Sunday, 16 December, 2018

Why we passed NFIU bill - Saraki

Reps pass bill seeking to make NFIU autonomous NASS Transfers NFIU From EFCC To CBN
| 10 March, 2018, 02:09

Those present at the meeting included the Chairman of the Senate Committee on Financial and Economic Crimes, Senator Godfrey Chukwuka Utazi, and his House of Representatives counterpart, Hon.

The EGMONT Group is a network of 152-member countries that share information relating to criminal intelligence and financial information.

WorldStageNewsonlene-- The Senate on Wednesday approved the conference committee report on a bill that will grant autonomy to Nigerian Financial Intelligence Unit (NFIU).

In a statement, Egmont said; "The Heads of FIU made a decision, by consensus, to suspend the membership status of the NFIU, Nigeria, following repeated failures on the part of the FIU to address concerns regarding the protection of confidential information, specifically related to the status of suspicious transaction report (STR) details and information derived from worldwide exchanges, as well as concerns on the legal basis and clarity of the NFIU's independence from EFCC".

NFIU is a central body responsible for receiving, requesting, analyzing and disseminating financial intelligence report and other information to law enforcement, security and intelligence agencies and other relevant authorities.

The Bill was earlier passed by the House of Representatives on Tuesday.

Nigeria will also be blacklisted in global finance operations and this could affect the use of credit and debit cards by Nigerians overseas.


Deputy Senate President, Ike Ekweremadu, who presided over plenary, said that the Bill will be considered today.

"I hope that with this Bill that we have passed today - this Conference Report - that they will have a second view and re-admit us (Nigeria) into the process (EGMONT Group)".

One has to do with where the NFIU will be domiciled.

"The House version states that the head of the agency should be called director, while the Senate version states that the head of the agency should be called director-general; the House version was adopted".

Utazi had raised a point of order, accusing the House of non-cooperation.

He said that the Bill will be passed and signed into law before the group's meeting this weekend.

The lawmakers eventually met on Monday evening and came up with the report.

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