Senate moves to separate NFIU from EFCC
*Urges FG to work towards re-admission of Nigeria in EGMONT Groups
The Senate had mandated the Ministries of Justice, Finance and Interior to do all within their powers to ensure that Nigeria’s suspension from EGMONT Group of Financial Intelligence Units is immediately reversed.
The Senate also directed the Ministries to ensure that all specified by the EGMONT Group are met to re-admit and improve Nigeria,s standing within the group while increasing their levels of cooperation and co-ordination to ensure that Nigeria achieves membership of TATF.
The directives which also urged the executive to include in any supplementary budget estimate that may be presented to the National Assembly before the end of the year a budget for the NFIU in view of the need to lift the suspension of Nigeria as soon as possible, followed a motion yesterday by Senator Chukwuka Utazi (Enugu North) on the dire implications of the suspension of Nigeria from EGMONT.
EGMONT Group is a network of national financial intelligence units and is the highest inter- governmental association of intelligence agencies in the world, with about 152 member countries or State parties who sit regularly for the purpose of sharing criminal intelligence and Financial Information bothering on money laundering, terrorism financing, proliferation of arms, corruption, financial crimes, economic crimes and similar offences geared towards the support of local and international investigations, prosecutions and asset recovery.
It will be recalled that at it’s July 2017 meeting in China, Nigeria’s Financial Intelligence Unit (NFIU), the agency of government that represents Nigeria at the meeting of the group was Suspended till January 2018 with a threat of an expulsion if Nigeria does not meet the standards of the group with regards to its operations.
The EGMONT Group suspended Nigeria for a number of reasons including; that the NFIU has not been granted operational autonomy and the unit is still domiciled within the Economic and Financial Crimes Commission (EFCC) a situation the group has objected to over the years, and the admission of NFIU into EGMONT Group in June 2007, was on the basis of a resolution by the EFCC board but the group made it clear that it is a condition membership for NFIU organs and operations to be autonomous from EFCC.
The meddlesomeness of the Acting Chairman of the EFCC in the affairs of the NFIU by his interference in the operations and staffing ​of the unit which allegedly led to the departure of many competent hands as well as divulging confidential information concerning the activities of the EGMONT Group also accounted for Nigeria’s suspension.
Senator Utazi in his motion while stressing that NFIU by virtue of Nigeria’s membership of the group enjoys the benefit of the privileged Information which the members of the group share among themselves, noted that the intelligence sharing is crucial to the universal and local war against corruption, money laundering, terrorism financing, financial and economic crimes, etc, adding that by virtue of Nigeria’s membership, the country relies on the EGMONT Group for assistance in the investigation of the crimes listed, as all bank accounts and other assets of suspects are made available to the country wherever they are located in the world.
“One of the immediate effects of Nigeria’s suspension from EGMONT is that the EGMONT secure web ESW, is currently shut down against Nigeria. The implication is that Nigeria can no longer exchange sensitive information with other member countries in order to carry out our investigative and regulatory responsibilities as they affect local and international investigations,” Utazi regretted.
He expressed concern that the sanctions against Nigeria will necessitate that it will undergo the process of fresh application, which takes two years to accomplish in addition to subjecting Nigeria’s Financial standards to a total and strict review by international bodies such as the World Bank and IM, and assets recovery or repatriation to Nigeria can be slowed down or even stopped, and all painstakingly efforts for the full membership of TAFT would be in vain if the suspension is not quickly reversed.
The Deputy Senate President, Ike Ekweremadu noted however that domiciling the NFIU within the EFCC frustrates efforts to make it sufficiently independent. He stressed the need for the National Assembly
to fast track the passage of a bill that will take NFIU out from the EFCC.
The Deputy Senate President said there should be a meeting of stakeholders including including banks and other financial institutions on the best way out.
Senator Foster Ogola (Bayelsa West) feared that the suspension will put Nigeria’s economy in shambles. The expulsion he stated, “will spell doom for business in Nigeria, hence the need for a credible institution to fight corruption.”
But he decried the interference in the activities and operations of NFIU by EFCC.
The Senate President, Bukola Saraki in his remarks said that Senate will guarantee the independence of NFIU as well as work towards ensuring that the suspension was lifted.
