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Rep Seeks 20-year Jail Term for Financial Crimes

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  • Rep Seeks 20-year Jail Term for Financial Crimes

The House of Representatives wants persons convicted of economic and financial crimes to be jailed for 20 years.

This is part of the details of the new amendments to the Economic and Financial Crimes Commission Act, 2004, which was obtained on Sunday.

The Act currently prescribes a penalty of “not less than two years” for economic and financial crimes.

Lawmakers consider this to be “lenient” for the serious crime of stealing public money or other forms of financial crimes.

Four consolidated bills before the House are seeking to further empower the EFCC to fight crime, insulate the anti-graft agency from interference by the Presidency and enhance its financial autonomy.

One of the bills, which was sponsored by a member from Cross River State, Mr. Bassey Ewa, proposes to raise the two-year term for economic and financial crimes offenders to 20 years.

In the new bill, Section 18 of the Principal Act is amended to prescribe tougher punishments for economic and financial crimes.

The new subsection (C) reads: “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.”

The new proposal also states that plea bargaining or returning the full amount stolen does not exclude the convict from penalty.

Subsection (d) adds, “Where the accused person, upon investigation, accepts to refund the total amount standing in his/her name and willing to plea bargain, he or she shall be convicted for not less than two years.”

Similarly, a company found guilty of economic or financial crimes, will be barred from doing business in Nigeria for 50 years.

This is captured under subsection (e), which states that, “Any company found guilty of offences under this Act, both its assets and finances shall be frozen and the company blacklisted from doing business in Nigeria for 50 years.”

Another key amendment seeks to remove the power of appointing the Chairman of the EFCC from the President and to be vested directly in the hands of Nigerians.

Under the extant provisions, the President appoints the chairman and forwards the name to the Senate for approval.

But in the new amendment, members of the public, through a petition to the National Assembly, are empowered to make the appointments.

For example, Section 3 of the Principal Act is amended to insert new subsections (4) and (5).

The proposed subsection 4 reads: “Petitions against the Chairman or any of the members of the EFCC emanating from the public or the private sector shall be submitted to the National Assembly.

“If upon investigation and found culpable, a simple majority vote of members of the National Assembly is required in considering the fate of the chairman or any of the affected member.”

Subsection (5) provides that the resolution, when passed, will be forwarded to the President, who shall within 30 days, either accept the resolution or reject it.

The section empowers the National Assembly to override the President’s veto with a “two-thirds majority vote” of senators and members of the House of Representatives.

To make the EFCC financially autonomous, the House proposes in Section 35 of the Act that the commission should retain “0.1 per cent” of recovered looted funds.

It is also to retain “0.1 per cent” of its Internally-Generated Revenue.

Another “0.1 per cent” of contracts awarded by the Federal Government is to the credited to the account of the commission.

Also we obtained the details of amendments proposed to the Act by the Chairman, House Committee on Financial Crimes, Mr. Kayode Oladele.

Oladele’s bill, “A Bill for an Act to Amend the EFCC Act, 2004 to Enhance Effectiveness of the Act, and for other Related Matters,” seeks to grant full autonomy to the Nigerian Financial Intelligence Unit.

When contacted, Ewa explained why he sought harsher punishment for economic thieves.

He said, “This provision of two years imprisonment, is mild and it should be raised to not less than 20 years. This will deter public servants from stealing money.

“If your are 40 years old and you know that you will be 60 years by the time you are out of jail, you will have some fear in you and think about your children.

“But to say two years is to encourage stealing the more because people say after all, it is only two years.”

The four bills passed second reading last week at a session presided over by the Speaker, Mr. Yakubu Dogara.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Lagos Eyes Investment Surge as Sanwo-Olu Unveils Growth Strategy

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Governor Babajide Sanwo-Olu of Lagos State is spearheading a bold push to attract significant investment inflow to boost the state’s economic growth.

During a Pre-Summit Investor Roundtable at the Africa Social Impact Summit (ASIS 3.0), held at Eko Hotels and Suites, the governor outlined strategic opportunities for investors.

With the theme “Invest Lagos – Investment Opportunities,” the summit was organized by the Sterling One Foundation in collaboration with the Ministry of Commerce, Cooperatives, Trade, and Investment.

Attended by business leaders, chambers of commerce, and industry captains, the event underscored Lagos’ potential as a hub for economic activity.

Sanwo-Olu highlighted Lagos’ positive economic outlook, citing an expanding population and sustainable infrastructure as key growth drivers.

Despite challenging business environments, the state’s economy has shown resilience, welcoming new investments while sustaining existing ones.

The governor emphasized reforms aimed at improving the ease of doing business. He mentioned that digitizing services had reduced bureaucratic hurdles, fostering a stable business climate.

Sanwo-Olu assured potential investors of the state’s commitment to creating a supportive environment that ensures returns and security for investments.

“In the last five years, Lagos’ GDP has grown by 50 percent,” Sanwo-Olu stated. “We aim to sustain this growth and ensure the gains of the past years are not reversed.”

Sanwo-Olu identified sectors ripe for investment, including transportation, tourism, health insurance, and waterways. He expressed the government’s dedication to advancing development plans in these areas.

