JONAS EZIEKE, Abuja
The House of Representatives has reaffirmed its avowed determination to strengthen institutions charged with combating financial crimes, with a view to achieving more impactful results that will enhance Nigeria’s standing on the global stage.
Chairman of the House Committee on Financial Crimes, Hon. Ginger Onwusibe, made the pledge on Monday in Abuja during a 2026 budget defense session with the Economic and Financial Crimes Commission (EFCC) and the Nigeria Financial Intelligence Unit (NFIU).
Onwusibe explained that the 2026 budget prioritizes infrastructure development and food security, with key objectives including macroeconomic stability, an improved business environment, job creation and human capital development.
He stressed that effective execution of the budget is crucial and would require timely implementation, increased oil production and sustained growth in non-oil revenues.
He noted that Nigeria is currently facing significant economic challenges, with many citizens grappling with hardship, underscoring the urgent need for effective solutions to 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,” Onwusibe said.
He emphasized the critical roles played by the EFCC and the NFIU in combating financial crimes, describing such crimes as a major drain on the economy. According to him, the agencies’ work in recovering stolen assets, deterring corruption and financial malfeasance, and enhancing financial stability and security is indispensable.
Onwusibe reiterated the House’s commitment to making effective and impactful legislative interventions, stressing its resolve 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 Bill for an Act to Establish the Economic and Financial Crimes Commission (EFCC); a Bill to Amend the Money Laundering (Prevention and Prohibition) Act, 2022; a Bill to Amend the EFCC Act, 2004; and a Bill to Amend the Proceeds of Crime Act. Collectively, he said, the bills are designed to modernize existing laws, bridge 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 tireless efforts, particularly Nigeria’s recent delisting from the Financial Action Task Force (FATF) grey list, which he described as a significant milestone reflecting the government’s commitment to strengthening the anti-money laundering and combating the financing of terrorism (AML/CFT) framework.
According to him, the development is expected to enhance Nigeria’s international reputation and credibility, boost foreign investment and trade opportunities, improve access to international financing and credit, and strengthen the country’s financial stability and security.
Onwusibe noted that as of October 2025, the EFCC had recorded significant achievements, including the recovery of over ₦566 billion, $411 million and 1,502 properties, as well as securing 3,175 convictions. He also highlighted the NFIU’s crucial role in strengthening financial intelligence, describing the achievements as a clear demonstration of the agencies’ capacity and dedication.
“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 strongly commend your efforts and those of your teams,” he said.
He added that while reviewing the agencies’ budgets, the Committee would acknowledge the critical role they play in safeguarding Nigeria’s economy and citizens, while also ensuring that their operations are guided by professionalism, transparency and accountability. The Committee, he said, would scrutinise the budgets to ensure alignment with legislative priorities and optimal use of resources.
Onwusibe explained that the budget defence would focus on strengthening investigative and prosecutorial capacities, enhancing international cooperation and information sharing, improving asset recovery and management, building internal capacity and expertise, and addressing emerging threats such as cybercrime and virtual assets.
He rounded-off by reaffirming the House Committee’s commitment to supporting the EFCC and the NFIU in their critical mandate, stressing that their work is central to Nigeria’s economic stability and security.
The lawmaker urged that the agencies be provided with the necessary resources and support to continue their vital work, while upholding the highest standards of professionalism and accountability.
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