NFIU’s delayed autonomy aids corruption, experts tell NASS

Stakeholders and economic experts have frowned at lawmakers in the National Assembly on their disagreement over the domiciliation of the Nigerian Financial Intelligence Unit and the need to grant it full autonomy, as such disposition would derail the anti-corruption war.
They argued that the development would frustrate anti-corruption campaign as recovery of looted funds abroad and other follow up by anti-corruption agencies will be hindered, making cooperation by sister global corruption agencies
difficult.
With the looming threat of the nation’s expulsion from the Egmont Group, a 153-nation network of national financial intelligence units, the Managing Partner, Nesbet Consult, Dr. Alaba Olusemore, was worried that further delay of the unit by the NASS would be a clog in the wheel of Nigeria’s anti-corruption war and it could also affect the international ratings of Nigerian financial institutions, restricting their access to some big-ticket international
transactions.
He said, “The Recommendation 29 of the Financial Action Task Force permits the domiciliation of the Financial Intelligence Unit in any larger organisation, as long as it has its operational and financial independence.
“The bill (to grant financial and operational autonomy to the unit) has been passed by both legislative chambers but it is before the conference committee of the National Assembly, which is required to harmonise the discrepancies in both versions of the legislation. The delay portends dangers for the entire financial market and could lead to Nigeria’s suspension by the Egmont Group.”
The President, Association of Bureau De Change Operators of Nigeria, Alhaji Aminu Gwadabe, explained that should such suspension occur, Visa, MasterCard and other credit cards issued by Nigerian financial institutions would be rejected by global financial institutions.
He added that such suspension could also adversely affect Nigeria’s credit rating by global financial markets.
“Nigeria will also no longer be able to benefit from financial intelligence shared by the other member countries, including the United States and the United
Kingdom.
“ABCON has zero tolerance for poor Anti-Money Laundering/Combating the Financing of Terrorism compliance, and therefore wants the relevant parties to unite to save Nigeria from unintended vulnerabilities, threats, risks and losses that would follow the suspension,” he said.