It is with great pleasure that I welcome you to this Budget Defence Session of the Economic and Financial Crimes Commission and the Nigeria Financial Intelligence Unit before the House Committee on Financial Crimes.
This Session is a critical part of the representation and oversight roles of the House as it provides opportunity for ensuring that funds are allocated to sectors capable of enhancing the quality of life of Nigerians. It also affords us the opportunity to ensure the integrity of the budget estimate, enhance prioritisation and enrich our understanding of the works of the Ministries, Departments and Agencies that we oversight in accordance with Sections 88 and 89 of the 1999 Constitution.
You may recall that during the Committee’s first interactive session with the Chairman and management staff of the Economic and Financial Crimes Commission in 2015, we articulated the mission statement of the current 8th House of Representatives as encapsulated in our Legislative Agenda, which has as one of its cardinal objectives, the fight against corruption. During the said meeting, this Committee also assured the leadership of the EFCC of the support of the House in ensuring the sustenance of the war against corruption by the Muhammadu Buhari administration and in transforming the EFCC into a world-class anti-graft institution.
I’m glad to say here that since then, our Committee has kept its words and delivered on its promises. As you all know, the issue of paucity of funds which used to cripple the activities of the anti-corruption Agencies has now become a thing of the past. This could not have been achieved without the collaborative efforts of both the Executive and the Legislative Arms of government to ensure that anti-corruption Agencies are adequately funded and by making sure that they are not only institutionalised, they are also able to function independently without let or hindrance.
It is this same collaborative efforts that led to the completion of the New Head Office of the EFCC which President Muhammadu Buhari commissioned on the 15th of May 2018. Although, the construction of the 10 storey building was approved by the Federal Executive Council (FEC), during the administration of former President Goodluck Jonathan on November 24, 2010, the project was abandoned by the same administration due to its lack-lustre political will to foster a robust fight against corruption and build capacity for the anti-corruption Agencies.
However, the completion and relocation of the EFCC to this edifice has enhanced the work of the Agency and addressed the major problem of office space and littering of the offices of the Agency in private buildings in Abuja. We are aware that more still needs to be done, particularly on the deployment of comprehensive IT infrastructure for the building and provision of office equipments.
Continuing with our collaborative achievements, you will also recall that on the 11th of July 2018 the President signed into law the Nigeria Financial Intelligence Unit Act. The NFIU by the Act, is now an independent and operationally autonomous body in Nigeria. The Act which was sponsored by my good self and my contemporary in the Senate, Sen. Utazi repositions the Nigeria Financial Intelligence Unit by making it an autonomous Agency and consequentially amends the EFCC Act and the Money Laundering (Prohibition) Act.
The NFIU has the responsibility, to among others, ensure that Nigeria complies with international standards on matters bordering on money laundering and terrorism financing in addition to the power to receive, analyze, and disseminate Suspicious Transaction Reports (STRs). On the 7th of January 2019 the President in accordance with the provision of Section 5 (1) of the NFIU Act, appointed Mr. Modibbo Hamman-Tukur as the Director of the newly created NFIU.
In addition, the House of Representatives on the 17th of July 2018, passed the Proceeds of Crime Bill, which seeks to harmonize, consolidate the existing legal frameworks and establish a central agency to manage the proceeds recovered from illegally acquired properties. The Bill, which I sponsored with inputs from the Executive and other stake holders, provides a legal and institutional framework for the confiscation, seizure, forfeiture, recovery and management of assets or proceeds derived from unlawful activities, including instrumentalities used or intended to be used in the commission of unlawful activities.
Recall that since 2014 the Federal Ministry of Justice had been clamouring for the passage of this Bill. This Bill is a product of far reaching consultations and collaborations with stakeholders and development partners, all in a bid to ensure that its provisions are in conformity with global best practices.
I’m glad to report that I spoke with my Senate counterpart, Sen Utazi yesterday and he assured me that the Senate would pass the Bill when it resumes plenary next week. With this development, I’m happy to report that the Proceeds of Crime Bill will soon be signed into law by the President.
Perhaps, other crucial bills in the fight against corruption that may be passed by the 8th National Assembly before it winds up are the Whistle Blowers Protection Bill which, again, I sponsored in the House of Representatives as well as the Witness Protection Bill respectively. The process of passing these bills is on-going and I am of the hope that this shall be done by this 8Th Assembly.
In conclusion, I am proud to say that the 8th National Assembly has done a lot to partner with the Executive in the fight against corruption and our Committee will go down in history as the most effective and most productive House Committee on Financial Crimes in Nigeria.
Thank you.
. Hon. Oladele is the Chairman House Committee on Financial Crimes and presented this statement on the Occasion of the Budget 2019 Defence of the Economic and Financial Crimes Commission and the Nigeria Financial Intelligence Unit.
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