seeking to limit the tenure of the Acting Chairman of the Economic and Financial Crimes Commission, EFCC to only 6 months have passed for second reading at the House of Representatives.
The bill also seeks to cede 0.05% of the sums of money and value of assets recovered from looted funds and proceeds of crime are credited to the Commission to enable it to be more effective in the discharge of its responsibilities.
The bill which is sponsored by Hon. Tajudeen Yusuf from Kogi State, is titled “A Bill for an Act to Amend the Economic and Financial Crimes Act to Make Provisions for a Limit Which a Person Appointed as the Acting Executive Chairman of the Commission can Occupy the Office in the Acting Capacity, Provide for the Commission to Retain a Percentage of the Loot Recovered to Fund their Operations, and for Other Connected Purposes”.
The details of the bill ultimately seek the amendment of Section 2 of the Principal Act to insert the following new proviso immediately after the existing subsection (3) as follows “Provided that the Acting Chairman shall only occupy the position of acting Chairman for a period not exceeding Six Months after which his appointment will lapse if he is not confirmed by the Senate.”
Section 35 of the Principal Act would also be amended by inserting the following new provisos immediately after the existing subsection (2) as follows “Provided that 0.05% 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
Provided further that such funds shall not be credited to the Commission without authorization by the National Assembly through the relevant committees of the Senate and House of Representatives.”
In his explanatory memorandum, Yusuf said “the Bill seeks to amend the Financial Crimes Commission Act Cap E1, Laws of the Federation 2004 to among other things address the existing lacuna in the Act by making provision for a limit and time frame within which a person appointed as the Executive Chairman of the Commission can occupy the position in an acting capacity and provide for the Commission to retain a percentage of the loot recovered to fund their operations for more efficiency and effectiveness”.
