•Nigeria risks non-use of ATM cards abroad from March 11

Fred Itua, Abuja 

Barely one week to a meeting of members of Egmont Group, which would determine Nigeria’s continued membership, the National Assembly is yet to transmit a bill to President Muhammadu Buhari, granting full autonomy to the Nigerian Financial Intelligence Unit (NFIU).

The failure to transmit the bill, Daily Sun gathered, is as a result of a face-off between the two chambers of the National Assembly. 

In July 2017, the Egmont Group, a global network of 152 Financial Intelligence Units (FIUs), suspended NFIU at its 24th plenary of the Heads in Macao.

The group also explained that NFIU was suspended because the Economic and Financial Crimes Commission (EFCC), where NFIU is currently domiciled, was leaking sensitive information to the media. 

The Egmont Group equally accused the EFCC of blackmailing individuals with the confidential intelligence made available to it.

If Nigeria is unable to grant a full autonomy to NFIU before March 11, when the group will hold its bi-annual meeting, the country would be finally expelled.

Daily Sun gathered that the disagreement between the Senate and House committees on Financial Crimes, is derailing moves by the Federal Government to beat the deadline. 

It was learnt that while the Senate, in its bill, resolved that the NFIU be placed under the control of the Central Bank of Nigeria (CBN), the House of Representatives, on the other hand, wants the status quo maintained; domiciled in EFCC, where it is currently attached.

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The disagreement has also derailed a Conference Committee meeting between the two panels, where grey areas were expected to be resolved.

On the floor of the Senate, yesterday, Chairman of the Committee on Anti-Corruption and Financial Crimes, Chukwuka Utazi, accused his counterpart in the House of Representatives, Kayode Oladele of frustrating his efforts.

Utazi warned that if Nigeria is expelled, Senate should not be held responsible.

He explained how Oladele refused to turn up for a conference committee meeting twice.

“If Nigeria is expelled by the group, millions of bank depositors will be exposed to risks while trying to use their Nigerian-issued MasterCard and Visa debit/credit cards for international transactions 

“The expulsion will have severe consequences. Our financial banks will not be able to do anything. Our banks and foreign transactions will no longer amount to anything. We will be degraded. Even the Corruption Index we are complaining about will be child’s play to what we are going to face in few days to come.

“We called for another meeting. Each time I call for this meeting, my counterpart in the House of Representatives will always tell me that he is attending one meeting or another. Even this morning (yesterday), I sent him a message and he said he was attending a budget defence meeting. I told him that this meeting was more important! He knows what is at stake.

“I am bringing this issue to public knowledge; that this Senate is doing its job. This Senate is doing its duty. If anything should happen or Nigeria is suspended, it will not be as a result of the failure of the Senate to act on this issue.”

Senate President, Bukola Saraki, who presided at plenary, said he will meet with the Speaker, Yakubu Dogara, to mandate Oladele to attend the conference committee meeting.