The House of Representatives has voiced its concerns regarding the increasing prevalence of complex financial crimes, emphasizing the urgency to tackle this growing threat.
During a recent session focused on the 2024 appropriation bill’s defense by the Economic and Financial Crimes Commission (EFCC), Ginger Obinna, the chairperson of the House Committee on Financial Crimes, highlighted the potential risks these crimes pose to the nation’s development and stability.
“Nigeria has been facing a wave of intricate financial crimes in the past few years, necessitating our immediate intervention and the establishment of strong defensive measures,” Mr. Obinna remarked.
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Mr. Obinna acknowledged the diverse and continuously changing nature of these challenges, ranging from money laundering to cybercrime. He stressed the committee’s responsibility to remain vigilant and proactive against such threats. He underscored the need for strategic adjustments and proper resourcing of agencies to combat entities undermining Nigeria’s economic health.
“The proposed budget is more than mere figures; it represents our dedication to fostering a trustworthy financial ecosystem pivotal to our economy,” the legislator stated. He assured that the committee is committed to allocating the necessary resources for the EFCC to execute its crucial tasks effectively.
Ola Olukoyede, the chairman of the EFCC, addressed the difficulties encountered with the 2023 capital projects, noting that some ongoing projects are carryovers from the previous year’s budget. He mentioned the challenge of operating from rented premises, with certain landlords reluctant to sell the properties.
Discussing the execution strategy for the EFCC’s budget, Mr. Olukoyede expressed the commission’s intent to collaborate closely with the committee and to embrace oversight. He was optimistic about fully implementing the 2024 budget if given the chance, though he acknowledged that the pace of budget execution had been affected by funding constraints. #House of Representatives