Buhari Signs Law Separating NFIU from EFCC

President Muhammadu Buhari of Nigeria




11/7/2018/Proshare WebTV

President Muhammadu Buhari today took a major decision in the anti-corruption architecture for Nigeria, with the signing of the bill that empowers the Nigerian Financial Intelligence Unit, to serve as an autonomous body.

This will now separate the NFIU from the Economic Financial Crimes Commission, a criterion that was required for Nigeria to remain in the Egmont group, a global body that supervises the operations of Financial Intelligence Units from 131 jurisdictions.

According to the Senior Special Assistant to the President on National Assembly Matters, Senator Ita Enang the NFIU will now be operating under the Central Bank of Nigeria.

It will be recalled that the National Assembly had passed the bill for the NFIU, the Senate in July, 2018 and the House of Representatives in March, 2018.

With this development it is expected that the Egmont Group will reconsider its decision on Nigeria’s suspension exactly a year ago.

Reacting to the Presidential accent to the NFIU bill, the Senate President Dr Abubakar Bukola Saraki lauded the action, stating that it will help to further institutionalize the fight against corruption, by promoting the exchange of information between Nigeria and other countries on issues that relate to criminal intelligence and financial investigations.




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