Nigerian House Vows Legislative Support to Strengthen EFCC and NFIU Against Financial Crimes

The House of Representatives in Nigeria has committed to enhancing the effectiveness of the Economic and Financial Crimes Commission (EFCC) and the Nigeria Financial Intelligence Unit (NFIU) through legislative interventions. Hon.

Ginger Onwusib, Chairman of the House Committee on Financial Crimes, disclosed during a budget defense session in Abuja the consideration of four crucial bills aimed at promoting transparency, protecting public resources, and restoring confidence in the financial system. These bills include the establishment of the Economic and Financial Crime Commission (EFCC), amendments to existing anti-money laundering laws, and enhancing the EFCC's operational capacity.

Onwusib highlighted the critical role of the EFCC and NFIU in combating financial crimes, recovering stolen assets, deterring corruption, and enhancing financial stability and security. The efforts align with Nigeria's economic recovery projections, with the IMF forecasting a 4.4% growth in 2026.

The recent delisting of Nigeria from the FATF grey list is seen as a significant milestone in strengthening the country's anti-money laundering and counter-terrorism financing framework.