Financial Crimes: House Vows to Make Legislative Intervention to Strengthen EFCC, NFIU

Adedayo Akinwale in Abuja

The House of Representatives has expressed its determination to make effective and impactful legislative interventions that are robust, coherent and responsive to evolving criminal tactics.

The Chairman of the House Committee on Financial Crimes, Hon. Ginger Onwusibe disclosed this yesterday, in Abuja during the 2026 budget defence session with the Economic and Financial Crimes Commission (EFCC) and the Nigeria Financial Intelligence Unit (NFIU).

He revealed that the House was 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 proposed legislations, he said, included:  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.

Onwusibe noted that the bills were designed to modernise existing laws, bridge operational gaps, strengthen enforcement mechanisms and ensure that crime does not pay, regardless of its sophistication.

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.

The chairman stated: “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 emphasised 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 was indispensable.

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.

Onwusibe noted that the development was 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.

He said as of October 2025, the EFCC recorded significant achievements, including the recovery of over N566 billion, $411 million and 1,502 properties, as well as securing 3,175 convictions.

The chairman also highlighted the NFIU’s crucial role in strengthening financial intelligence, describing the achievements as a clear demonstration of the agencies’ capacity and dedication.