The House of Representatives, on Thursday, passed for second reading a bill seeking to amend the Economic and Financial Crimes Commission (Establishment) Act, 2004.

The proposed legislation seeks to strengthen the institutional independence, operational efficiency, and accountability framework of the Commission.

The bill, sponsored by Hon. Yusuf Adamu Gagdi (APC, Plateau), is titled “A Bill for an Act to Amend the Economic and Financial Crimes Commission (Establishment) Act, 2004, and for Related Matters (HB. 2493).

Leading debate on the bill during the plenary session presided over Deputy Speaker, Benjamin Kalu, Gagdi explained that the amendment became necessary to align the EFCC’s operations with modern realities of financial crime and global anti-corruption standards.

He recalled that when the EFCC was established in 2004, the Act provided Nigeria with a pioneering legal tool to tackle corruption and financial crimes.

He noted that two decades later, the landscape has changed drastically, with new threats such as cybercrime, cryptocurrency manipulation, illicit financial flows, terrorism financing, and real estate-based money laundering.
“The EFCC operates under outdated provisions that do not adequately address these new realities. Moreover, the existing Act does not provide sufficient guarantees for the independence of the Commission, exposing it to external influence and political interference”, he said.

According to Gagdi, one of the major amendments is the proposal to reduce the President’s power to remove the EFCC chairman, which, under the current Act, can be done at the President’s discretion for inability to discharge the functions of his office or for misconduct.

Section 3(2) of the EFCC Act 2004 provides for the condition of removal of the EFCC chairman.

The section said: “A member of the Commission may at any time be removed by the President for inability to discharge the functions of his office (whether arising from infirmity of mind or body or any other cause) or for misconduct or if the President is satisfied that it is not in the interest of the Commission or the interest of the public that the member should continue in office.”

But under the proposed amendment, the lawmaker said the removal of the EFCC chairman would require the approval of two-thirds majority of both the Senate and the House of Representatives.

Gagdi said the proposed reforms would restore public confidence, enhance transparency, and ensure the EFCC operates as a professional and independent body responsive to modern realities.
“The bill presents a decisive step towards strengthening Nigeria’s anti-corruption framework. It seeks to ensure that EFCC operates as an independent, professional, and transparent institution that is responsive to modern financial crime realities.
“This amendment will not only ensure Nigeria’s global reputation, but also promote good governance, economic stability, and public confidence in the fight against corruption”, he said.

Supporting the motion, Chairman of the House Committee on Financial Crimes, Ginger Obinna Onwusibe, said the amendment was long overdue, noting that many of the financial crimes we see today were not envisaged when the EFCC Act was enacted two decades ago.

The bill was unanimously passed for second reading and referred to the relevant House committee for further legislative action