House of Reps Seek To Increase Jail Term For Financial Crime Offenders From 2 Yrs To 20 Years

at 3-04-2017 12:19PM (2 years ago)

(14680 | Hero) (f)


It is going to be a tough time for public servants and politicians who loot money in Nigeria as the House of Representatives is set to amend the EFCC Act.  The House of Representatives is pushing to have persons convicted of economic and financial crimes jailed for 20 years. This is part of the details of the new amendments to the Economic and Financial Crimes Commission Act, 2004 being reviewed by the House.
The lawmakers believe the Act which currently prescribes a penalty of “not less than two years” for economic and financial crimes is too lenient which is why many people are stealing public money.
 
The House is also considering to empower the EFCC to fight crime, insulate the anti-graft agency from interference by the Presidency and enhance its financial autonomy with the presentation of Four consolidated bills which gives the EFCC a degree of 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:
Quote
“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,
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“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,
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“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.”

 In a report by Punch, 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. But in the new amendment, members of the public, through a petition to the National Assembly, are empowered to make the appointments. For example, Section 3 of the Principal Act is amended to insert new subsections (4) and (5). The proposed subsection 4 reads:
Quote
“Petitions against the Chairman or any of the members of the EFCC emanating from the public or the private sector shall be submitted to the National Assembly.
“If upon investigation and found culpable, a simple majority vote of members of the National Assembly is required in considering the fate of the chairman or any of the affected member.”

Subsection (5) provides that the resolution, when passed, will be forwarded to the President, who shall within 30 days, either accept the resolution or reject it. The section empowers the National Assembly to override the President’s veto with a “two-thirds majority vote” of senators and members of the House of Representatives. To make the EFCC financially autonomous, the House proposes in Section 35 of the Act that the commission should retain “0.1 per cent” of recovered looted funds. It is also to retain “0.1 per cent” of its Internally-Generated Revenue. Another “0.1 per cent” of contracts awarded by the Federal Government is to the credited to the account of the commission.
The amendments were submitted by the Chairman of the House Committee on Financial Crimes, Mr. Kayode Oladele

Oladele’s bill,
Quote
“A Bill for an Act to Amend the EFCC Act, 2004 to Enhance Effectiveness of the Act, and for other Related Matters,”
seeks to grant full autonomy to the Nigerian Financial Intelligence Unit.
Explaining why he sought harsher punishment for economic thieves, Ewa said:
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“This provision of two years imprisonment, is mild and it should be raised to not less than 20 years. This will deter public servants from stealing money.
“If your are 40 years old and you know that you will be 60 years by the time you are out of jail, you will have some fear in you and think about your children. “But to say two years is to encourage stealing the more because people say after all, it is only two years.”
The four bills passed second reading last week at a session presided over by the Speaker, Mr. Yakubu Dogara.



Goodluck-just at 3-04-2017 12:40PM (2 years ago)
(1016 | Gistmaniac) (m)

Hmmmm , i don hear, dis is y my frd kison wil always tel dem to b vry careful, nw see wat dey ar planin now, 20yrs,,,,,,, na dsam pple wen put d law so ,na dem go stil brat am, com steal billions, wel, until 2019, e nor far again......

Beneno, pls tel dem ur mind.
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beneno at 3-04-2017 12:57PM (2 years ago)
(25964 | Addicted Hero) (m)

It should start from the politicians because the are the only thieves I know  Roll Eyes Roll Eyes Roll Eyes Roll Eyes
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Mykie010 at 3-04-2017 01:46PM (2 years ago)
(6651 | Gistmaniac) (m)

They are beginning to be serious now,they really need to be serious in Nigeria,they have played enough
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schmit at 3-04-2017 02:05PM (2 years ago)
(11810 | Hero) (f)

Very gud
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chukkychukky at 3-04-2017 03:11PM (2 years ago)
(7042 | Gistmaniac) (m)

talk talk talk no action

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Larry28 at 3-04-2017 03:53PM (2 years ago)
(16483 | Hero) (f)

ok good
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morgan1 at 3-04-2017 04:19PM (2 years ago)
(10648 | Hero) (m)

Oya make una try am if no be all of u guys go enter jail,,
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Buncho at 3-04-2017 06:03PM (2 years ago)
(941 | Upcoming) (m)

 Hmmmm
 joooo ooo
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concentrate at 3-04-2017 07:40PM (2 years ago)
(1990 | Gistmaniac) (m)

Quote from: morgan1 on  3-04-2017 04:19PM
Oya make una try am if no be all of u guys go enter jail,,
my brother don't mind them. they are the thieves this country need to get rid of.
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Asterimou at 3-04-2017 11:15PM (2 years ago)
(1079 | Gistmaniac) (m)

Very good one. this is what we have been waiting for. Now, you guys have started business. Senate yet to wake up from sleep!
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BournIdentity at 4-04-2017 12:01AM (2 years ago)
(46064 | Addicted Hero) (m)

Nobsmalltin                                                         
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BournIdentity at 8-04-2017 04:49AM (2 years ago)
(46064 | Addicted Hero) (m)

Roll Eyes .,,,,                                                                          
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