EFCC Clarifies Foreign Currency Legal Fees Position

The Economic and Financial Crimes Commission (EFCC) has explained that recent comments attributed to its Lagos Zonal Directorate on Lawyers charging professional fees in foreign currency, do not represent a blanket policy of the Commission.

 EFCC Chairman, Ola Olukoyede, gave the clarification when the President of the Nigerian Bar Association (NBA), Oyinkansola Badejo-Okusanya, SAN, led a delegation on a courtesy visit to the Commission’s headquarters in Abuja. Badejo-Okusanya had raised concerns over the comments, stressing that charging professional fees in foreign currency does not, by itself, constitute a criminal offence.

 Responding, Olukoyede said he remained the EFCC’s official policy spokesman, adding that the Lagos Directorate’s comments had been taken out of context, and did not accurately represent the Commission’s position. He explained that the EFCC investigates petitions, only where the allegations fall within its statutory mandate and applicable financial-crime laws.

The NBA President also urged the Commission to maintain due process in its investigations and arrests, particularly by conducting thorough investigations before prosecution, and avoiding sensational arrests and media trials.

Olukoyede acknowledged concerns about media trials and overzealous conduct by some personnel, stressing the importance of professionalism and respect for the law. The EFCC Chairman assured the NBA of continued collaboration in combating economic and financial crimes, and promoting compliance within the legal profession.

 The clarification follows growing controversy among Lawyers, over whether the denomination or payment of professional fees in foreign currency could automatically expose legal practitioners to criminal prosecution.