The EFCC in a nutshell

THE ECONOMIC AND FINANCIAL CRIMES COMMISSION.

SCOPE AND FUNCTIONS OF THE EFCC
The Economic and Financial Crimes Commission hereinafter called THE EFCC is a Nigerian law enforcement agency charged with the responsibility of purging the nation of economic and financial related offences like the advance fee fraud  popularly known as 419 ad money laundering.

The EFCC was established in 2003 following severe economic blows resulting from financial corrupt practices  and the pressure for such a commission coming from the Financial Action Task Force on Money Laundry an agency of the Organization for Economic Cooperation and Development. The formation was both necessitated by the huge financial corruption ongoing in Nigeria and the subsequent listing of Nigeria as one of the few non-compliant nations for economic integration.

LEGAL FOUNDATION AND VALIDITY
The validity and legal backing of the commission comes from an Act of parliament, the economic and financial crime commission (Establishment) act 2004. S1 (1) makes provisions for the establishment of the commission while S.1 (2) (A) & (B) makes the commission a body cooperate, having the power and locus standi to sue and be sued in a personal capacity respectively.

The commission’s audacity to fight, prosecute and investigate financial and economic crimes stems from S1 (2) (C) of the Act. The full functions of the commission is detailed in S 6(A) to (q) of the Act.

METHOD OF OPERATION

S. 30 of the Act stipulates that where a person is convicted of an offence under this Act, the commissioner or any authorised officer shall apply to the court for the order of confiscation and forfeiture of the convicted person’s asset and properties acquired or obtained  as a result of the crime subject to an interim order under the Act.

S. 31 (2) is one of the most sensitive of all provisions as it stipulates for the secretary of the commission upon receipt of a final order pursuant to S. 31 (1) to take steps in disposing off the property concerned, by sale {or otherwise} and where the property is sold, the proceeds thereof, paid into the consolidated revenue fund of the federation.

Note: S. 31 (4) gives the attorney general of the federation, powers to make rules for the disposal or sale of any property forfeited pursuant to the Act.

STRUCTURE AND ACADEMY

S2 (1) makes provisions for members of the commission which would, among others consist of the chairman, with 15 years or more working experience in law enforcement. Others include governor of the central bank of Nigeria, a representative from foreign affairs, finance, justice commission/ministries etc. the Act also provides for the commission’s directorate of legal prosecution, public affairs department and an EFCC academy.

LIMITATIONS AND SUCCESS STORIES

It is no doubt that every Achilles has a heel and the EFCC is no exception, issues of the commission’s true independence has been quite puzzling especially in the selection of the chairman by the president and the subsequent confirmation of his/her appointment by the legislature. This troubling scenario has been manifest in the current rejection of Ibrahim Magu by the APC led senate under the political engineering of Sen. Dino Meleya representing Kogi West.

The EFCC has although been a bulldog since its inception and this can be seen in not just the one time investigation of 30 out of 36 state governors but in the successful indictment of Gov. Alaghemeseya of Bayelsa state among others.