EFCC Is Broke,Has Less Than N2m In Its Account

The prostrate nature of the Nigerian economy has again reared its head as the foremost anti-graft body, the Economic and Financial Crimes Commission (EFCC), on Monday, disclosed that it is broke.

Secretary of the anti-graft agency, Mr Emmanuel Adegboyega, made the disclosure, adding that it had less than N2 million in its account.

The disclosures were fallouts of the Senate public hearing on the Bill for an Act to establish the Nigerian Financial Intelligence Agency (NFIA).

Adegboyega also told the panel that the grim financial position of EFCC was in spite of several appeals for fund, noting that the commission had been starved of funds to finance its operations.

The EFCC secretary told the Senator Victor Lar-led Committee on Drugs, Narcotics, Financial Crimes and Anti-Corruption that the commission currently had less than N2 million in its account.

“I could recollect when the committee paid us (EFCC) an oversight visit and I did make our financial position known to the committee. As at now, EFCC does not have N2 million in its account. We don’t have money.

“We (EFCC) have been complaining that no money has been released for us for operations.

“If we can afford to pay salary this month, that is all. That is the situation under which we operate,” he said.

However, the EFCC has kicked against the proposed creation of the Nigerian Financial Intelligence Agency on the ground that such an agency, in line with recognised best practices in the United Kingdom, France and the United States of America, shoud remain a secret agency under an existing anti-corruption agency.

The EFCC secretary, while presenting the position paper of the agency, also faulted the regulatory powers granted the proposed NFIA.

According to Adegboyega, the proposed NFIA, if autonomous, would be exploited by corrupt politicians, adding that “it is also open to a floodgate of injunctions, retraining orders and other litigation to stall anti-corruption trials.”

He, therefore, told the Senate panel that “the Bill is unnecessary and should be jettisoned.”

However, the Central Bank of Nigeria (CBN) supported the establishment of the financial intelligence agency, but added a caveat that Section 6(g) of the proposed Bill be deleted.

CBN’s Director of Legal Services, Mr Amusa Ogundana, also faulted the supervisory function given to the proposed agency, as he told the Senate panel that the section was in breach of the Money Laundering Act.

In their separate submissions, other stakeholders, including the Independent Corrupt Practices and Other Related Offences Commission (ICPC); National Agency for Prohibition of Traffic in Persons and Other Related Matters (NAPTIP); National Drug Law Enforcement Agency (NDLEA) and National Intelligence Agency (NIA), all supported the creation of NFIA.