The potency of NFIU in the ongoing anti-corruption fight especially in the country’s public service is made greater by its ability to track diversion of payments for government contracts by public officers to private accounts from where such is siphoned into personal accounts. It is believed that as much as 60% of public sector contract awards are channelled to interests that are mere fronts for designated insider public officials while the monies end up in their private bank accounts. Since the Financial Action Task Force (FATF) High Level Mission is scheduled to visit this country in November to appraise our preparedness, it is timely for Senate to act on this matter.
What EGMONT Group is asking for is “financial autonomy” for NFIU with a fixed term for the person heading it. As at now, the head is just another staff of EFCC. Senate is however talking about full autonomy and creating a new agency. This is not necessary because financial intelligence is a core source of information for EFCC operations and EFCC should not be undermined by completely removing NFIU from its purview. In passing this bill, Senate should amend the EFCC Act to reflect how NFIU should relate with EFCC in the light of the problems it has faced and the complaints by the EGMONT Group.
