The House of Representatives on Monday reaffirmed its commitment to strengthening institutions responsible for combating financial crimes in Nigeria, aiming to achieve results that enhance the country’s global standing.

Chairman of the House Committee on Financial Crime, Ginger Onwusibe, made the statement during a budget defence session with the Economic and Financial Crimes Commission (EFCC) and the Nigeria Financial Intelligence Unit (NFIU).

Onwusibe highlighted that the 2026 budget prioritises infrastructure and food security, with key objectives including macroeconomic stability, improved business environment, job creation, and human capital development.

He emphasised that effective implementation depends on timely budget execution, increased oil production, and growth in non-oil revenues.

Acknowledging the economic challenges Nigerians face, Onwusibe stressed the need for practical solutions to stimulate growth, create employment, and improve living standards.

He noted that Nigeria’s economy is showing cautious optimism, moving from post-reform stabilisation to modest recovery, with the International Monetary Fund projecting 4.4 percent growth in 2026, driven by improved macroeconomic stability, structural reforms, and rising domestic demand.

He urged patriotic commitment from all stakeholders, affirming that effective collaboration with anti-financial crime agencies is essential to achieving these goals.

“The EFCC and NFIU play vital roles in combating financial crimes, which are a significant drain on our economy. Your work is crucial in recovering stolen assets, deterring corruption and financial malfeasance and enhancing financial stability and security.”

He said the House was committed to making legislative interventions that are effective and impactful and remain resolute in our duty to craft laws that are robust, coherent, and responsive to evolving criminal tactics.

He disclosed that the House was considering four bills that are pivotal to the nation’s resolve to promote transparency, protect public resources, restore confidence in our financial system, and align Nigeria with global best practices.

Collectively, these bills aim to modernise our laws, bridge operational gaps, enhance enforcement mechanisms, and ensure that crime does not pay, regardless of its sophistication or disguise.

These bills, he said are the Bill for an Act to Establish the Economic and Financial Crimes Commission (EFCC), a Bill for an Act to Amend the Money Laundering (Prevention and Prohibition) Act, 202, a Bill for an Act to Amend the EFCC Act, 2004 and a Bill for an Act to Amend the Proceeds of Crime Act/

He commended EFCC and NFIU’s tireless efforts, with Nigeria having recently been delisted from the Financial Action Task Force (FATF) grey list, an achievement which he said underscores the government’s commitment to combating financial crimes and strengthening our anti-money laundering/combating financing of terrorism (AML/CFT) framework.

He said the development will also enhance Nigeria’s international reputation and credibility; Increase foreign investment and trade opportunities; Improve access to international financing and credit and strengthen the country’s financial stability and security

He said, “The Economic and Financial Crimes Commission (EFCC) has made significant recoveries in Nigeria. As of October 2025, the EFCC recovered over ₦566 billion, $411 million, and 1,502 properties, secured 3,175 convictions, and demonstrated the NFIU’s crucial role in enhancing financial intelligence, thereby demonstrating the agencies’ capabilities and dedication.

“These achievements and your uncommon headship trajectory are a testament to the leadership of the EFCC Chairman, Ola Olukoyede, and the NFIU Director, Hajia Hafsat Abubakar Bakari. I strongly commend your efforts and those of your teams.

“As we review the agencies’ budgets, we must acknowledge the critical work they do in protecting Nigeria’s economy and citizens from financial crimes. However, we must also ensure their activities are guided by professionalism, transparency, and accountability. The Committee will scrutinize its budgets to ensure alignment with legislative priorities and optimal use of resources.”

He said the budget defence will appraisal areas of strengthening investigative and prosecutorial capacities, enhancing international cooperation and information sharing, improving asset recovery and management, building capacity and expertise within the agencies and addressing emerging threats, such as cybercrime and virtual assets.

He said the committee is committed to supporting these agencies in their critical work as the agencies’ work is critical to Nigeria’s economic stability and security.

“Let’s ensure they have the necessary resources and support to continue their vital work, while upholding the highest standards of professionalism and accountability,” he said. (The Nation)

Update news