TheCable

A bill seeking to establish the Nigeria Financial Intelligence Agency was on Thursday introduced into the senate — and passed first reading within an hour.

This came less than 24 hours after Ibrahim Magu, acting chairman of the Economic and Financial Crimes Commission (EFCC), set up a committee to work on the process of making the unit autonomous to comply with the requirements of the Egmont Group.

While Magu wants the unit to remain autonomous but domiciled within the EFCC, the bill sponsored by Utazi Chukwuka, senator representing Enugu south, wants to make it a full agency devoid of EFCC control.

After the introduction of the bill at plenary on Thursday, Bukola Saraki, senate president, directed the rules and business committee to slate it for second reading next week so that legislation can be passed soonest.

TheCable had on Wednesday reported that the suspension of Nigeria from the Egmont Group had put a damper on the anti-graft war of the Muhammadu Buhari administration.

Nigeria risks being expelled from the group — a body of 154 financial intelligence units (FIUs) across the world which provides a platform for the secure exchange of expertise and financial intelligence to combat money laundering and terrorist financing.

Shortly thereafter, the upper legislative chamber resolved to create a law for an Independent Nigerian Financial Intelligence Unit (NFIU) with powers to employ, promote and discipline it staff.

The senate also called on the executive to send a budget for the NFIU before the end of the year.

Utazi who had moved the motion noted that Nigeria was suspended from Egmont Group because the NFIU was not autonomous.

He also said the interference of Ibrahim Magu, acting chairman of the Economic and Financial Crimes Commission (EFCC), in the affairs of the NFIU is another reason Nigeria was suspended.