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Looters Risk 20yrs In Jail As Reps Moves For Economic And Financial Crimes Cour - Politics - Nairaland

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Looters Risk 20yrs In Jail As Reps Moves For Economic And Financial Crimes Cour by FWJOBSNG: 2:32am On Mar 29, 2016
Hard times await any politically exposed persons (PEPs) and those working in the private sector who indulge in any form of economic and financial crimes, as the House of Representatives is set to commence debate on a new legislation that seeks to establish specialised courts to try all economic and financial crimes.

The amended Bill to the EFCC Act, 2004 sponsored by Bassey Ewa, is already gazetted for second reading on the floor of the House of Representatives and also seeks to “provide for quick recovery procedures for stolen assets; implement active pursuit of cases, build capacity and improve trust and cooperation with foreign counterparts, as well as ensure adequate funding of the Commission.”

As specified in the bill, corruption offences include: “bribery of national public officials, bribery of foreign public officials and officials of public international organisations; embezzlement, misappropriation or other diversion of property by a public official; trading in influence; abuse of functions; illicit enrichment; bribery in the private sector; embezzlement of property in the private sector and laundering of proceeds of crime.”

In discharging its functions, the Economic and Financial Crimes Court, as encapsulated in the bill, is also expected to handle cases of bribery of by legal persons and bribery in the private sector.

With the proposed amendment to section 18 of the EFCC principal Act, “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” though there is provision for plea bargaining for any accused persons who accepts to refund the total amount standing in his/her name, who shall be convicted for not more than two years.

Meanwhile, any company found guilty of offenses under the Act, stand to be blacklisted for 50 years from doing business in Nigeria and have its assets and finances frozen.

Section 3(4) provides that any petitions against the EFCC chairman or any of its members of staff, from the public or private sector, shall be submitted to the National Assembly, and if upon investigation found culpable, a simple majority vote of members of the National Assembly is required in considering the fate of the chairman or any affected member.

While section 3(5) empowers the National Assembly to forward such recommendations to the Presidency for implementation, “if the President objects to the removal of the chairman or any affected members of the commission, he shall communicate in writing to the National Assembly, advancing reasons against the removal of the chairman or an affected member, within 30 days.

“However, a two-thirds majority vote of the National Assembly shall be required to veto the decision of the President for the affected member to be removed.”

The proposed bill also seeks for the amendment of section 12 of the EFCC principal Act, by providing for the appointment of a retired Assistant Inspector-General of Police, or its equivalent in the Nigerian Army, that will head the Financial Investigative Unit.

Meanwhile the Financial Investigative Unit (FIU) is empowered to “have access to all accounts and investigate any account” without complying with the Evidence Act, “provided that the investigation emanates from the Financial Investigative Unit.”

The FIU can also access unconditionally, the bank accounts of individuals, public or politically exposed persons working or (who) had worked in any strategic position exposed to public funds; monitor cash transactions of all accounts in Nigeria, to determine inflow and outflow daily.”

In a related development, Edward Pwajok, also seeks amendment of the principal Act of the Money laundering (Prohibition) Act, by defining ‘anonymous person’.

According to the proposed amendment in section 25, “Anonymous account means an account that is opened in the name of a different person but used by the beneficiary of the transaction, in the account or person proven to be the real owner of the account.”

It also seeks to define the numbered account as “an account that does not have an owner but numbers or other symbols are used to identify it.”

It also seeks to amend Section 11(2b) of the principal Act by increasing the existing penalty from N10 million to “not less than N50 million”.

To ensure effective funding of the FIU by way of amending section 35 of the EFCC Principal Act, the bill provides that “ 0.1% of all contracts awarded by Federal Government shall be credited to the Commission to facilitate prosecutions, practitioner networks (global or regional Asset recovery), enforcement efforts to combat economic and financial crimes, and asset recovery.

“0.1% of the internally generated revenue shall be credited to the fund of the Commission. 0.1% of the sums of money recovered from the looted funds,” section 8 of the amendment bill stated.

http://www.financialwatchngr.com/2016/03/29/no-hiding-place-looters-reps-moves/

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Re: Looters Risk 20yrs In Jail As Reps Moves For Economic And Financial Crimes Cour by gbengaizzHe: 2:37am On Mar 29, 2016
Good move. Lodging in kuje or Kirikiri isn't that bad for dem


But seriously, they should be fed to wild pigs

8 Likes

Re: Looters Risk 20yrs In Jail As Reps Moves For Economic And Financial Crimes Cour by AleAirHub(m): 2:44am On Mar 29, 2016
Really!!!.

