Disclaimer     Advertise on this site     Contact Us     About Us

Sponsored links:       Brian Tracy       careersnigeria - connecting job candidates with recruiters


.

Senate removes control of EFCC from Obasanjo

March 16th, 2007 Ogbuotobo Chuks || chuks@stockmarketnigeria.com

Bookmark and Share       Email This Post Email This Post      

By Ogbuotobo Chuks

After months of faceoff between the National Assembly and the presidency over the independence of the Economic and Financial Crimes Commission (EFCC) the Senate yesterday, amended the bill establishing the commission, removing its control by the executive arm of the government.

Section 43 of the Act establishing the EFCC was amended by the Senate to read: “Without prejudice to the provision of section 174 of the constitution, in the exercise of its functions, the commission shall not be subjected to the direction or control of any authority or persons.”

Before its amendment, the Act empowered the Attorney General of the Federation to make rules or regulations with respect to the exercise of any of the duties, functions or powers of the commission under the Act.

Another controversial section that was amended was section 3(2), which now says that the chairman of the commission or any member of the commission “may only be removed by the president, acting on an address supported by two-thirds majority of the Senate for inability to discharge the function of the office.”

The Act had initially vested the power to remove the chairman or any member of the commission on the president if satisfied that it would be in the interest of the public. Section 15 was amended to reduce punishment for any person who willfully provides or collects any money from any person with intent to use for any act of terrorism to a maximum of seven years instead of life imprisonment in the old Act.

Also amended was section 39, which deals with protection of information and punishment for false information to the EFCC. It now attracts a fine of N100, 000, instead of the previous N10, 000 fines for false information in the old Act.

Ken Nnamani, Senate president had on Wednesday warned that the lawmakers would amend the Act establishing the EFCC to remove it from the control of the presidency and save it from compromise. Nnamani said in a statement that he was interested in the war against corruption and that it must be carried out through due process.

“It is the view of the Senate president that since the mandate of the EFCC is to vigorously fight financial and economic crimes in every branch of government; its independence will be compromised if the presidency treats it as another department, whose head is another staff of the president,” he stated, in the statement conveying the determination of the Senate to amend the EFCC Act.

1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading ... Loading ...
 

Comments

Leave a Reply




Recent stock market news

  • Nigerian Stock Exchange:recently released results and dividend.
  • Nigerian Stock Exchange. Banks launch end of year “save and win” promo.
  • Market dips further, Continental Reinsurance plc post third quarter results.
  • Pharma-Deko prepares for N1 billion rights – appoints new MD
  • Standard Alliance Insurance plc release results, bags award.
  • First Bank plc nets N23 billion in 2nd quater 2008.
  • Nigerian Stock Exchange. Recently released results
  • First Bank Plc bags 2007 quoted company of the year award
  • Advertisement: The Real Secret of Success by Brian Tracy
  • Zenith Bank plc proposes N1.75 kobo dividend.
  • Costain West Africa gears up for increased earnings – secures N20bn worth of projects
  • Sterling Bank share reconstruction
  • Nigerian Stock Exchange news.
  • Union Assurance plc post results gives investors 10 kobo.
  • Nigerian Stock Exchange: recently released results.
  • The invisible hand of investors’ confidence – another angle to a plunging index (2)
  • The invisible hand of investors’ confidence – another angle to a plunging index (1)
  • Own share buy-back and circuit breakers yet to affect the market (2)
  • Nigerian Stock Exchange. Banks agree to restructure loans.
  • Nigerian Stock Exchange reverts to 5 percent maximum downward limit on daily price movement.
  • Own Shares-buy-back and circuit breakers yet to affect the market
  • Nigerian Stock Exchange: Union Bank plc, Eterna Oil plc declare results.
  • Access Bank enjoys investor confidence as IFC converts debt to equity
  • Corporate Governance vs Profitability. ABC Transport plc (2)
  • DARR communications public offer. Matters arising.
  • Okitipupa Oil Palm Company declares intention to raise N500 million.
  • Corporate Governance vs Profitability. ABC Transport plc.
  • Nigerian Stock Exchange:Corporate Governance Vs Profitability
  • WAPCO plc and NACHO plc releases results.
  • Prestige Assurance plc releases results.

  •      Nigerian Stock Prices | Recommended Resources | Calculator | Forex Naira currency converter |