Senate passes bill establishing National Financial Intelligence Agency into law amid confusion

The Senate has passed into law, bill establishing the Nigeria Financial Intelligence Agency after a report submitted by the Chairman, Senate Committee on Anti-Corruption and Financial Crimes, Senator Chukwuka Utazi was reviewed.
The decision to create NFIU as an agency was sequel to Nigeria’s suspension from EGMONT GROUP, a global Anti-Corruption body comprising 152 member nations over what they alleged as lack of autonomy.

The bill was introduced for the first time on Wednesday 19th July, 2017 and the Senate vowed it would be given accelerated hearing to meet with the ultimatum given to the country on the autonomy of the agency.
While Senate was looking at the autonomy to mean creating NFIU as a full-fledged agency with administrative structures, the Economic and Financial Crimes Commission (EFCC) said, it was amendment to its Act that was the concern of EGMONT GROUP.
The twist became clear on Wednesday at a poorly attended public hearing that have some security agencies in attendance without Civil Society Organisation that would have lent credence to the hearing.

Director of NFIU Mr. Francis Oka-philips Usani in his submission to the Chukwuka Utazi led Committee explained that the Global financial body wanted amendment of the Act setting up EFCC to absorb autonomy of NFIU, adding that it was not in consonance with global best practices creating it as an agency.
“The Chairman, distinguished members of this Committee, Nigeria’s suspension from EGMONT GROUP was due to non amendment of EFCC Act to accommodate autonomy of NFIU.”

“It was never envisaged that the unit should metamorphose into an agency and in line with global best practices, NFIU have always been domiciled with anti-graft bodies”, he explained.

Mr. Usani expressed fears that the nation would be expelled permanently if the bill establishing NFIU as an agency was passed into law.
He added that NFIU which serves as a pool of intelligence information has done well by sharing those information with all security agencies in the country.
“Mr Chairman, NFIU was known for its best practices and that was the reason EGMONT GROUP made it as mentor to Ghana, and other African Countries.”
“I can assure you that if our effort is backrolled, Ghana, which we mentor would become our mentor”, he expressed concern.
“He emphasised that amendment to EFCC Act stipulating financial autonomy was what the group looked up to.
Though presentation from the DSS, supported Senate’s position, the Federal Ministry of Finance said, they were not prepared due to short notice.
Reacting, Committee Chairman, Chukwuka Utazi said, the NFIU director was only defending his job, saying that it was late for Senate to backpedal from creating the agency.
“I know you are defending your job, I cherished your loyalty, but the train has left that point,” he said.
The umbrella body of Banks in Nigeria were also not present.