The Senate President, Godswill Akpabio,says the Senate may consider approval of a two percent intake on all financial recovery made by the Economic and Financial Crimes Commission, EFCC, as incentive for the huge war against financial crimes.
He implored the Commission to publish petitions that are found frivolous because Nigerians always believe that petitions are conviction, especially those against politicians.
These followed the deliberation on motion titled “Urgent Need to commend the Economic and Financial Crimes Commission (EFCC) for its significant gains made in recent times, particularly in 2024, despite the challenges it has encountered”, at the plenary on Tuesday
He also lauded the chairman of the Commission, Ola Olukoyede for the revolution he brought into anti- graft war and recovery of proceeds of corruption since he was appointed on October 12, 2023.
Akpabio commended President Bola Tinubu for the appointment of Olukoyede which he described as a “round peg in a round hole”.
Senator Emmanuel, Udende Memga (Benue North-East) sponsored the motion.
During the debate, majority of the lawmakers who praised Olukoyede and the Commission for the string of successes recorded in recent times, agreed that the anti- graft agency be given financial strength to increase the speed of the war
Summary of monetary recoveries in 2024 are ; Naira 364, 597, 370, 151.35, Dollar 214, 513, 439.55, Pounds 54, 318.64, Euro 31, 265.00, CAD $ 2, 990.00, AUD $ 740.00, CFA 7, 821, 375. 00, RIYALS 5, 115.00 and RAND 50.00.
Akpabio said if such a request for more finances through retention of two percent of all financial recovery be brought before the Senate for parliamentary approval, it will be considered.
The Senate commended President Tinubu for supporting EFCC to realise it’s mandate which has led to massive investigation, conviction and recovery.
In the motion, the Senate:notes that the Economic and Financial Crimes Commission (EFCC) was established as a frontline agency mandated to combat economic and financial crimes in Nigeria, with specific powers to investigate, prevent, and prosecute offenders involved in money laundering, advance fee fraud, cybercrimes and other forms of financial malpractice.
Also notes that the Commission, since its establishment, has played a crucial role in promoting accountability, transparency, and integrity in both public and private sectors, thereby contributing to the financial sanctity, safety and framework of Nigeria.
Observes that in 2024 the Commission received 15,724 petitions, opened case files for and investigated 12,928 cases, and filed 5,081 cases in court.
The Senate was “pleased that despite limited resources, operational constraints, threats to personnel, and the increasing complexity of financial crimes, the Commission has remained committed to its statutory mandate with visible results, including the investigation and successful record of 4,111 convictions in the year 2024, marking the highest number secured in any operational year to date.
“Aware that through these convictions in 2024, the Commission recovered substantial sums of money in different currencies, and stolen assets, with a summary of monetary recoveries, and forfeited assets.
