'. . .It now has a penchant of just gate-crashing, arresting people and charging them to courts with no jurisdiction to hear these cases. They do not follow through on the cases. They are content to leave it at this stage so long as there are screaming headlines saying EFCC is working.”

. . .the EFCC may have already begun to pay for its failure to adequately prove criminal intent in the disbursement of the bank loans, as senior lawyers were headed for the courts and obtaining orders against the EFCC on the grounds that individuals were being detained unlawfully, beyond 48 hours. “Waziri is saying they are looking for others so they can prosecute all these cases together. I forsee the EFCC being swamped by more of these orders”'

More here http://234next.com/csp/cms/sites/Next/News/National/5449947-147/EFCC_engaged_in_futile_showmanship_.csp

I foresee the end of the EFCC as it rapidly sinks into irrelevance in an aimless whirlwind of noise and fury. The newest "detoothed" qwango.

Bank Reform: NBA Advises CBN, EFCC on Due Process
By Davidson Iriekpen, 08.25.2009

The  Nigerian Bar Associa-tion (NBA) has advised both the Central Bank of Nigeria (CBN), Economic and Financial Crimes Commission (EFCC) and other agencies whose shoulders rest the responsibilities to sanitise the banking system to approach their duties in strict adherence to the extant laws.
A statement by NBA President, Oluwarotimi Akeredolu (SAN), said while the NBA had commended the move by the Governor of the CBN to sanitise the banking system, not a few Nigerians have expressed their anxieties at the unfolding drama and the danger the whole episode poses for the health of the financial sector.
It cautioned that the interest of depositors must be of paramount importance when adopting whatever measures deemed expedient to rein in the excesses of erring individuals with the ultimate aim of salvaging the entire system.
The association faulted the statement credited to the CBN Governor, saying that he would have preferred that the banks  be sold, adding that this should not  be the case because none of the banks has been declared insolvent and incapable to meet its obligations to the depositors and shareholders.
The statement added: “the EFCC appears to have been excited and the operatives of the agency are busy arresting the bank executives suspected to have breached the law in their dealings.
There is also a report that some of these people may be declared wanted in the days ahead for the perceived roles in the alleged fraud.
The EFCC boss, Mrs. Farida Waziri, has been quoted as giving the alleged debtors of the affected banks a week ultimatum to redeem their debts or face prosecution.  The CBN Governor, in a moment of indiscretion, also expressed his predilection for the sale of the banks when none of them has been declared insolvent and incapable to meet its obligations to the depositors and shareholders.
These statements have excited controversies and cast a heavy shade of suspicion on the seeming altruistic intention of the Governor.
“The NBA hastens to caution government functionaries, on whose shoulders rest the onerous responsibilities to sanitise the Banking system to approach their duties with tact and in strict adherence to the extant Laws. The interest of depositors must be of paramount importance when adopting whatever measures deemed expedient to rein in the excesses of erring individuals with the ultimate aim of salvaging the entire system.
“No arbitrariness must be contemplated in resolving these issues. Debtors are under obligation to pay their debts within agreed contractual and legal framework. Those who default should be made to face full sanction within the ambit of the law. We must allow the law to dictate the steps to be taken in dealing with those involved in sharp practices.
“The NBA wishes to admonish the regulators of the system to follow due proccess in dealing with the latest development in our Banking Industry. It is our hope that the shareholders in particular, and the generality of the public, will be taken into confidence before any fundamental alteration of the character of the ownership structure of the affected companies is effected. Acting otherwise will further erode the already shattered trust between the investing public and the financial managers on one hand in addition to accentuating the doubts expressed by some in the sanitization crusade.”

http://www.thisdayonline.com/nview.php?id=152639

The EFCC is going to expend so much energy running in circles that they will fizzle out in no time. I can bet anybody, that by this time next year when we hear "EFCC" it would be as entertainment and a sad joke.

SEASON (1)
This is the new series in town,please dont miss any of it.If you do you will be arrested by EFCC

The script is on it's way to AFRICA MAGIC channel and all Nigerians especially the people in government and civil servants can watch it on their office reception's plasma TV's.

JOKE and COMEDY is a very good name for this country called Nigeria.

There are several ulterior motives in Lamido actions and some paybacks to like of Ibru refusal to support Lamido appointments.

But, in 6 months or thereabout all will be revealed.

It is all called ELECTION DIVERSION 2011. YAR A'DULL and his cronies are very good at 7, POINTLESS AGENDA, VISIONLESS 2020, REBRANDING and REPACKAGING and ultimately leading to DIVERSION 2011.

PDP= A DO NOTHING GOVERNMENT

EFCC from nu[b]Hero[/b] Ribadu to farida wa[b]ZERO [/b]

end of story

@OYB

My post never return oh. Wetin dey happen?

Everything Yar Adua touches turns to dust.

The way things are unfolding is really shameful. EFCC is meant to chase after corruption in Nigeria, but with this bank case, they have constituted themselves into a kangaroo court. They are now baying like hounds at the smell of blood, creating so much noise and disturbing the peace, doing everything except their job. All in the name of looking active. Hilary done cause wahala sha!

After this charade, there will be so many jokes, cartoons and articles disparaging the EFCC, that nobody will want to be associated with that body.
Added to that, the sheer volume of people suing for damages and related things will so weigh down the EFCC inbox that there will be little else  going on apart from collecting undeserved salaries, making stupid statements and grinding to a halt.

Ribadu must be rolling on floor laughing wherever he is.

Yaradua has tarnished the credibility of his regime with this is banking deform issue. I hope he doesn't dream of 2011.