House Seeks Stronger Legal Backing For EFCC, NFIU

The House of Representatives Committee on Financial Crimes has pledged to strengthen the country’s anti-corruption agencies as part of efforts to boost economic stability and improve its global standing.

The Chairman of the Committee, Ginger Onwusibe, made the commitment during a 2026 budget defence session with the Economic and Financial Crimes Commission, EFCC, and the Nigeria Financial Intelligence Unit, NFIU.

Onwusibe said the 2026 budget prioritises infrastructure development and food security, with a focus on macroeconomic stability, job creation and human capital development.

He stressed that effective implementation, increased oil production and improved non-oil revenue would be key to achieving the targets.

According to him, Nigeria is facing economic challenges, with many citizens struggling with rising living costs. However, Onwusibe said the economy was showing signs of recovery. He cited projections by the International Monetary Fund that Nigeria’s economy would grow by 4.4% in 2026, driven by reforms and stronger domestic demand.

He described financial crimes as a major drain on the economy and said the EFCC and NFIU play critical roles in asset recovery, deterring corruption and strengthening financial stability.

“The House is currently considering four bills aimed at strengthening the legal framework against financial crimes. They include a bill to establish the EFCC, amendments to the Money Laundering (Prevention and Prohibition) Act 2022, amendments to the EFCC Act 2004, and amendments to the Proceeds of Crime Act. The measures are designed to modernise existing laws and strengthen enforcement.”

He commended the agencies for their efforts, particularly Nigeria’s recent removal from the Financial Action Task Force grey list, describing it as a milestone in strengthening anti-money laundering and counter-terrorism financing measures.

According to Onwusibe, as of October 2025, the EFCC had recovered more than 566 billion naira ($411 million) and 1,502 properties, and secured 3,175 convictions.

He said the committee would scrutinise the agencies’ budgets to ensure proper use of resources while supporting efforts to strengthen investigative capacity, international cooperation, asset recovery and responses to emerging threats such as cybercrime.

Oduyemi Odumade, Edited By Grace Namiji