A bill that proposes to extend jail term for people convicted of economic and financial crimes from two years to 20 years has passed its second reading at the House of Representatives.
The bill is part of an amendment of the Economic and Financial Crimes Commission Act, 2004 obtained by the Punch.
Lawmakers said the current penalty was too “lenient” for the serious crime of stealing public funds and other financial crimes.
Also, the house is currently reviewing four bills that will strengthen the power of the Economic and Financial Crimes Commission (EFCC) to fight public and private sector graft. The bills seek to give the agency financial autonomy from the Presidency, preferring that the power of appointing the Chairman of the EFCC should instead be vested directly in the hands of Nigerians.
The new proposal also states that plea bargaining or returning the full amount stolen does not exclude the convict from a 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.”
The bill proposes a 50-year ban from doing business in Nigeria for a company found guilty of economic or financial crimes.
“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.”
The proposed bill may remove the tension between the Presidency and the Senate in the confirmation of future EFCC bosses.
The current acting EFCC Boss, Ibrahim Magu was recently rejected for the second time by the Senate.