The newly appointed chairman of the Committee on Financial Crimes in Nigeria’s House of Representative, Kayode Oladele, has stated that adequate funds would be provided in the 2016 federal budget to enable the Economic and Financial Crimes Commission (EFCC) to effectively and efficiently discharge its statutory functions.
Mr. Oladele, who represents Yewa North/ Imeko Afon Federal Constituency in Ogun State, gave the assurance when he met with the media for the first time after House Speaker Yakubu Dogara inaugurated the various committees on Monday, November 9, 2015.
The legislator declared that the House of Representatives was committed to the anti-corruption fight of President Muhammadu Buhari’s administration as well as the reforms being pursued by the Presidency.
“The reforms being pursued by the President are in tandem with the legislative agenda of the House of Representatives in combating corruption and are in accordance with our constitutional roles to prevent corruption and ensure good governance,” said Mr. Oladele.
Nigeria’s campaign against corruption has received renewed global media attention, said the legislator, adding that the country was attempting to become a member of the Financial Action Task Force (FATF) as part of efforts to demonstrate Nigeria’s seriousness with the anti-graft war.
Mr. Oladele explained that FATF is an international inter-governmental body, established by ministers of its member nations, with the objective of setting standards and promoting effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the international financial system. The agency monitors its member countries’ progress in implementing necessary measures. In addition, it reviews money laundering and terrorist financing techniques and designs counter-measures to promote the adoption and implementation of appropriate measures globally.
Mr. Oladele revealed that, “In June 2014, Nigeria applied for membership of FATF during its plenary in Paris, France. During that time, Nigeria was recommended along with Israel, Malaysia and Saudi Arabia to commence the process of becoming potential members. Unfortunately, South Africa is the only African country that has been admitted. Membership of FATF is a desirable step for Nigeria and this will improve our global standing in the fight against money laundering and terrorist financing.”
The legislator said he was optimistic about the Buhari administration’s measures to root out corruption, adding that Nigeria’s international partners recognized this new commitment. “Nigeria has already re-applied for membership of the FATF and has complied with all the necessary requirements,” he said, adding, “there is no doubt that the present administration’s commitment to combating money laundering and corruption, would soon lead to the admission of Nigeria into the agency.”