By Mercy Adi
The House of Representatives on Monday pledged stronger legislative backing for the Economic and Financial Crimes Commission and the Nigeria Financial Intelligence Unit as it considered four bills aimed at strengthening Nigeria’s anti-corruption framework.
Chairman of the House Committee on Financial Crimes, Ginger Onwusibe, gave the assurance during the 2026 budget defence session with the EFCC and NFIU at the National Assembly.
He said the House was committed to reinforcing institutions responsible for tackling financial crimes.
“We are determined to strengthen institutions saddled with combating financial crimes so they can deliver more impactful results,” Onwusibe said.
The lawmaker disclosed that the House was considering a Bill to Establish the 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.
According to him, the bills are designed to modernise existing laws, close operational gaps and align Nigeria’s legal framework with global best practices.
Describing financial crimes as a major setback to national development, Onwusibe said, “Every naira lost to corruption is a direct blow to our development aspirations. The EFCC and NFIU play critical roles in asset recovery, deterrence and strengthening financial stability.”
He also commended both agencies for Nigeria’s recent removal from the Financial Action Task Force grey list.
“This achievement will boost investor confidence and enhance Nigeria’s international reputation,” he added.
Onwusibe disclosed that as of October 2025, the EFCC had recovered over N566bn, $411m and 1,502 properties, and secured 3,175 convictions.
Responding, EFCC Chairman, Ola Olukoyede, thanked the committee for its support, describing the past two years as “quite remarkable” in the Commission’s history.
“Our modest achievements in recoveries and convictions are already in the public domain,” he said, adding that the EFCC had laid its 2024 annual report before the National Assembly and would submit its 2025 report by September.
He, however, identified inadequate funding as a major challenge, particularly in upgrading forensic and technological capacity.
“Just last week, we received an invoice for a single item in our forensic laboratory running into over N4bn, as the activities of fraudsters grow more sophisticated, we must also upgrade our technology to stem the tide”, Olukoyede said.
He also cited a recent court ruling in which a defendant was sentenced to a cumulative 490 years imprisonment.
“It is a testament to our commitment to this work,” he added.
In her remarks, the Chief Executive Officer of the NFIU, Hafsat Abubakar, expressed appreciation to the committee for its legislative support, particularly in facilitating Nigeria’s exit from the FATF list of jurisdictions under increased monitoring.
She further disclosed that Nigeria had also been removed from the European Union’s list of high-risk third countries for money laundering and terrorism financing.
“These milestones, coordinated by the NFIU in collaboration with the EFCC and other stakeholders, have earned Nigeria a seat at the FATF under its Guest Jurisdiction Initiative,” she said.
Abubakar noted that the progress would not have been possible without legislative backing and requested that the remaining aspects of her presentation be taken in executive session.
The committee assured both agencies that the budget review process would prioritise strengthening investigative and prosecutorial capacity, improving asset recovery and addressing emerging threats such as cybercrime and virtual asset-related crimes.