Section 1 EFCC Act 2004

Section 1 of the EFCC Act 2004 is about Establishment of the Economic and Financial Crimes Commission.

(1) There is established a body to be known as the Economic and Financial Crimes Commission (in this Act referred to as “the Commission”) which shall be constituted in accordance with and shall have such functions as are conferred on it by this Act.

(2) The Commission –

a. shall be a body with perpetual succession and a common seal

b. may sue or be sued in its corporate name and may, for the purpose of its function Commission acquire, hold or dispose of property (whether movable or immovable);

c. is the designated Financial Intelligence Unit (FIU) in Nigeria, which is charged with the responsibility of co-ordinating the various institutions involved in the fight against money laundering and enforcement of all laws dealing with economic and financial crimes in Nigeria.