Nigeria In One Minute

Senate, House Resolve to Domicile NFIU in CBN

Nigeria’s expulsion from the Egmont Group may have been averted following the intervention Thursday evening by the President of the Senate, Dr. Bukola Saraki, and the Speaker of the House of Representatives, Hon. Yakubu Dogara, in the impasse at the conference committee level on the harmonisation of the Nigeria Financial Intelligence Bill passed by the respective legislative chambers on the autonomy and domiciliation of the Nigeria Financial Intelligence Unit (NFIU).

It was gathered that the two leaders of the National Assembly, who met behind closed doors, resolved to domicile the NFIU in the Central Bank of Nigeria (CBN), in order to fast-track the passage of the bill.

There had been a major altercation between the relevant Senate and House Committees on Financial Crimes and Anti-Corruption on whether to domicile the NFIU at the CBN or the Economic and Financial Crimes Commission (EFCC).

Whereas the Senate committee wanted the agency to be domiciled in the CBN, the House committee preferred that it be retained within the EFCC, with operational and financial autonomy.

But with the resolution reached by Saraki and Dogara, THISDAY learnt that the report of the Conference Committee on the NFIU is expected to be signed by both committees on Monday.
ThisDay, March 2, 2018



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