Sunday, September 13, 2026

Surge in ‘sophisticated’ financial crimes in Nigeria worrisome: Reps

Mr Obinna said that from money laundering to cybercrime, the challenges remained multifaceted and ever-evolving

• December 5, 2023
House of Representatives,
House of Representatives, [PHOTO CREDIT: Official Twitter handle of Reps NGR]

The House of Representatives on Tuesday expressed worry over the surge in sophisticated financial crimes and the need to quickly address the menace.

At the hearing of the defence of the 2024 appropriation bill by the Economic and Financial Crimes Commission (EFCC), Ginger Obinna, the chairman of the House Committee on Financial Crimes, said the trend threatened Nigeria’s progress and stability. 

“In recent years, our nation has witnessed a surge in sophisticated financial crimes that demand our immediate attention and robust defence mechanisms,” said Mr Obinna. 

He said that from money laundering to cybercrime, the challenges remained multifaceted and ever-evolving, adding that it was the committee’s duty to stay ahead of the threats.

Mr Obinna said it was imperative to adapt its strategies and adequately equip the relevant agencies to counteract the forces that sought to undermine the country’s economic well-being. 

“The budget estimate before us today is not just a collection of numbers; it is a reflection of our commitment to creating an environment where our citizens can trust the financial institutions that drive our economy, “ the lawmaker said. 

He said the committee pledged to provide the necessary resources to empower the EFCC to carry out its vital missions effectively.

The commission’s chairman, Ola Olukoyede, while speaking on the challenges posed by the 2023 capital project, said, “A few capital projects we are implementing in 2023 are not from the 2023 capital project but from the 2022 capital rollover.”

He said some EFCC offices were on rented land, adding that some of their landlords were unwilling to sell.

Speaking on EFCC’s plan to execute its budget, Mr Olukayode said, “We are going to work in collaboration with the committee, and we are going to welcome oversight.”

He said if the EFCC had the opportunity, the 2024 budget would be implemented to the last, adding that they had slowed down the budget implementation process because of funding. 

(NAN) 

We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.

More from Peoples Gazette

farmers

Agriculture

FG tasks ECOWAS on leveraging financing strategies for agroecology

The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices

Katsina State

Politics

Katsina youths pledge to deliver over 2 million votes to Atiku

“Katsina State is Atiku’s political base because it is his second home.”

Abuja

Bwari commercial motorcyclists decry rising motorcycle theft 

The riders called on security agencies to implement stronger security measures to curb the menace.

Heading 1

Bauchi, ‌‍⁠⁠‍‍⁠⁠‌‍⁠‌Gombe, Jigawa initiate N35 billion flood, erosion control projects

A resident of Hayin Kwarin Misau, said that erosion had destroyed houses in his neighbourhood.

Armed policemen.

Heading 5

Police mobilise for rescue of abducted Zamfara clerics

The clerics were abducted on Saturday at about 11:30 a.m.

The Independent National Electoral Commission (INEC)

Heading 4

2027: INEC publishes final list of 122 National Assembly candidates in Ondo

INEC called on the general public, political parties and candidates to visit INEC offices across the state to view the list.

Police officer

States

Anambra policerescue three kidnap victims, arrest 57 suspects

The CP attributed the results to coordinated intelligence gathering.