Adequate Fund Will Be Provided For Anti-Graft Agencies In 2016 Budget – Hon Oladele
Olaoluwa Folalu
Chairman Nigeria House of Representatives Committee on Financial Crimes, Hon. Kayode Oladele, has stated that adequate funds would be provided in the 2016 federal budget to enable the Economic and Financial Crimes Commission (EFCC) effectively and efficiently discharge its statutory functions.
Hon. Oladele, who is representing Yewa North/ Imeko Afon Federal Constituency in Ogun State, at the House stated this in his interaction with journalists.
According to the international human rights lawyer, a former Chief of Staff in the office of Chairman, EFCC, 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.
His word, “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”.
Oladele added that Nigeria’s campaign against corruption has received renewed global media attention, and 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.
He 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, according to him 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.
“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”, he submitted.
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”, he said.