PRE-E.F.C.C. DEBATE
The
debate that preceded the setting up of E. F. C. C. is not enormous. But then,
it suffices to know that the Obasanjo regime came up with the idea of a
Commission to be prevent, investigate, prosecute and penalize offenders and was
to be charged with the responsibility of enforcing the provisions of other laws
and regulations relating to economic and financial crimes.
In lieu of the above, there were debates on the
applicable laws for the Commission which later on gave birth to Economic and
Financial Crimes Establishment Act. the money laundering prohibition Act, the
failed banks recovery of debts and financial Malpractices in Banks Act, the
Banks and other Financial Institutions Act, and miscellaneous Offences Act.
Also, there was another debate
on the issue of accountability. To whom was the Commission supposed to be
accountable to? This was resolved by the Commission to make its report to the
National Assembly.
The Commission before inception was also questioned on
the possibilities of selective justice. But then, the motto of the Commission
which is “nobody is above the law’ posed an answer to that question.
Also, there was another debate on
what happens to the monies and properties recovered from criminals. But the,
the F.E.C.C. Act stipulates that all monies and properties recovered by the
Commission are returned directly to the victims of the crime, be they
individuals, corporate bodies or foreign entities. If the victim is the Federal
Government, the proceeds go into the federation account and if the victims are
State or Local Governments, the proceeds go into their respective treasures.