Commissioner for Commerce, Cooperatives, Trade, and Investment, Mrs. Folashade Ambrose-Medebem, highlighted Lagos’ economic strides, noting that the state’s GDP had increased from N27 trillion to N41 trillion in five years.

She detailed strategic investments, particularly the allocation of N550.7 billion for infrastructure in 2024, and the commitment of N44.33 billion to food security initiatives.

Sterling Bank’s Managing Director, Mr. Abubakar Suleiman, pointed out that economic growth in Africa is often hindered by an unstable investment climate.

The summit aimed to build investor confidence by fostering trust and transparency in business environments.

“Lagos remains a leading destination for investors,” Suleiman noted. “The state provides clarity and access to markets, maintaining consistency in its investment strategies.”

Sanwo-Olu’s administration continues to focus on diversifying Lagos’ economy through strategic investments in various sectors.

The state’s proactive approach has positioned it as a global city and an emerging African financial center.

The governor’s initiative is expected to further solidify Lagos’ reputation as a prime investment destination, paving the way for sustained economic growth and development.

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Vice-President Harris Gathers Momentum as Democratic Nominee

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Vice-President Kamala Harris has secured the support needed to become the Democratic nominee for president.

This was after President Joe Biden announced he would not seek re-election, endorsing Harris as his successor.

According to CBS News, Harris has received endorsements from over 1,976 delegates, surpassing the threshold needed to clinch the nomination in the first round of voting at the Democratic National Convention (DNC) scheduled for August.

Delegations from at least 27 states have expressed full support, showcasing a strong backing across the nation.

In her address to campaign staff in Wilmington, Delaware, Harris expressed gratitude for the widespread support, adding that she committed to uniting the party and the country.

“We have 106 days until Election Day, and in that time, we have some hard work to do,” she stated.

Harris laid out her vision for America, contrasting it with that of her likely opponent, Donald Trump.

Speaking on the direction of the campaign thus far, she said “Our campaign has always been about two different versions of what we see as the future of our country. One focuses on the future, the other focuses on the past.”

She acknowledged the accomplishments of the Biden administration, highlighting her pride in serving as vice-president.

“My time serving as vice-president was one of the greatest honors of my life,” Harris said, underscoring her dedication to continuing the work they started.

In a phone call to his campaign team, Biden praised Harris, urging his supporters to rally behind her. “I’m hoping you’ll give every bit of your heart and soul that you gave to me to Kamala,” he said.

Despite stepping back from the race, Biden vowed to remain actively involved in supporting Harris and emphasized the importance of defeating Trump, calling him “a danger to this nation.”

Harris’s nomination marks a significant milestone, but challenges remain. The campaign will focus on addressing key issues such as healthcare, climate change, and economic inequality.

With millions of dollars pouring into her campaign since Biden’s announcement, Harris aims to capitalize on the momentum and build a coalition that appeals to a broad spectrum of voters.

As the DNC approaches, Harris is expected to formally accept the nomination, solidifying her position as the Democratic leader.

The coming months will be crucial as she works to unite the party and reach out to undecided voters. With her historic nomination, Harris stands poised to make a lasting impact on the future of American politics.

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President Declines Nomination, Endorses Harris for 2024

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In a significant political announcement on his X.com account, President Joe Biden has decided to forgo the opportunity to seek re-election in 2024, instead throwing his full support behind Vice President Kamala Harris.

The surprise move, shared with the public this morning, represents a pivotal moment in the Democratic Party’s journey toward the upcoming presidential election.

In his statement, Biden said that his choice to step aside is driven by a desire to concentrate on his remaining duties as President.

He expressed gratitude for the opportunity to serve alongside Harris, calling her selection as his Vice President in 2020 “the best decision” he has made. “My fellow Democrats,” Biden began, “I have decided not to accept the nomination and to focus all my energies on my duties as President for the remainder of my term.”

The President’s announcement signifies a strategic shift in the 2024 election landscape. By endorsing Kamala Harris, Biden not only aims to consolidate support within the party but also to set the stage for a unified front against former President Donald Trump.

“Today I want to offer my full support and endorsement for Kamala to be the nominee of our party this year,” Biden declared. “Democrats — it’s time to come together and beat Trump. Let’s do this.”

This endorsement comes as a surprise to many, given Biden’s earlier commitment to seeking re-election.

However, it reflects a broader strategic maneuver to ensure party unity and strengthen the Democratic position in the face of a formidable opponent. By focusing on Harris, Biden aims to leverage her growing popularity and political acumen to fortify the party’s chances in the upcoming election.

Kamala Harris, who has served as Vice President since January 2021, will now be thrust into the spotlight as the presumptive Democratic nominee.

Her campaign is expected to build on the legacy of the current administration while addressing key issues facing the nation.

The move also raises the stakes for the Republicans, who will need to prepare for a robust campaign from a seasoned political leader in Harris.

As the 2024 election cycle ramps up, Biden’s endorsement is likely to reshape the dynamics of the race, influencing both Democratic strategies and Republican responses.

The coming months will be critical as Harris and her team work to solidify their platform and rally support from voters across the nation.

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