Updated: NFIU to be domiciled in CBN, as Senate, Reps joint Committee sign new bill


March 5, 2018 | 5:59 pm
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Finally, members of the Conference Committee of the Senate and House of Representatives have unanimously approved the domiciliation of Nigerian Financial Intelligence Unit (NFIU) in Central Bank of Nigeria (CBN).

Chairmen and members of the Senate Committee on Financial Crimes and Anti-Corruption as well as House Committee on Financial Crimes had at a meeting held in National Assembly today, Monday, signed the Conference report.

Kayode Oladele, chairman, House Committee on Financial Crimes who confirmed the development during a telephone chat with BusinessDay assured that the Conference report would be laid before both Chambers during Tuesday plenary, for adoption by the Committee of the Whole.

BusinessDay gathered that most of the clauses in the House bill were adopted by the Conference Committee except for few from the Senate.

Oladele who expressed delight over the giant stride recorded by the National Assembly, explained that the Conference Committee substantially adopted the clauses from the House version, including the name: Nigerian Financial Intelligence Unit (not Nigerian Financial Intelligence Agency as proposed by the Senate).

He also noted that notable two main clauses adopted from the Senate version are on domiciliation of NFIU in CBN and confirmation of NFIU by the Senate.

He added that the essence of the “legislative framework was to provide for financial and operational autonomy of NFIU.”

Recall that the House bill, proposed that the NFIU should be domiciled in Economic and Financial Crimes Commission (EFCC).

Federal Government through the Budget Office of the Federation and Accountant General of the Federation had during the preparation of the 2018 budget estimates approved financial and operations autonomy of NFIU.
Speaking recently, Francis Usani, NFIU Director who presented the NFIU’s budget to House Committee on Financial Crimea, disclosed that total sum of N2.903 billion was proposed for 2018.

Breakdown of the budget showed that the sum of N339.350 million is for personnel cost; N22.500 million is for meals and refreshment to cater for numerous sub-regional, national and internal meetings while the sum of N26.500 million is required for publicity and advertisement for stakeholders in the financial sector.

“We will continue to be committed in the NFIU to doing our best and remaining the champion FIU within the West African subregion and Africa as a whole, and with the kind of support you have shown to us, we will remain focused in our mandate to support all LEAs in Nigeria and elsewhere in the world to fight against financial crimes and money laundering as well and terrorism financing,” Usani assured.

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March 5, 2018 | 5:59 pm
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