Nigerian Are Tried Of The Word Moving Instead We Want To See It Implemented angry

6 Likes

Re: Looters Risk 20yrs In Jail As Reps Moves For Economic And Financial Crimes Cour by greatgod2012(f): 3:32am On Mar 29, 2016
Honestly, this is long overdue!

If this can materialized, our politicians will take it easy with embezzlement and misappropriation of funds. In fact, all sectors, both public and private would be sanitized.

11 Likes 1 Share

Re: Looters Risk 20yrs In Jail As Reps Moves For Economic And Financial Crimes Cour by greatgod2012(f): 3:35am On Mar 29, 2016
AleAirHub:
Really!!!.

Nigerian Are Tried Of The Word Moving Instead We Want To See It Implemented angry




I pray it will be implemented, unless they want to prove to us that their hands too are not clean.

3 Likes

Re: Looters Risk 20yrs In Jail As Reps Moves For Economic And Financial Crimes Cour by ministeriallist: 4:40am On Mar 29, 2016
Watching n laughing. Who's fooling who?
Expecting a good move like this to sail through?
Sorry grin

2 Likes

Re: Looters Risk 20yrs In Jail As Reps Moves For Economic And Financial Crimes Cour by omowolewa: 5:03am On Mar 29, 2016
Nice
Re: Looters Risk 20yrs In Jail As Reps Moves For Economic And Financial Crimes Cour by kunlexy1759(m): 5:26am On Mar 29, 2016
It is better.

1 Like

Re: Looters Risk 20yrs In Jail As Reps Moves For Economic And Financial Crimes Cour by omenka(m): 6:48am On Mar 29, 2016
I can hardly trust thieves to work towards catching thieves.

13 Likes

Re: Looters Risk 20yrs In Jail As Reps Moves For Economic And Financial Crimes Cour by Flexherbal(m): 6:52am On Mar 29, 2016
Will our law makers allow the bill to scale through? When their number is even going through trial. Let's watch and see.

3 Likes

Re: Looters Risk 20yrs In Jail As Reps Moves For Economic And Financial Crimes Cour by ckmayoca: 7:18am On Mar 29, 2016
Arm robber to implement bill to catch thief? Aah ah ah ah.
Only if it happen, Naija will start getting better a week later.

4 Likes

Re: Looters Risk 20yrs In Jail As Reps Moves For Economic And Financial Crimes Cour by Opinedecandid(m): 7:25am On Mar 29, 2016
Until then.

And we will read their lips painstakingly as they make that law to determine if they will input in the letters of the law for its enforcement to be forthwith, retrospect or in days to come.

These guys, especially the present administration has really toyed with Nigerian's intelligence and sensibilities that we have to also take their words with a pint of salt until they prove us otherwise.

If the birds have learnt to fly without perching, the hunters must learn to shoot without missing.
Re: Looters Risk 20yrs In Jail As Reps Moves For Economic And Financial Crimes Cour by Sunky200: 7:32am On Mar 29, 2016
death penalty will be more appropriate. that is the only way sanity can be restored in Nigeria
Re: Looters Risk 20yrs In Jail As Reps Moves For Economic And Financial Crimes Cour by Rexphobia(m): 7:34am On Mar 29, 2016
To catch a monkey, you need to *behave like one... But ironically the catcher is already a monkey lipsrsealed

3 Likes

Re: Looters Risk 20yrs In Jail As Reps Moves For Economic And Financial Crimes Cour by segxes23(m): 7:35am On Mar 29, 2016
Are they immune from the court jurisdiction? If yes, they should go to hell
Re: Looters Risk 20yrs In Jail As Reps Moves For Economic And Financial Crimes Cour by Dollyak(f): 7:35am On Mar 29, 2016
This potentially could be the first major progressive law enacted in a long time. I hope the law is water tight and clear in interpretation.

2 Likes

Re: Looters Risk 20yrs In Jail As Reps Moves For Economic And Financial Crimes Cour by AleAirHub(m): 7:38am On Mar 29, 2016
greatgod2012:





I pray it will be implemented, unless they want to prove to us that their hands too are not clean.

