The House of Representatives has reaffirmed its commitment to strengthening institutions responsible for combating financial crimes
The House of Representatives has reaffirmed its commitment to strengthening institutions responsible for combating financial crimes, as part of efforts to boost Nigeria’s economic resilience and global credibility.
Chairman of the House Committee on Financial Crimes, Rep. Ginger Onwusibe, made the pledge on Monday during the 2026 budget defence session with the Economic and Financial Crimes Commission (EFCC) and the Nigeria Financial Intelligence Unit (NFIU).
Onwusibe said the 2026 budget is anchored on infrastructure development and food security, with broader objectives including macroeconomic stability, an improved business environment, job creation and human capital development.
He stressed that achieving these goals would depend largely on effective and timely implementation, increased oil production and sustained growth in non-oil revenues.
He noted that the country is grappling with significant economic challenges, with many Nigerians facing hardship, making it imperative to pursue policies and interventions that stimulate growth, create jobs and improve living standards.
“As patriots, we must summon our patriotic zeal. Hopes are not lost, as 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,” he said.
The lawmaker underscored the critical role of the EFCC and the NFIU in tackling financial crimes, describing such offences as a major drain on the economy. He said the agencies’ work in asset recovery, deterrence of corruption and financial malfeasance, and the promotion of financial stability and security remains indispensable.
Onwusibe reiterated the House’s resolve to make impactful legislative interventions, stressing its determination to enact laws that are robust, coherent and responsive to evolving criminal tactics.
He disclosed that the House is currently considering four key bills aimed at promoting transparency, protecting public resources, restoring confidence in the financial system and aligning Nigeria with global best practices.
The bills include a proposal to establish the EFCC, amendments to the Money Laundering (Prevention and Prohibition) Act, 2022, the EFCC Act, 2004, and the Proceeds of Crime Act.
According to him, the proposed legislations are designed to modernise existing frameworks, close operational gaps, strengthen enforcement mechanisms and ensure that crime does not pay, regardless of its sophistication.
He commended the EFCC and the NFIU for their efforts, particularly Nigeria’s recent removal from the Financial Action Task Force (FATF) grey list, describing it as a major milestone in strengthening the country’s anti-money laundering and counter-terrorism financing framework.
Onwusibe said the development is expected to improve Nigeria’s international reputation, boost foreign investment and trade, enhance access to international financing and strengthen financial stability and security.
He revealed that as of October 2025, the EFCC had recovered over ₦566 billion, $411 million and 1,502 properties, and secured 3,175 convictions. He also highlighted the NFIU’s role in strengthening financial intelligence nationwide.
“These achievements, and your uncommon leadership trajectory, are a testament to the leadership of the EFCC Chairman, Mr. Ola Olukoyede, and the NFIU Director, Hajia Hafsat Abubakar Bakari. I commend your efforts and those of your teams,” he said.
Onwusibe added that while scrutinising the agencies’ 2026 budgets, the committee would recognise their strategic importance to the economy while ensuring professionalism, transparency and accountability.
He said the review would focus on strengthening investigative and prosecutorial capacity, enhancing international cooperation and information sharing, improving asset recovery and management, building internal expertise, and addressing emerging threats such as cybercrime and virtual assets.
He concluded by reaffirming the committee’s commitment to supporting the EFCC and the NFIU in carrying out their mandates, stressing that sustained institutional support remains critical to Nigeria’s economic stability and security.
