Nigeria: Hon. Oladele salutes EGMONT for Lifting suspension on Nigeria
London, September 28, 2018 (AltAfrica)-The Chairman of the Nigeria House of Representatives Committee on Financial Crimes, Hon. (Barr) Kayode Oladele has lauded lifting of sanctions on Nigeria’s Financial Intelligence Unit, NFIU by EGMONT.
The decision to the lift the suspension earlier placed on Nigeria financial intelligence unit by Egmont Group of Financial Intelligence Units was taken at the 25th plenary of the group in Sydney, Australia on Wednesday.
The plenary was attended by about 400 delegates, including heads of FIUs
Speaking to AltAfrica.com on telephone, Hon. Oladele representing Imeko-Afon/Egbado North Federal Constituency, said with the lifting of suspension, it means Nigeria is back as a member of the group of Financial Intelligence Units and can share information with our counterparts across the globe.
“Beyond that, you’ll recall also that the processing of our application for the membership of the Financial Action Task Force (FATF) was suspended, hence the high- powered delegation from the FATF that was supposed to come to Nigeria could not come.
“Now, the process for Nigeria membership application to the FATF have to continue, as the Plenary of the FATF would come up in France, I think between October 13 to 19, and the Nigerian membership of the group will be tabled before the plenary”, he said.
The international human rights lawyer added that, the visit of the high- level delegation from the FATF to Nigeria would now be done before the end of the year or early next year, depending on the meeting at the plenary in France.
The NFIU (an arm of the Economic and Financial Crimes Commission EFCC at the time) was suspended from the Egmont Group of Financial Intelligence Units on July 5, 2017, for issues relating to its independence
However, according to Barrister Oladele the issue has been laid to rest with the amendment of section 1(2) (C) of the EFCC Establishment Act, which removed the FIU from the EFCC and re-christened the Nigerian Financial Intelligence Unit (NFIU) and domiciled in the Central Bank of Nigeria (CBN).