Reps raise alarm over surge in financial crimes

The House of Representatives Committee on Financial Crimes has raised alarm over the surge in sophisticated financial crimes and the need to quickly arrest the development.

The Chairman of the committee, Ginger Obinna, speaking at the hearing of the defense of 2024 appropriation bill by the Economic and Financial Crimes Commission (EFCC) in Abuja on Tuesday said,  ”Financial crimes pose a significant threat to the stability and progress of any economy.”

According to him, in recent years, our nation has witnessed a surge in sophisticated financial crimes that demand our immediate attention and robust defense mechanisms.

He said that from money laundering to cybercrime, the challenges remain multifaceted and ever-evolving, adding that it is the duty of the committee to stay ahead of these threats.

He said it is imperative to adapt its strategies and equip the relevant agencies adequately to counteract the forces that sought to undermine the economic well-being of our nation.

“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.”

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

The Chairman of the commission, 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 not willing to sell.

Speaking on its 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 process of budget implementation because of funding.