THE Economic and Financial Crimes Commission (EFCC), was established by an Act of the National Assembly on December 12, 2002. The Act creating the organization was repealed and reenacted in 2004 to make the law more robust and to eliminate some deficiencies associated with it and make it more functional and efficient. The Act mandates the EFCC to combat financial and economic crimes.
TO be able to accomplish this onerous responsibility, the Commission is empowered to prevent, investigate, prosecute and penalize economic and financial crimes and is charged with the responsibility of enforcing the provisions of other laws and regulations relating to economic and financial crimes that are very common in the country then.
FOLLOWING the enactment of the law establishing the commission and subsequent appointment of its chairman, the EFCC embarked on the noble mission of ridding the Nigerian society of economic saboteurs starting with 419 kingpins that were operating with impunity in the country then. From this humble begging and in line with the law establishing the commission, it has arrested and prosecuted many high profile economic and financial criminals recovering properties including houses and expensive cars running into billions of naira many of which have been forfeited to the federal government.
TO further their efforts in ridding the country of economic criminals, the commission extended its activities to auctioning proceeds of illegal dealings by Nigerians found to have embezzled public funds and those that acquired properties through questionable or dubious means.
THE latest auctioning activities of the commission as advertised on its website on Saturday December 24, 2022 announced the commencement of auction exercise in major newspapers inviting bids for the properties. Among the properties offered for auctioning consists of 61 units of luxury Apartments, Plots of Lands and Apartments across the country.
THEY are being offered for sale in accordance with the EFCC (Establishment )Act 2004; Public procurement Act 2007 and the proceeds of Crimes (Recovery and Management) Act 2002. Part of the necessary process is the display of the properties for public inspection for bidders to view and indicate interest in any of the properties of their choice. Several of such auctioning have been undertaken by various commands of the commission.
THE renewed efforts and clampdown on illegal activities as well as disposal of proceeds of ignominious and shady activities are not just a good development but the right path to thread by the antigraft agency that had been serially accused of ineffectiveness and sometimes compromise in the past in its fight against economic and financial crimes, including corruption.
IT is a good development because people have been complaining in the past about illegal activities of some segments of the Nigerian population that are growing in leaps every time. Therefore, dealing decisively with the cankerworm that is giving Nigeria a bad name is a welcome development and good action that must be supported by all well-meaning Nigerians.
IN addition, these illicit proceeds have been used by their perpetrators to acquire expensive properties, intimidate people as well as use them to cause chaos and they are becoming standard practice influencing the upcoming generation of innocent Nigerians. Consequently, any bold efforts to rid the county of this destructive menace and proceeds should be well embraced, encouraged, and supported by all Nigerians.
HOWEVER, in carrying out these laudable actions, the commission should be careful to ensure that only illegal activities are dealt with while innocent people and those who really worked hard to make their money and acquire their properties don’t fall victims.
IN other words, under the pretext of dealing with criminal activities and their tendencies, innocent people should not be allowed to suffer. The Commission should be focused, unrelenting and be committed to ridding the country of economic and financial criminals without fear or favour.
THE commission should not allow politicians or those in authority to interfere with its operations. There should be no sacred cow or untouchable and protected individuals. The government needs to empower and allow the commission to continue to discharge this very essential responsibility so as to reverse the dangerous trend of increases in economic and financial crimes in the country.
