Senate panel mulls amendment of EFCC law to enable probe, prosecution of military personnel

The senate committee on anti-corruption and financial crimes says it will ensure the amendment of the Economic and Financial Crimes Commission (EFCC) Act to be able to investigate and prosecute military officers indicted for corruption and other financial crimes.

Speaking during an oversight visit to the headquarters of the EFCC in Abuja on Monday, Emmanuel Udende, chairman of the committee, said the senate is working to address some of the challenges faced by the EFCC in carrying out its responsibilities.

“There are challenges that they have. Some of the challenges will be sorted by legislation. It is only legislation that can solve some of these challenges,” the lawmaker said.

“The situation where a court rules that a military man cannot be investigated and prosecuted unless he goes to a court-martial, we think, runs counter to the EFCC Act.

“We would do that by amendment of the EFCC law itself so that they will have the powers to do the investigation and do the prosecution.”

Udende stated that the committee would ensure an increase in the commission’s annual budget, noting that the EFCC has achieved a lot under Ola Olukoyede’s watch.

“As a committee, we want to commend the chairman and his team for doing a very wonderful job,” he said.

“I couldn’t believe it when I saw the report. And nobody has come forward to dispute this report.

“As a committee, we are satisfied that they have done a good job. We were going to lay this report before the senate for its consideration, but as a committee we are satisfied.

“We have gone through the budget performance. We are also satisfied that they have done a good job, within the limited resources that they have.”

Speaking earlier, the EFCC chairman told the senate committee that the anti-graft agency would need a budgetary increase for its operations in 2025.

“I don’t need less than 300 percent of the last year’s budget you approved for me to work this year,” Olukoyede said.

“If you want this work to go on, there is software I’m trying to procure just to investigate cryptocurrency and this virtual currency, which is the digital convertible assets.

“It’s N3.4 billion. Just one software. And I can tell you, several billions of dollars we are losing through this unlicensed cryptocurrency trading in Nigeria.

“Now we are meeting with SEC and CBN. We have come up with regulations. So, we need to prepare for those who monitor their tax payments—the revenue that is supposed to come to the government.

“If we do our work very well, we won’t realise less than $5 billion every year from trading in some of these virtual currencies.

“And we can’t do that without the software. Because some of these people don’t have offices in Nigeria. They stay abroad, and they trade in our currency.”

The EFCC chairman added that the commission also needs money to maintain its premises and facilities.