ibusinesslines.com September 20, 2018

Senate clears the way for NFIU autonomy

09 March 2018, 01:00 | Justin Tyler

Senate clears the way for NFIU autonomy

Senate clears the way for NFIU autonomy

The House of Representatives adopted the harmonised report of the conference committee from both chambers of the National Assembly yesterday, while the Senate is expected to do same today.

The Bill seeks to grant financial and operational autonomy to the NFIU, which is now domiciled in the EFCC.

Chairman of the House Committee on Financial and Economic Crimes, who presented the report to the house during plenary, said the operations of the unit will be autonomous.

"There were differences in what the two committees passed, a conference committee was therefore constituted to reconcile and harmonise the differences".

The senate passed it's own version of the NFIU bill in September a year ago while the harmonized and final copy was passed yesterday by the House of Representatives at the plenary presided over by the Deputy Speaker, Sulaimon Yussuff Lasun.

The Senate President had earlier on Sunday expressed confidence that the Upper House will pass the bill this week.

The Senate on Wednesday passed a bill to make Nigeria's Financial Intelligence Unit (NFIU), now under the Economic and Financial Crimes Commission (EFCC), totally independent.

"It is important that we try as much as possible ýto consider this report, hopefully by tomorrow (today), so that ahead of the meeting by the Egmont Group, Nigeria will be sure that the suspension will be lifted", he said.

DAILY POST reports that the EGMONT Group is a network of 152 member countries that share information relating to criminal intelligence and financial information.

For the House, The Eagle Online gathered that it would be the first issue for consideration this morning. Now it needs President Muhammadu Buhari's assent to become law. I hope that by passing the conference report, they will have a second view and re-admit us.

Saraki after the passage then urged the executive to quickly assent to the bill and ensure the independence of the unit.

Nigeria risked being expelled by the Egmont Group if the bill wasn't passed earlier.

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