The House of Representatives on Tuesday tasked heads of relevant anti-corruption agencies on the need to acquire requisite technological innovations to tackle graft across the country.
Chairman, House Committee on Financial Crimes, Hon. Ginger Obinna, gave the charge during an interactive session with the Director General of Nigeria Financial Intelligence Unit (NFIU), Modibo Tukur.
He said: “I stand before you today as the Chairman of Financial Crimes, entrusted with the responsibility of safeguarding the economic integrity of our nation. As we convene for this pivotal budget hearing, it is my honor to address the critical importance of our role in defending our financial landscape, in collaboration with the Nigerian Financial Intelligence Unit (NFIU).
“Our task is formidable, as financial crimes continue to evolve in sophistication and scale, posing a significant threat to the stability and growth of our economy. The challenges we face require not only vigilance but a strategic allocation of resources to empower the NFIU to effectively counteract illicit activities that undermine our economic well-being and our nation.
“I extend my gratitude to each one of you for your commitment to this process. The budget we will review today is not merely a set of figures; it is a reflection of our dedication to creating an environment where our citizens can trust the financial institutions that drive our economic engine for growth and development. It is a pledge to provide the necessary resources to fortify our defenses against financial crimes,” the lawmaker said.
While stressing the need for the institution to ensure information sharing and collaboration, Hon. Obinna observed that the NFIU plays a pivotal role in gathering, analyzing, and disseminating financial intelligence.
Hon. Obinna, who harped on the need to strengthen collaboration between the Standing Committee and NFIU, advocated for the allocation of resources to enhance information-sharing capabilities that will enable us to stay ahead of emerging threats and bolster our ability to investigate and prosecute financial crimes effectively.
In the bid to achieve its set objectives, he stressed the need to prioritize capacity building and training.
According to him: “The evolving nature of financial crimes necessitates continuous investment in the skills and capabilities of our personnel.
“By providing comprehensive training programs, we equip our teams with the expertise needed to navigate complex financial investigations and ensure a swift and effective response to illicit activities.”
He also underlined the need for the adoption of technology and innovation, stressing that “financial criminals often exploit technological loopholes.
“Therefore, investing in state-of-the-art technologies is crucial. By staying abreast of technological advancements, we enhance our ability to detect and prevent financial crimes in an era dominated by digital transactions and cyber threats,” he noted.
In the bid to effectively discharge the functions, he harped on the need for Public-Private Partnerships (PPPs) through collaboration between the public and private sectors.
He said: “Allocating resources to foster public-private partnerships will strengthen our collective ability to combat financial crimes, leveraging the unique strengths and perspectives each sector brings to the table.”
While also calling for international cooperation, Hon. Obinna, who noted that financial crimes transcend borders, averred that: “Working closely with international partners is imperative for tackling transnational financial crimes effectively.
“Allocating resources for international collaboration will enable us to share intelligence, coordinate efforts, and bring offenders to justice across jurisdictions.”
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