By Nnabugwu Chizoba
 |
| The Nigerian Senate, in Plenary |
Recently the Nigerian Senate,
passed the Nigerian Financial Intelligence Agency Bill. As expected reactions
have continued to trail the passage of that Bill. That opinions would differ on
the issue, is not uncommon.
Some of the views being expressed
are no doubt worrisome, especially those likely to divide the people along
political lines and even more dangerously, along party leanings and affiliations.
I am particularly irked by those that view the passage of the Bill from what could be considered myopic
and divisive. Take for example, the view expressed in some quarters that the
Nigerian Financial Intelligence Agency Bill, was initiated by the Nigerian
Senate for no reason, other than, to strip the Economic and Financial Crimes
Commission (EFCC), of its powers.
To this category of opinion
holders, the Senate, which of course, they accused, her members of being
vindictive and self-serving, initiated the Bill, as a protection/cover against
alleged financial irregularities, for which they’re being investigated, they
contended. According to them, the members of the hallowed Chamber, have soiled
their hands and are afraid of being nailed by the EFCC.
The Senate President, Senator Olusola
Sarki, is the worst heat in this allegation. In the court of these set of
Nigerians, the Senate President, stands guilty as charged. The surprising thing
here, is the fact that those making the insinuations and conclusion, are not
people you might tag or consider ignorant. On the contrary, their motive is
very clear to them and their cronies.
The concern therefore, is; are
this set of Nigerians, unaware of the circumstances that led to, first the introduction
of the Bill, and by extension, its accelerated hearing and subsequently, the passage.
Among those involved in the discussion are, by all intent and purposes, Party
stalwarts and opinion molders. This much their followers and supporters, are
always quick to push across, even to those that care less.
For the love of Mike, this write
up wouldn’t have arisen, but for the very important fact that this bunch of distrustful
individuals, have their likes scattered all over the Country and for less prominent
reason, had in addition to the already mentioned, hinged their argument on the
fact that the Senate, gave the Bill accelerated passage, which in their opinion
was targeted at getting urgently at the Chairman of the EFCC, Mr. Ibrahim Magu.
And on the basis of which, repeatedly, called for the scrapping of the Senate,
indeed, the National Assembly. A course for serious concern and worry!
Key observers and followers of
developments in Nigeria, especially, on matters that relate to the Financial
Intelligence Unit, would recall the issues that led to the introduction of the Bill
at the Senate, and the basis of this, would relate objectively with the
unfolding events at the Senate and the country at large.
An indication of what the Bill means
to Nigeria, is contained in the Leadership Newspaper, in its report, following
the passage of the Nigerian Financial Intelligence Agency Bill, where the paper
noted as follows:
“By this passage, it has become
clearer that Nigeria may be saved from the plan of being expelled from the
EGMONT Group, a network of international Financial Intelligence Units with 154
member countries”.
In a related development, the
Punch Newspaper, reporting on the same issue, wrote:
“With the passage of the bill,
the risk of Nigeria being expelled from the EGMONT Group, has been reduced by
half as the burden now rests with the President to give assent to the Bill.
“Nigeria is currently serving a suspension from the Group, arising
from the non-establishment of the NFIA as a unit standing autonomously.
“At the moment, because of
domiciliary of the NFIU and lack of autonomy, EGMONT Group had threatened to
expel Nigeria permanently by January 2018 if the Nigerian government failed to
grant the Unit the independence”.
The question to ask is, what will
be the consequence to Nigeria if the country is expelled from the EGMONT Group?
“If Nigeria is expelled from the
group, the unit will no longer benefit from financial intelligence shared by
the other 153 member countries, including the United States, United Kingdom,
Qatar, Saudi Arabia, Germany, Italy among others.
“This will also hinder the
nation’s ability to fight corruption and recovery of stolen funds since the
nation will be barred from access to international transactions”. According to The
Punch Newspaper report.
One would think that the Senate
deserves applause for responding urgently to the matter by passing the Bill
within a record time of one week. Or is anybody afraid of the Bill? Nigerians shine your eyes!
As already pointed out “The
Egmont Group of Financial Intelligence Units is a network of national financial
intelligence units (FIUs).
National FIUs collect information
on suspicious or unusual financial activity from the financial industry and
other entities or professions required to report transactions suspected of
being money laundering or terrorism financing.
According to reports, the goal of
the Group is to provide a forum for Financial Intelligence Units (FIUs), around
the world to improve cooperation in the fight against money laundering and
financing of terrorism and to foster the implementation of domestic programmes
in this field. On the strength of this, the Group provides support to its
members (the Financial Intelligence Units) in the following ways:
- Expanding and systematizing international cooperation in the reciprocal exchange of information
- Increasing the effectiveness of FIUs by offering training and promoting personnel exchanges to improve the expertise and capabilities of personnel employed by FIUs,
- Fostering better and secure communication among FIUs through the application of technology, such as the Egmont Secure Web (ESW),
- Fostering increased coordination and support among the operational divisions of member FIUs,
- Promoting the operational autonomy of FIUs, and
- Promoting the establishment of FIUs in conjunction with jurisdictions with an AML/CFT program in place, or in areas with a programme in the early stages of development.
I therefore, use this opportunity to call on
all well-meaning Nigerians, to be steadfast and do the needful by ensuring that
the Nigerian Financial Intelligence Agency Bill is signed into law, by the
President, so that Nigeria currently under suspension from the Group is not
expelled after all.
It has become obvious that Membership
of the Group would enable Nigeria, through the Agency to relate and Network
with the other 153 countries, on matters of financial intelligence, unless the
corruption fight does not include the recovery of looted funds stashed away in
other countries of the world.
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