EFCC has less than N2m, says Aremo

The Economic and Financial Crimes Commission (EFCC) on Monday said it urgently needs capital in order to continue its operations.

The Secretary of the Board of EFCC, Mr Emmanuel Aremo, said this at the public hearing on the Bill seeking to establish the Nigerian Financial Intelligence Agency (NFIA).
Aremo said the poor financial position of EFCC was made known to the Senate committee on Drugs, Narcotics and Financial Crimes during an oversight visit.

He added that EFCC had been so cash-strapped to the extent that it had less than N2 million in its account.
"If we can pay salary this month, that is all. That is the position under which we operate," Aremo said.
Aremo kicked against the bill seeking to establish the NFIA.
He argued that the Financial Intelligence Unit (FIU) at the EFCC was discharging its responsibility efficiently without complaints from financial institutions.
Aremo said if granted autonomy, the FIU would become exposed to desperate politicians capable of securing court injunctions to frustrate its operations. More