Reps to strengthen EFCC, NFIU for effective service delivery
The House of Representatives has expressed its determination to help strengthen all institutions responsible for fighting financial crimes in the country. The Green Chamber promised to help them achieve more
The House of Representatives has expressed its determination to help strengthen all institutions responsible for fighting financial crimes in the country.
The Green Chamber promised to help them achieve more results that would place the country on the global map.
The Chairman of the House Committee on Financial Crime, Ginger Onwusibe, said this at a budget defence session with the Economic and Financial Crimes Commission (EFCC) and the Nigeria Financial Intelligence Unit (NFIU).
The lawmaker said this year’s budget prioritises infrastructure and food security, with key objectives, including macroeconomic stability, improved business environment, job creation, and human capital development.
He noted that effective execution is crucial, requiring timely budget implementation, increased oil production, and non-oil revenue growth.
Onwusibe said Nigeria currently faces numerous challenges while the economy is at a critical juncture.
The lawmaker said Nigerians are currently grappling with hardship, adding that there is a pressing need for effective solutions to stimulate growth, create jobs, and improve living standards.
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He added: “As patriots, we must summon our patriotic zeal, as hopes are not lost, since Nigeria’s economy is showing signs of cautious optimism, transitioning from post-reform stabilisation to modest recovery.
“The International Monetary Fund (IMF) projects a 4.4 per cent growth in 2026, driven by improved macroeconomic stability, structural reforms, and a rebound in domestic demand.
“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.”
Onwusibe said the House was committed to making legislative interventions that are effective and impactful.
The committee chairman said the Green Chamber remained resolute in its duty to craft laws that are robust, coherent, and responsive to evolving criminal tactics.
According to him, the House is 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,” Onwusibe said.
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The Bills, the committee chairman 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, 2022; 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 praised the EFCC and the NFIU for their tireless efforts, which led to Nigeria being delisted from the Financial Action Task Force (FATF) grey list.
This achievement, he said, underscored the government’s commitment to combating financial crimes and strengthening our anti-money laundering/combating financing of terrorism (AML/CFT) framework.
Onwusibe said the development would 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 N566 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.
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“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 that their activities are guided by professionalism, transparency, and accountability.
“The committee will scrutinise its budgets to ensure alignment with legislative priorities and optimal use of resources.”
The committee chairman explained that the budget defence was meant to appraise 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 was committed to supporting the agencies in their critical work, as the agencies’ work was 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,” Onwusibe added.
