The House of Representatives Committee on Financial Crimes has expressed apprehension regarding the increasing prevalence of sophisticated financial crimes and the urgency to address this growing trend. Ginger Obinna, the committee’s chairman, conveyed these worries during the hearing on the defense of the 2024 appropriation bill by the Economic and Financial Crimes Commission (EFCC) in Abuja on Tuesday.
Obinna emphasized the significant threat that financial crimes pose to the stability and progress of any economy. He highlighted the surge in sophisticated financial crimes witnessed by the nation in recent years, ranging from money laundering to cybercrime. Recognizing the multifaceted and ever-evolving nature of these challenges, he asserted that it is the committee’s responsibility to stay ahead of these threats.
The chairman stressed the importance of adapting strategies and adequately equipping relevant agencies to counteract forces seeking to undermine the nation’s economic well-being. He emphasized that the budget estimate is more than just a set of numbers; it reflects the committee’s commitment to creating an environment where citizens can trust the financial institutions driving the economy.
Obinna pledged the committee’s commitment to provide necessary resources to empower the EFCC to carry out its vital missions effectively. In response to the challenges posed by the 2023 capital project, Ola Olukoyede, the chairman of EFCC, explained that some of the capital projects being implemented in 2023 are not solely from the 2023 capital project but also include a rollover from the 2022 capital project.
