Former President, Nigerian Bar Association (NBA), Dr Olisa Agbakoba (SAN), has lauded the President Muhammadu Buhari- led Federal Government for the establishment of the Proceeds of Crime Assets Recovery Agency, saying the coming into being of the new agency would make the anti-corruption strategy more effective in the country.
Agbakoba gave this commendation on Thursday in a release issued and signed by him, copy of which was made available to newsmen in Lagos.
He described the move as a welcome development, saying the Economic and Financial Crimes Commission (EFCC) originally put in charge of the task to be performed by the new agency was saddled with far too many responsibilities beyond its best capabilities.
“I congratulate the Federal Government and especially the Attorney- General of the Federation on the establishment of the proceeds of crime assets recovery Agency. My reason is simple, the EFCC is saddled with far too many responsibilities beyond its best capabilities,” he said.
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According to Agbakoba, who is also a former president of Civil Liberties Organization (CLO), EFCC performs three functions albeit related, pointing out that it was unnecessary to concentrate in one Agency- Investigations, Prosecution, and Assets Recovery as the standard recommended and indeed prescribed by the Financial Action Task Force is that these functions vested in EFCC must be carried out by distinct agencies for competence, efficiency and transparency.
The former NBA president said he was fully in support of divesting EFCC from managing assets recovered from proceeds of crime and further divestment of the agency’s power to prosecute as well, adding that taking such step would make the anti-corruption strategy more effective in the country.
“The EFCC performs three functions albeit related but unnecessary to concentrate in one Agency- Investigations, prosecution, and Assets recovery.
“The standard recommended and indeed prescribed by the Financial Action Task Force, the international agency mandated with proceeds of crime matters, is that these functions vested in EFCC must be carried out by distinct agencies for competence efficiency and transparency.
“I fully support divesting EFCC from managing assets recovered from proceeds of crime and further divestment of their power to prosecute is necessary. This will make the anti-corruption strategy more effective,” he declared.
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