At last, Nigeria averts EGMONT expulsion as Reps pass NFIU bill

By Ihesiulo Grace 7 March 2018 24 No comment

Lawmakers okay NFIU as independent agency
Adopt 38 clauses to strengthen unit
Senate takes decision today

In a move to avert the threat of expulsion from EGMONT Group, the House of Representatives, on Tuesday, considered and passed the conference committee report on a bill to establish the Nigerian Financial Intelligence Unit (NFIU) as an independent agency.

While the Senate is expected to consider the report today (Wednesday), the House adopted all 38 clauses contained in the conference report.

Deputy Speaker, Hon Yussuf Sulaimon Lasun, who presided over the committee of the whole which considered the 38-clause report, said that the consideration became necessary due to the public interest and controversy the bill has generated.

Lasun said failure to keep Nigeria in the EGMONT group would mean that credit cards possessed by Nigerians around the world would no longer be valid as from March 11, 2018, when Nigeria would have been totally kicked out.

There is the also the fear of the negative effects the failure of passing the legislation would have on the balance of trade between
Nigeria and other countries, as well as increased liability arising from existing foreign debts hanging on the country’s neck.

The development, our correspondent gathered, informed the intense pressure mounted on the Economic and Financial Crimes Commission (EFCC) to cooperate in ensuring that a full-fledged and independent NFIU is established.

If President Muhammadu Buhari signs the bill into law when the Senate concurs in passing it, the EFCC just like every other agency would subscribe to the NFIU for financial intelligence, without necessarily having any form of control over the unit.

Importantly, the new legislation will ensure that Nigeria is not expelled from the EGMONT Group which is a network of 152-member countries sharing information relating to criminal intelligence and financial information.

The group had threatened to expel Nigeria permanently by March 11 if the Federal Government fails to grant the unit the autonomy it requires to continue being a member.

The delay in producing a conference committee report on the bill had raised controversy in the National Assembly with claims and counter-claims of sabotage by both the Senate committee chairman, Sen. Utazi and his House counterpart, Rep. Oladele.

Senator Utazi had on Thursday raised a point of order, accusing his counterpart in the House of non-cooperation, warning that failure to pass the bill ahead of the next Egmont Group meeting would cause a major economic crisis for Nigeria.

But in a swift reaction, Hon Kayode Oladele denied the allegation, saying that he never derailed the process, declaring that “on the contrary, Utazi shoved off all efforts for us to meet.”

However, it took a closed door session between the Senate President, Bukola Saraki and the House Speaker, Hon Yakubu Dogara, to resolve the disagreement leading to the laying of the report on Tuesday.

The Daily Times recalls that Nigeria is currently serving a suspension from the EGMONT group.

The development was said to have offended international practice of financial intelligence, as the unit ought to be independent.