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The EGMONT Group and the NFIU

An editorial last week entitled “Semi-autonomy for NFIU” aptly captured the message and is hereby reproduced below:

The Senate has commenced the process of granting autonomy to the Nigeria Financial Intelligence Unit (NFIU) which is presently domiciled in the Economic and Financial Crimes Commission (EFCC) with the passage of the bill for Second Reading. The Senate initiative is in response to the recent suspension of Nigeria from the EGMONT Group of financial intelligence units, which serves as backbone for monitoring international money laundering activities. Chairman of Senate Committee on EFCC Senator Chukwuka Utazi had moved a motion on “Dire Implications of the suspension of Nigeria from the EGMONT Group of Financial Intelligence Units”. The Senate then pledged its resolve to do everything possible to ensure the reversal of Nigeria’s suspension from EGMONT Group.

Nigeria has up to December 2017 to effect the statutory autonomy for NFIU to avoid expulsion from the EGMONT Group. Such a development will initiate the filing of a notice against Nigeria to the United Nations Convention Against Corrupt (UNCAA) Implementation Review Group. This in turn will alert financial institutions of member nations of EGMONT Group to issue advisories to treat all financial transactions with Nigeria with suspicion, extra care and diligence. The advisories under consideration include the Financial Criminal Enforcement Network Advisory and Foreign Assets and Cash Directive. This means that all transactions between Nigeria and its major trading partners will be subjected to intense scrutiny.

This country’s suspension was a result of failure by the Nigerian government to provide the operational latitude for NFIU to work in accordance with the rules of engagement as adopted by members of the EGMONT Group. Senate blamed attorney-general and minister of justice AbubakarMalami, minister of interior General Abdurrahman Dambazau and EFCC’s acting chairman Ibrahim Magu for this situation. The situation is compounded by EFCC and the Budget Office’s failure to provide separate budgetary sub-heads for NFIU in the 2017 budget so that it can operate optimally.

It is sad that this situation should arise when fighting corruption is one of the main agenda pillars of the Buhari administration. NFIU which is one of the main tools available for fighting corruption has been technically hampered in the discharge of its duties, which has even attracted the attention of international institutions. Given its role in the country’s fight against money laundering, NFIU should occupy a prominent position in the administration’s anti-corruption war. It also represents the country in the global anti-corruption network. For instance, it is by virtue of NFIU’s links with the EGMONT Group that the recent disclosures with respect to the theft and diversion of humongous amounts of Nigeria’s public funds to offshore havens by corrupt government officials were achieved.

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