The Senate at its plenary session of Wednesday, 19 July 2017 adopted a resolution promising to pass a legislation establishing the Nigerian Financial Intelligence Unit (NFIU) following Nigeria’s suspension from the Egmont Group of Financial Intelligence Units.
Leading the debate on the motion titled “Dire implications of the suspension of Nigeria from the Egmont Group of Financial Intelligence Units”, Sen. Chukwuka Utazi (PDP: Enugu) explained that the Egmont Group is a network of national financial intelligence units and the highest intergovernmental association of intelligence agencies in the world with about 152 member countries or state parties.
Sen. Utazi further explained that the Egmont Group deliberates on issues bordering on money laundering, financial terrorism, proliferation of arms, economic crimes and other similar offences geared towards the support of local and international investigations, prosecutions and asset recovery. He stated the Central Bank of Nigeria (CBN), Nigerian Customs Service (NCS), Independent Corrupt Practices and other related offences Commission (ICPC), Economic and Financial Crimes Commission (EFCC) are among other agencies that benefit from the activities of the Egmont Group.
In addition, he informed the Senate that the Egmont Group had suspended Nigeria for the following reasons:
- That the NFIU which is the body that represents Nigeria in the group had not been granted operational autonomy as its unit existed within the EFCC – a situation the group had objected to over the years;
- That Nigeria failed to honour one of the pre-requisites for admission into the Group in 2007 which was that, the NFIU would be independent of the EFCC;
- That the interference of the Acting Chairman of the EFCC, Mr. Ibrahim Magu in the operation and staffing of the unit led to the resignation of a number of persons; and
- That confidential information concerning the Group’s activities had been divulged.
Lastly, he mentioned that the implication of the suspension would mean that Nigeria could no longer exchange sensitive information and receive assistance from other member countries in the investigation of crimes.
The Senate gave its Committee on Anti-Corruption a deadline of four weeks to present a draft bill on establishing an independent NFIU.
