Economic And Financial Crime Crimes Commission (EFCC): Establishment And Functions

Economic And Financial Crimes Commission (Establishment) Act. 2002

An Act To Provide For The Establishment Of A Commission Or Economic And Financial Crimes; And For Matters Connected Therewith (14th December, 2002)

ENACTED by the National Assembly of the Federal Republic of Nigeria

PART 1 – ESTABLISHMENT OF THE ECONOMIC AND FINANCIAL CRIMES COMMISSION, ETC

1. There is established body to be known as the Economic and Financial Crimes Commission (in this Act referred to as “the Commission”) which shall be constituted in accordance with and shall be constituted in accordance with and shall have such functions as are conferred on it by this Act.

2. (I) The Commissions shall consist of the following members-

(a) The chairman, who shall be:

i. The Chief Executive and Accounting Officer of the Commission.

ii. A serving or retired member of any government security or law enforcement agency.

(b) The Governor of the Central Bank of Nigeria or his representative;

(c) A representative each of the following Federal Ministries not below the rank of a Director-

i. Foreign Affairs
ii. Finance,
iii. Justice.

(d) The Chairman National Drug Law Enforcement Agency;

(e) The Chairman National Drug Law Enforcement Agency;

i. The National Intelligence Agency;
ii. The Department of State Security Services;

(f) The Director – General Securities and Exchange Commission;

(g) The Commissioner for Insurance

(h) The Postmaster – General of the Nigerian Postal Services;

(i) The Chairman, Nigerian Communication Commission;

(j) The Comptroller- General Nigeria Customs Services;

(k) The Controller General, Nigerian immigration Services;

(l) a representative of the Nigeria Police Force not below the rank of an Assistant inspector-General of Police;

(m) four eminent Nigerians with cognate experience in any of the following- Finance, banking or accounting; and

(n) a Director – General who shall be the head of administration.

(2) The members of the Commission, other than the Chairman and the Director – General, shall be part time members.

(3) The Chairman and members of the Commission other than ex-officio members shall be appointed by the presidential subject to the conformation of the Senate.

(4) The Commission may make standing orders regulating its proceeding or those of any of its committees,

3.(1) The Chairman and member of the Commission other than ex-officio members shall hold office for a period of four years and may be reappointed for a further term of four years and no more.

(2) A member of the Commission may at any time be removed by the President for inability to discharge the functions of his office (whether arising from infirmity of mind or body or any other cause) or for misconduct or if the President is satisfied that it is not in the interest of the Commission or the interest of the public that the members should continue in office.

(3) A member of the Commission may resign his membership by notice in writing addressed to the President and that member shall, on the date of the receipt of the notice by the President, cease to be a member.

(4) Where a vacancy occurs in the membership of the Commission, it shall be filled by the appointment of a successor to hold office of the remainder of the term of office of his predecessor, so however that the successor shall represent the same interest as his predecessor.

PART_ FUNCTIONS OF THE COMMISSION, ETC

5. (1) The Commission shall be responsible for:

(a) The enforcement and the due administration of the provisions of this Act;

(b) The investigation of all financial crimes including advance fee fraud, money laundering, counterfeiting, illegal charge transfers, futures market fraud, fraudulent encasement of negotiable instruments, computer credit card fraud, contract scam, etc;

(c) The co-ordination and enforcement of all economic and financial crimes laws and enforcement functions conferred on any other person or authority.

(d) The adoption of measures to identify, trace, freeze, confiscate or seize proceeds derived from terrorists activities, economic and financial crimes related offences or the propertied the value of which corresponds to such proceeds;

(e) The adoption of measures to eradicate the commission of the economic and financial crimes;

(f) The adoption of measures which includes co-ordinated preventive and regulatory actions, introduction and maintenance of investigative and control techniques on the prevention of economic and financial related crimes.

<>6. (1) The Commission has power to:

a. Cause investigation to be conducted as to Whether any person has committed any offence under this Act; and

b. With a view to ascertaining whether any person has been in offences under this Acts or in the proceeds of any such offences, cause investigations to be conducted into the properties of any person if it appears to the Commission that the person’s lifestyle and extent of the properties are not justified by his source of income.

(2) The Commission is charges with responsibility of enforcing the provisions of:

a. The Money Laundering Act 1995

b. The Advance Fee Fraud and Other Fraud Related offences Act 1995

c. The failed Banks (Recovery of Debts) and Financial Malpractices in Banks Act 1994, as amended;

d. The Banks and other Financial Institutions Act 1991, as amended and

e. Miscellaneous Offences Act; and

f. Any other law or regulations relating to economic and financial crimes.

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