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KEHINDE AKINTOLA, Abuja
Finally, the Conference Committee of the Senate and House of Representatives has endorsed the report on the bill which seeks to establish the Nigerian Financial Intelligence Unit (NFIU).
The Conference Committee report was signed by chairmen and members of the Senate Committee on Financial Crimes and Anti-Corruption, as well as the House Committee on Financial Crimes a few minutes ago.
The recommendations of the Conference Committee are expected to be laid before the Senate and House on resumption at plenary Tuesday, 6th February, 2018.
BusinessDay gathered that most of the clauses in the House bill were adopted by the Conference Committee, except for a few from the Senate.
The Conference Committee also adopted the Senate’s recommendation that the NFIU should be domiciled in the Central Bank of Nigeria (CBN).
Recall that the House bill proposed that the NFIU should be domiciled in the Economic and Financial Crimes Commission (EFCC).
The Federal Government, through the Budget Office of the Federation and Accountant General of the Federation, had during the preparation of the 2018 budget estimates, approved financial and operations autonomy of Nigerian Financial Intelligence Unit (NFIU).
Speaking recently, Francis Usani, NFIU Director, who presented the NFIU’s budget to the House Committee on Financial Crimes, disclosed that a total sum of N2.903 billion was proposed for 2018.
A breakdown of the budget shows that the sum of N339.350 million is for personnel cost; N22.500 million is for meals and refreshments to cater for numerous sub-regional, national and internal meetings while the sum of N26.500 million is required for publicity and advertisement for stakeholders in the financial sector.
“We will continue to be committed in the NFIU to doing our best and remaining the champion FIU within the West African sub-region and Africa as a whole, and with the kind of support you have shown to us, we will remain focused in our mandate to support all LEAs in Nigeria and elsewhere in the world to fight against financial crimes and money laundering as well and terrorism financing,” Usani assured.
