The House of Representatives wants persons convicted of economic and financial crimes to be jailed for 20 years.This is part of the details of the new amendments to the Economic and Financial Crimes
Commission Act, 2004, which The PUNCH obtained on Sunday.The Act currently prescribes a penalty of “not less than two years” for economic and financial crimes.Lawmakers consider this to be “lenient” for the serious crime of stealing public money or other forms of financial crimes.
Four consolidated bills before the House are seeking to further empower the EFCC to fight crime, insulate the anti-graft agency from interference by the Presidency and enhance its financial autonomy.One of the bills, which was sponsored by a member from Cross River State, Mr. Bassey Ewa, proposes to raise the two-year term for economic and financial crimes offenders to 20 years.
In the new bill, Section 18 of the Principal Act is amended to prescribe tougher punishments for economic and financial crimes.The new subsection (C) reads: “All convicted persons shall serve an imprisonment of a term not less than 20 years and have their ill-gotten property, accounts or investment confiscated by the government.”The new proposal also states that plea bargaining or returning the full amount stolen does not exclude the convict from penalty.Subsection (d) adds, “Where the accused person, upon investigation, accepts to refund the total amount standing in his/her name and willing to plea bargain, he or she shall be convicted for not less than two years.”
Similarly, a company found guilty of economic or financial crimes, will be barred from doing business in Nigeria for 50 years.This is captured under subsection (e), which states that, “Any company found guilty of offences under this Act, both its assets and finances shall be frozen and the company blacklisted from doing business in Nigeria for 50 years.”Another key amendment seeks to remove the power of appointing the Chairman of the EFCC from the President and to be vested directly in the hands of Nigerians.Under the extant provisions, the President appoints the chairman and forwards the name to the Senate for approval.
Punch
Four consolidated bills before the House are seeking to further empower the EFCC to fight crime, insulate the anti-graft agency from interference by the Presidency and enhance its financial autonomy.One of the bills, which was sponsored by a member from Cross River State, Mr. Bassey Ewa, proposes to raise the two-year term for economic and financial crimes offenders to 20 years.
In the new bill, Section 18 of the Principal Act is amended to prescribe tougher punishments for economic and financial crimes.The new subsection (C) reads: “All convicted persons shall serve an imprisonment of a term not less than 20 years and have their ill-gotten property, accounts or investment confiscated by the government.”The new proposal also states that plea bargaining or returning the full amount stolen does not exclude the convict from penalty.Subsection (d) adds, “Where the accused person, upon investigation, accepts to refund the total amount standing in his/her name and willing to plea bargain, he or she shall be convicted for not less than two years.”
Similarly, a company found guilty of economic or financial crimes, will be barred from doing business in Nigeria for 50 years.This is captured under subsection (e), which states that, “Any company found guilty of offences under this Act, both its assets and finances shall be frozen and the company blacklisted from doing business in Nigeria for 50 years.”Another key amendment seeks to remove the power of appointing the Chairman of the EFCC from the President and to be vested directly in the hands of Nigerians.Under the extant provisions, the President appoints the chairman and forwards the name to the Senate for approval.
Punch
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