JUST IN: LAWMAKERS PRAISE EFCC, NFIU FOR STRENGTHENING NIGERIA’S FINANCIAL CREDIBILITY

LAWMAKERS PRAISE EFCC, NFIU FOR STRENGTHENING NIGERIA’S FINANCIAL CREDIBILITY


The House of Representatives has commended the Economic and Financial Crimes Commission (EFCC) and the Nigerian Financial Intelligence Unit (NFIU) for their roles in strengthening Nigeria’s financial system and improving the country’s international economic standing.

Lawmakers gave the commendation following sustained recoveries of illicit public assets and Nigeria’s recent removal from the Financial Action Task Force (FATF) grey list, a development widely viewed as a major boost to the nation’s financial credibility and investor confidence.

The Chairman of the House Committee on Financial Crimes, Ginger Onwusibe, made the remarks during the 2025 budget performance review and 2026 budget defence of both agencies at the National Assembly Complex in Abuja.

He said the growing collaboration between the EFCC and the NFIU has significantly enhanced Nigeria’s anti-money laundering and counter-terrorism financing framework, restored confidence in the financial system, and supported broader economic stabilisation efforts.

According to him, Nigeria’s exit from the FATF grey list reflects the government’s commitment to tackling financial crimes and aligning the country’s regulatory framework with global standards.

The lawmaker noted that the development is expected to improve access to international credit, attract foreign direct investment, strengthen financial security, and enhance Nigeria’s reputation within the global financial system.

Onwusibe disclosed that as of October 2025, the EFCC had recovered more than ₦566 billion, $411 million, and 1,502 properties, while securing 3,175 convictions nationwide. He added that the NFIU played a critical role by supplying actionable financial intelligence that supported investigations and prosecutions.

He attributed the achievements to institutional reforms, intelligence-driven investigations, improved inter-agency cooperation, and leadership commitment within both organisations.

Over the years, the EFCC has expanded its asset recovery operations, focusing on proceeds linked to cybercrime, public sector fraud, oil theft, and money laundering. The agency has also strengthened collaboration with foreign law enforcement bodies and enhanced its use of financial intelligence.

The NFIU, which gained operational independence in 2018, has since become a central hub for financial intelligence, supporting domestic agencies and international partners in tracking illicit financial flows and enforcing compliance standards.

Analysts have linked Nigeria’s removal from the FATF grey list to sustained reforms, stronger regulatory oversight, and closer coordination among the EFCC, NFIU, the Central Bank of Nigeria, and other stakeholders.

While praising the agencies, the committee chairman stressed the need for professionalism, transparency, and accountability in their operations, noting growing public expectations for tangible and lasting outcomes in the fight against corruption.

On the broader economic outlook, he said the 2026 budget prioritises infrastructure development and food security, with key objectives including macroeconomic stability, job creation, improved business conditions, and human capital development.

He added that while economic challenges persist, recent indicators suggest gradual recovery, supported by structural reforms and improved fiscal coordination. Projections by international financial institutions estimate Nigeria’s economic growth at 4.4 per cent in 2026, driven by rising domestic demand and improved stability.

The House Committee on Financial Crimes reaffirmed the commitment of the 10th National Assembly to strengthening Nigeria’s legal framework against financial crimes. Several legislative proposals aimed at enhancing transparency, asset recovery, and enforcement mechanisms have recently been considered.

Lawmakers assured that the 2026 budget proposals of the EFCC and NFIU would be closely scrutinised to ensure efficient use of public funds and alignment with national anti-corruption priorities.

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