The Economic and Financial Crimes Commission (EFCC) has called on the National Assembly to urgently update the legal framework governing its operations and to enact stronger protections for prosecutors and whistleblowers.
The Commission said current laws are outdated and inadequate to tackle modern financial crimes, particularly those involving digital assets and cyber-enabled fraud.
EFCC Chairman Ola Olukoyede said the Commission’s existing powers, established in 2004, no longer align with evolving financial crimes, including cryptocurrency scams, complex money laundering, and cyber fraud.
He emphasized that these emerging threats require enhanced statutory authority to ensure effective investigation and prosecution.
Olukoyede highlighted the need for a Whistleblower Protection Law to provide a secure and formal legal shield for individuals who report corruption.
He noted that fear of retaliation, harassment, or job loss discourages many potential whistleblowers from coming forward, slowing down critical investigations and prosecutions.
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The EFCC has also intensified internal reforms, taking disciplinary action against officers accused of misconduct to strengthen institutional credibility.
However, the Commission noted that slow judicial processes and procedural loopholes continue to impede high-profile cases and undermine public confidence in the anti-graft system.
The Commission said updating the EFCC Act and strengthening protections for whistleblowers and prosecutors would close gaps in Nigeria’s anti-corruption architecture, facilitate faster trials, and provide a stronger deterrent against economic crimes.
Analysts say these reforms, if implemented effectively, could improve public trust, encourage citizen participation in reporting corruption, and enhance the overall effectiveness of anti-graft efforts.