Surge in financial crimes threat to economic well being – Reps

By Christiana Ekpa

The House of Representatives Committee on Financial Crimes has expressed concern over the surge in sophisticated financial crimes and the need to quickly arrest the development.
Ginger Obinna, the chairman of the committee, said this at the hearing of the defence of the 2024 appropriation bill by the Economic and Financial Crimes Commission (EFCC) in Abuja on Tuesday.
“Financial crimes pose a significant threat to the stability and progress of any economy,” he said.
According to him, our nation has witnessed a surge in sophisticated financial crimes that demand our immediate attention and robust defence mechanisms in recent years.
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 these threats.
He said it was imperative to adapt its strategies and adequately equip the relevant agencies to counteract the forces that seek to undermine our nation’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,” he stated.
He said the committee pledged to provide the necessary resources to empower the EFCC to carry out its vital missions effectively.
The chairman of EFCC, 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