EFCC Grants Autonomy To NFIU

The Economic and Financial Crimes Commission (EFCC) has granted full autonomy to the Nigeria Financial Intelligence Unit (NFIU).

Acting Chairman of the EFCC, Ibrahim Magu, disclosed this on Wednesday when he appeared before the senate committee on anti-corruption and financial crimes.

Magu was invited by the lawmakers to defend the 2017 budget of his agency.

He said from January 1, 2018, NFIU would begin to operate as an independent organisation.

“We have allowed NFIU to go. They are operationally autonomy independent of EFCC,” he said.

“We have given them financial autonomy. We presented a proposal of N2.9 billion for the takeoff of the agency in the 2018 budget, but the budget office proposed N800 million.

“They will start operating as an independent unit from January 1, 2018.”

Recall that Egmont Group had in July suspended Nigeria for failing to comply with its demands for a legal framework granting autonomy to the NFIU.

The Egmont Group is a united body of 156 Financial Intelligence Units (FIUs), which provides a platform for the secure exchange of expertise and financial intelligence to combat money laundering and terrorist financing

The suspension, which was announced at the Egmont Group meeting held in China from July 2 to July 7, 2017, was caused partly by the failure of the federal government to pass a law making NFIU autonomous.

The group had told Nigeria that if it fails to meet its demands the country will be expelled in January 2018.

In the event of an expulsion, Nigeria will no longer be able to benefit from financial intelligence shared by the member countries, which is a major set-back to President Muhammadu Buhari’s anti-graft war.

Less than a week later the Senate passed a bill that makes the NFIU independent of the EFCC.

The Red Chamber had assured that it was ready to do everything necessary to reverse Nigeria’s suspension.

Magu had kicked against the separation, describing it as “another way of corruption fighting back”.

“I understand the workings of Financial Intelligence Units around the world and they are domiciled in law enforcement agencies based on their credibility,” he had told select editors in Abuja.

“This is another way of corruption fighting back; people are fighting and pretending to be in support of what is ongoing, but they are not giving a face to the fight against corruption.”