JUST IN: Reps Pass Bill For NFIU Autonomy

The House of Representatives, on Tuesday, passed a bill to make the Nigerian Financial Intelligence Unit (NFIU) independent.

The NFIU had previously operated as a unit under the Economic and Financial Crimes Commission (EFCC).

Recall that the Egmont Group had in 2017 suspended Nigeria from its network of about 156 Financial Intelligence Units because of failure by the Federal Government to grant the NFIU autonomy.

Egmont had also recently warned that it may expel Nigeria from its network if the Nigerian government fails to grant the Intelligence Unit autonomy.

But at a plenary session today, the House adopted the NFIU bill after the Chairman of the House Committee on Financial and Economic Crimes, Kayode Oladele, presented a report on the bill to the lower legislative chamber.

The autonomy of NFIU will make it the central body responsible for receiving, requesting and analysing financial intelligence reports in the country.