The Acting President, Professor Yemi Osinbajo, has constituted
an ad hoc committee to reposition the Nigerian Financial
Intelligence Unit (NFIU). The decision was contained in a memo
issued from his office and exclusively obtained by SaharaReporters.
The NFIU is an appendage of the Economic and Financial Crimes
Commission (EFCC).
Dated 31 July and signed by Mr. Ade Ipaye, Deputy Chief of Staff
to the President (Office of the Vice President), the memo
(SH/OVP/DCOS/NFIU/) was addressed to Mr. Chukwuka Utazi, Chairman,
Senate Committee on Anti-Corruption and Financial Crimes.
The memo listed Mr. Utazi as the Chairman of the ad hoc
committee on NFIU. Members include Mr. Kayode Oladele, a member of
the House Representatives, Mr. Abdullahi Y. Shehu, and
representatives of the Federal Ministries of Justice, Finance and
Interior. Other members are the Executive Secretary, Presidential
Advisory Committee Against Corruption (PACAC), representative of
the Independent Corrupt Practices and Other Offences Commission
(ICPC) and representative of the EFCC.
The ad hoc committee was handed five terms of reference. Among
these are the recommendation and facilitation of legal and
regulatory measures to bring about financial and operational
autonomy of the NFIU, recommendation of other necessary steps to
acted upon by relevant stakeholders to ensure the restoration of
NFIU’s membership on the Egmont Group, a network of financial
intelligence units; and to offer advice on the implications,
including financial and otherwise, of NFIU’s proposed membership of
the Financial Action Task Force (FATF). Also, the ad hoc committee
is expected to advise on steps to be taken in readiness for the
proposed mutual self-evaluation visit of the FATF in November and
make other recommendations necessary to boost the country’s
capacity to deploy financial intelligence to fight crime.
The ad hoc committee is expected to conclude its work and turn
in a final report of the exercise by the end of August.
The decision to reposition the NFIU is coming on the heels of
the suspension of its membership by the Egmont Group on 5 July
reportedly over its failure to provide a legal framework that will
ensure its autonomy from the EFCC. The suspension drew a reaction
from the Senate, which resolved to pass a law to make a NFIU
independent from the EFCC. It mandated its Committee on
Anti-Corruption and Financial Crimes to submit, for discussion, a
draft bill for the establishment of an autonomous NFIU in line with
international best practices.
The Senate, which described the implication of the suspension as
grave, also called on the Ministries of Justice, Finance and
Interior to ensure that the NFIU is re-admitted by the Egmont
Group. It also requested the Executive arm to include in any
supplementary budget estimate that may be presented to the National
Assembly before the end of the year to include a separate budget
for the NFIU, given the urgent need to ensure its re-admission into
the Egmont Group.
The Acting President, Professor Yemi Osinbajo, has constituted
an ad hoc committee to reposition the Nigerian Financial
Intelligence Unit (NFIU). The decision was contained in a memo
issued from his office and exclusively obtained by SaharaReporters.
The NFIU is an appendage of the Economic and Financial Crimes
Commission (EFCC).
Dated 31 July and signed by Mr. Ade Ipaye, Deputy Chief of Staff
to the President (Office of the Vice President), the memo
(SH/OVP/DCOS/NFIU/) was addressed to Mr. Chukwuka Utazi, Chairman,
Senate Committee on Anti-Corruption and Financial Crimes.
The memo listed Mr. Utazi as the Chairman of the ad hoc
committee on NFIU. Members include Mr. Kayode Oladele, a member of
the House Representatives, Mr. Abdullahi Y. Shehu, and
representatives of the Federal Ministries of Justice, Finance and
Interior. Other members are the Executive Secretary, Presidential
Advisory Committee Against Corruption (PACAC), representative of
the Independent Corrupt Practices and Other Offences Commission
(ICPC) and representative of the EFCC.
The ad hoc committee was handed five terms of reference. Among
these are the recommendation and facilitation of legal and
regulatory measures to bring about financial and operational
autonomy of the NFIU, recommendation of other necessary steps to
acted upon by relevant stakeholders to ensure the restoration of
NFIU’s membership on the Egmont Group, a network of financial
intelligence units; and to offer advice on the implications,
including financial and otherwise, of NFIU’s proposed membership of
the Financial Action Task Force (FATF). Also, the ad hoc committee
is expected to advise on steps to be taken in readiness for the
proposed mutual self-evaluation visit of the FATF in November and
make other recommendations necessary to boost the country’s
capacity to deploy financial intelligence to fight crime.
The ad hoc committee is expected to conclude its work and turn
in a final report of the exercise by the end of August.
The decision to reposition the NFIU is coming on the heels of
the suspension of its membership by the Egmont Group on 5 July
reportedly over its failure to provide a legal framework that will
ensure its autonomy from the EFCC. The suspension drew a reaction
from the Senate, which resolved to pass a law to make a NFIU
independent from the EFCC. It mandated its Committee on
Anti-Corruption and Financial Crimes to submit, for discussion, a
draft bill for the establishment of an autonomous NFIU in line with
international best practices.
The Senate, which described the implication of the suspension as
grave, also called on the Ministries of Justice, Finance and
Interior to ensure that the NFIU is re-admitted by the Egmont
Group. It also requested the Executive arm to include in any
supplementary budget estimate that may be presented to the National
Assembly before the end of the year to include a separate budget
for the NFIU, given the urgent need to ensure its re-admission into
the Egmont Group.