Saturday, August 3, 2019

Tag "NFIU"

    Governors write Buhari: NFIU has no business with how we disburse LGA funds

Governors write Buhari: NFIU has no business with how we disburse LGA funds

The Nigeria Governors' Forum (NGF) says the Nigerian Financial Intelligence Unit (NFIU) has no business meddling in how state governments disburse funds to their respective local governments.The governors, in a letter issued by on their behalf by Abdulrazaque Bello-Barkindo, NGF spokesman, asked President Muhammadu Buhari to call the NFIU to order.The unit had on May 6 announced new guidelines which [...]

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    Again, NFIU warns governors to steer clear of LG funds

Again, NFIU warns governors to steer clear of LG funds

The Nigerian Financial Intelligence Unit (NFIU) says the effective date for the new regulations on local government funds remains June 1.In a statement on Wednesday, Ahmed Dikko, NFIU acting spokesman, said any violation of the new regulations will be sanctioned.On May 6, NFIU had announced the new guidelines which would make the joint account system currently in use by state [...]

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    Governors may lose control of LG funds over new NFIU guidelines

Governors may lose control of LG funds over new NFIU guidelines

State governors may lose control of local government funds if the new guidelines of the Nigerian Financial Intelligence Unit (NFIU) become effective.The guidelines would make the joint account system currently in use only exist for the receipt of allocations from the federation account but not for disbursement.The new measures, it was learnt, were introduced by the current administration to restore [...]

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    Senate confirms Modibbo Tukur as pioneer NFIU director

Senate confirms Modibbo Tukur as pioneer NFIU director

The senate has confirmed Modibbo Hamman Tukur as the pioneer director of the Nigerian Financial Intelligence Unit (NFIU).The upper legislative chamber confirmed the nominee after Chukwuka Utazi, chairman of the senate committee on anti-corruption, presented a report to the effect.Utazi said Tukur satisfied all the requirements expected of him when he appeared before the committee for screening.Ike Ekweremadu, deputy senate [...]

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    Finally, Buhari signs bill separating NFIU from EFCC

Finally, Buhari signs bill separating NFIU from EFCC

President Muhammadu Buhari has signed the bill seeking to make the Nigerian Financial Intelligence Unit (NFIU) an autonomous body.Ita Enang, senior special assistant to the president on national assembly (senate), disclosed this while addressing state house correspondents in Abuja on Wednesday.By this, the NFIU would seize to exist as a department in the Economic and Financial Crimes Commission (EFCC).“NFIU will [...]

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    Reps pass bill seeking to make NFIU autonomous

Reps pass bill seeking to make NFIU autonomous

The house of representatives has passed the bill seeking to establish the Nigerian Financial Intelligence Unit (NFIU) as an autonomous body.The lawmakers adopted the harmonised report of the conference committee from both chambers of the national assembly on Tuesday.Kayode Oladele, chairman of the house committee on financial and economic crimes, had presented the report to the house during plenary.The bill [...]

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    N’assembly will pass NFIU bill this week, says Saraki

N’assembly will pass NFIU bill this week, says Saraki

Senate President Bukola Saraki says he is confident that the national assembly will pass the Nigerian Financial Intelligence Unit (NFIU) bill this week.The bill seeking to make NFIU autonomous was passed by the senate in July but it has since been delayed at the house of representatives.In a series of tweets on Sunday, Saraki said he had met with Yakubu [...]

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    Credit cards from Nigeria ‘to be blocked abroad’ as Egmont Group mulls expelling NFIU

Credit cards from Nigeria ‘to be blocked abroad’ as Egmont Group mulls expelling NFIU

Nigerians may no longer be able to carry out international transactions as Egmont Group is considering expelling the Nigerian Financial Intelligence Unit (NFIU) because of governance issues.A major consequence of the expulsion will be the blacklisting of Nigeria in international finance.This could affect use of MasterCard and Visa credit and debit cards by Nigerians.It could also affect the international rating [...]

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    At last, EFCC grants autonomy to NFIU

At last, EFCC grants autonomy to NFIU

The Nigeria Financial Intelligence Unit (NFIU) has been separated from the Economic and Financial Crimes Commission (EFCC).Ibrahim Magu, acting chairman of the EFCC, disclosed this when he appeared before the senate committee on anti-corruption and financial crimes on Wednesday.Magu was at the upper legislative chamber to defend the 2017 budget of his agency.He said from January 1, 2018, NFIU would [...]

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    Politicians hellbent on destroying EFCC, says Magu

Politicians hellbent on destroying EFCC, says Magu

Ibrahim Magu, acting chairman of the Economic and Financial Crimes Commission (EFCC), says politicians are determined to destroy the achievements of the anti-graft agency.Magu said this when Adama Coulibaly, director-general of the Inter-Governmental Action against Money Laundering in West Africa (GIABA), visited him in Abuja.He blamed politicians for the suspension of the Nigerian Financial Intelligence Unit (NFIU) from the Egmont [...]

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    Nigeria at risk of expulsion from Egmont Group, says NFIU

Nigeria at risk of expulsion from Egmont Group, says NFIU

Francis Usani, head of the Nigeria Financial Intelligence Unit (NFIU), says Nigeria stands the risk of being expelled from the Egmont Group.Usani said this at a media parley organised by the Economic and Financial Crimes Commission (EFCC) in Abuja on Wednesday.‎ ‎ ‎In July, the group suspended Nigeria as a result of the interference of the EFCC in the workings of the [...]

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    Attempt to create ‘stand-alone’ NFIU needless, says Magu

Attempt to create ‘stand-alone’ NFIU needless, says Magu

The Economic and Financial Crimes Commission (EFCC) is insisting that the Nigeria Financial Intelligence Unit (NFIU) was independent of its control.Ibrahim Magu, acting chairman of the commission, said this at an interactive session with editors in Abuja., that ongoing efforts to create a “stand-alone’’ NFIU was needless.Magu said ongoing efforts to create a “stand-alone’’ NFIU was needless.NFIU, which is domiciled [...]

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    Dogara: Making NFIU independent of EFCC may do more harm than good

Dogara: Making NFIU independent of EFCC may do more harm than good

Yakubu Dogara, speaker of the house of representatives, says the move by the senate to make the Nigerian Financial Intelligence Unit (NFIU) independent of the Economic and Financial Crimes Commission (EFCC) may result in more harm than good.Dogara’s comment is contained in the current edition of  EFCC newsletter, EFCCAlert.According to Dogara, an autonomous NFIU would create inter-agency rivalry, which will [...]

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    EFCC, senate in cat-and-mouse over NFIU as bill passes first reading

EFCC, senate in cat-and-mouse over NFIU as bill passes first reading

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 [...]

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    Senate to create law granting NFIU autonomy — after Egmont Group suspended Nigeria

Senate to create law granting NFIU autonomy — after Egmont Group suspended Nigeria

The senate has resolved to create a law for an independent Nigerian Financial Intelligence Unit (NFIU) with powers to employ, promote and discipline its staff.TheCable had reported earlier that the anti-graft war was in jeopardy over the suspension of Nigeria from the Egmont Group.In reaction, the upper legislative chamber resolved to empower the NFIU in line with international best practices in [...]

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Exchange Rates

August 01, 2019USDGBPEUR
INTERBANK306397354
LAGOS362475413
KANO361474413
PH361475412
ABUJA362476413
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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