The House of Representatives has described the Economic and Financial Crimes Commission and the Nigerian Financial Intelligence Unit as pivotal institutions in Nigeria’s economic recovery drive and the stabilisation of the country’s financial system.
The lawmakers made the assessment against the backdrop of sustained recoveries of stolen public assets by the EFCC and Nigeria’s recent exit from the Financial Action Task Force grey list, a development widely regarded as a major boost to the country’s financial credibility.
The Chairman of the House Committee on Financial Crimes, Mr Ginger Onwusibe, stated this on Monday while commending the two agencies during their 2025 budget performance review and 2026 budget defence at the National Assembly Complex, Abuja.
Onwusibe said the growing synergy between the EFCC and the NFIU has significantly strengthened Nigeria’s anti-money laundering and counter-terrorism financing framework, restored international confidence in the financial system, and contributed to overall economic stability.
He said, “Permit me to commend the EFCC and NFIU for their tireless efforts, particularly Nigeria’s recent delisting from the FATF grey list.
“This achievement underscores the government’s commitment to combating financial crimes and strengthening our AML/CFT framework.”
According to him, the milestone will enhance Nigeria’s international reputation, improve access to global financing and credit, attract foreign direct investment, and reinforce the country’s financial security architecture.
The Abia lawmaker also disclosed that as of October 2025, the EFCC had recovered over ₦566bn, $411m, and 1,502 properties, while securing 3,175 convictions nationwide. He also noted that the NFIU played a critical role by providing financial intelligence that supported successful investigations and prosecutions.
“These achievements clearly demonstrate the agencies’ capabilities and dedication,” he said, attributing the successes to the leadership of EFCC Chairman, Mr Ola Olukoyede, and NFIU Director, Hajia Hafsat Bakari.
Over the past few years, the EFCC has intensified its asset recovery drive, recording consistent increases in both convictions and recovered proceeds of crime.
Between 2021 and 2023, the commission recovered hundreds of billions of naira in cash and assets, including luxury properties, vehicles, and funds linked to cybercrime, public sector fraud, oil theft, and money laundering.
The establishment of specialised units within the EFCC, improved collaboration with foreign law enforcement agencies, and enhanced use of financial intelligence have strengthened its capacity to trace and confiscate illicit assets.
The NFIU, which became operationally independent in 2018 following Nigeria’s suspension from the Egmont Group, has since emerged as a central hub for financial intelligence, supporting domestic agencies and international partners in tracking illicit financial flows.
Analysts have linked Nigeria’s removal from the FATF grey list to reforms driven largely by intelligence-led investigations, stronger regulatory compliance, and closer coordination between the EFCC, NFIU, the Central Bank of Nigeria, and other stakeholders.
While praising their performance, Onwusibe stressed that the operations of both agencies must continue to be guided by professionalism, transparency, and accountability, particularly amid growing public demand for visible and lasting results in the anti-corruption fight.
On the broader economic outlook, he said the 2026 budget places strong emphasis on infrastructure development and food security, with key objectives including macroeconomic stability, job creation, an improved business environment, and human capital development.
He cautioned, however, that effective execution, timely implementation, increased oil production, and growth in non-oil revenue would be critical to achieving these targets.
While acknowledging that many Nigerians are still grappling with economic hardship, Onwusibe said the economy is beginning to show signs of revival, transitioning from post-reform stabilisation to modest recovery.
He cited projections by the International Monetary Fund, which forecast a 4.4 per cent growth rate for Nigeria in 2026, driven by improved macroeconomic stability, structural reforms, and rising domestic demand.
He added that financial crimes continue to pose a significant drain on the economy, underscoring the indispensable role of the EFCC and NFIU in asset recovery, corruption deterrence, and safeguarding financial stability.
The Committee Chairman assured that the 10th House of Representatives remains committed to strengthening Nigeria’s legal framework for combating financial crimes.
He disclosed that four critical bills aimed at promoting transparency, protecting public resources, and aligning Nigeria with global best practices have recently been considered by the House.
These include bills to amend the Money Laundering (Prevention and Prohibition) Act 2022, amend the EFCC Act 2004, and amend the Proceeds of Crime Act.
“These bills are designed to modernise our laws, bridge operational gaps, enhance enforcement mechanisms, and ensure that crime does not pay,” he said, expressing optimism that the legislation would receive accelerated assent from President Bola Tinubu.
On the 2026 budget proposal, Onwusibe assured that the committee would rigorously scrutinise submissions from both agencies to ensure optimal use of public funds and alignment with legislative priorities.
Key focus areas, he said, include strengthening investigative and prosecutorial capacity, improving asset recovery and management, enhancing international cooperation, building institutional capacity, and addressing emerging threats such as cybercrime and virtual assets.
“The work of the EFCC and NFIU is critical to Nigeria’s economic stability and security. We must ensure they are adequately resourced, while upholding the highest standards of professionalism and accountability, to build a stronger, more transparent, and resilient financial system,” he added.
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