See ooo, beside what is the use of it if 100+ SAN smiley smiley over a case...
Re: Looters Risk 20yrs In Jail As Reps Moves For Economic And Financial Crimes Cour by bumi10(m): 7:39am On Mar 29, 2016
The small years wey dey suppose give them, they never convict anymore




na to move am to 20 yrs jail term they won do


this people is just diverting our attention to the real issue - how many people wey dem do jail for the law wey dey ground already?


if i cause person now, dem go say i don come

2 Likes

Re: Looters Risk 20yrs In Jail As Reps Moves For Economic And Financial Crimes Cour by emmadejust(m): 7:39am On Mar 29, 2016
[size=22pt]
far land adventure......... this can only be passed after their tenures is coming to end
[/size]

1 Like

Re: Looters Risk 20yrs In Jail As Reps Moves For Economic And Financial Crimes Cour by dokunbam(m): 7:40am On Mar 29, 2016
Good Development
The senate should wake up to their responsibility.

We should feel why we vote them in
Re: Looters Risk 20yrs In Jail As Reps Moves For Economic And Financial Crimes Cour by Amanwulu1(m): 7:45am On Mar 29, 2016
Supported BUT (big but) there should b open n thorough investigation n fair trial to avoid punishing political opponents 4 nothing. Also, let there b no sacred cow of any kind. On dis Nigerians will support d fight against corruptn n not d present charade.

1 Like

Re: Looters Risk 20yrs In Jail As Reps Moves For Economic And Financial Crimes Cour by coolitempa(f): 7:46am On Mar 29, 2016
Who introduced this bill into the legislature? His or her motive/clout will determine the legwork to see this through.

1 Like

Re: Looters Risk 20yrs In Jail As Reps Moves For Economic And Financial Crimes Cour by lafiask: 7:51am On Mar 29, 2016
good one, but it should be passed fastly so that the law will take effect from their tenure as house members
Re: Looters Risk 20yrs In Jail As Reps Moves For Economic And Financial Crimes Cour by hrhobi1(m): 7:52am On Mar 29, 2016
Babangida, Obj and Gej should be jailed first to prove we are serious .

1 Like

Re: Looters Risk 20yrs In Jail As Reps Moves For Economic And Financial Crimes Cour by just2endowed: 7:56am On Mar 29, 2016
You guys do not read that trash very well. There is a space for plea bargain where the stated stolen fund is return and only 2 year jail term imposed.

In other words, it means if a politician steal 10 billion in actual sum but the efcc accuse him of looting 2 billion. Inside his heart, plea bargain is the best coz he will return the 2 billion and go to jail for just 1 year calender( 2years). Is that not a wise investment stealing?

5 Likes 1 Share

Re: Looters Risk 20yrs In Jail As Reps Moves For Economic And Financial Crimes Cour by kurt09(m): 7:56am On Mar 29, 2016
Good development
Re: Looters Risk 20yrs In Jail As Reps Moves For Economic And Financial Crimes Cour by Terror666(m): 8:00am On Mar 29, 2016
Nice idea, buh still wondering how this work in this our fear great country
Re: Looters Risk 20yrs In Jail As Reps Moves For Economic And Financial Crimes Cour by Oildichotomy(m): 8:02am On Mar 29, 2016
Believe this at your peril

1 Like

Re: Looters Risk 20yrs In Jail As Reps Moves For Economic And Financial Crimes Cour by GoldEnyong(m): 8:07am On Mar 29, 2016
They have already strategize to kill the bill before birth because they the politicians know the implications.
Re: Looters Risk 20yrs In Jail As Reps Moves For Economic And Financial Crimes Cour by LOVEGINO(m): 8:17am On Mar 29, 2016
See as dem dey dig hole for demsef. 80 percent of them will surely fall a victim.

1 Like

Re: Looters Risk 20yrs In Jail As Reps Moves For Economic And Financial Crimes Cour by patrickkkk: 8:22am On Mar 29, 2016
just2endowed:
You guys do not read that trash very well. There is a space for plea bargain where the stated stolen fund is return and only 2 year jail term imposed.

In other words, it means if a politician steal 10 billion in actual sum but the efcc accuse him of looting 2 billion. Inside his heart, plea bargain is the best coz he will return the 2 billion and go to jail for just 1 year calender( 2years). Is that not a wise investment stealing?



Thank you!! I thought I was d only one seeing that part of "bargain."

1 Like 1 Share

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