National Assembly Passes NFIU Bill, Cuts Down EFCC, Police Powers

House of Reps probes missing $202m unaccounted for by NIA

At the Senate yesterday, the report of the conference committee of both chambers was laid by Senator Chukwuka Utazi. The group reportedly threatened to expel Nigeria permanently by March 11 this year, if NFIU is not granted independence.

Ekweremadu commended Senate and the House of Representatives Committees on Financial Crimes and Anti-Corruption for the report which would ensure Nigeria is not expelled from the EGMONT Group.

To stop Nigeria's expulsion from the EGMONT Group, the Senate has passed the Report of the Nigerian Financial Intelligence Unit (NFIU) Bill awaiting assention by the executive.

The NFIU is now under the Economic and Financial Crimes Commission (EFCC).

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The Senate and House of Representatives had differed over the passage of the bill establishing the NFIU as an independent entity.

According to informed sources, the Bill, as presented by Oladele to the House and the Conference Committee, has been adopted wholesale except for two clauses.

The Egmont group is an information network of 156 financial intelligence unit.

For the House, The Eagle Online gathered that it would be the first issue for consideration this morning.

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He said "being a conference report I do not think we need any further debate knowing the importance of the NFIU to the economy and the well-being of Nigeria and its relationship with the global financial intelligence committee".

The bill if assented to by President Muhammadu Buhari will make the NFIU independent of EFCC.

The President of the Senate, Dr Bukola Saraki expressed concern that Nigeria's suspension from the EGMONT Group had some consequences.

Despite the clamour for an autonomous Nigerian Financial Intelligence Unit (NFIU), the Nigerian Assembly has transferred the unit from the Economic and Financial Crimes Commission (EFCC) and domiciled the unit with the Central Bank of Nigeria (CBN).

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He warned that failure to pass the bill ahead of the next Egmont Group meeting would cause a major economic crisis for Nigeria.

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