As part of efforts to avert expulsion by Egmont Group, the Nigerian Financial Intelligence Unit under the supervision of Economic and Financial Crimes Commission (EFCC) will on January 1, 2017 operate independently. The Acting Chairman of the EFCC stated this on Wednesday when he appeared before the Senate Committee on Financial Crimes and Anti-Corruption to defend the Commission's 2018 budget proposal.
He disclosed that though the NFIU was still under the Commission, it had since been granted financial autonomy and enjoys self-accounting status.
“They were operationally autonomous actually, but now they would be on their own. They have an account department that would now manage their finances, independent of the EFCC. But they still remain with us in principle.”
Recall that the Egmont Group had suspended Nigeria in July following delay by the EFCC to grant autonomy to the NFIU. The group had threatened to expel Nigeria in January if the unit was not granted autonomy. Egmont Group is made up of financial intelligence units of 155 countries and provides a platform for the secure exchange of expertise and financial intelligence to combat money laundering and terrorism financing.
Speaking during the budget defence, the Chairman of the Committee, Sen. Chukwuka Utazi queried the allocation of only N800m to the NFIU in the budget. He said the amount was too meager for an organization that would commence full independent operation next year. He directed Magu to give the NFIU all the necessary assistance.
“If the impression is to let Nigerians think you are letting them go, and that is not the reality, it does not help anyone. N800m is not going to work. They have to go with all necessary prerequisite, so their budget has to be done properly. If there are people that would be seconded from the EFCC to the NFIU, the foundation must be laid now, so that the world can take us seriously. We are working against expulsion by January.”
