The Nigeria Financial Intelligence Unit (NFIU) is to enjoy autonomy from January 1, 2018, the Acting Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, has said.
Magu made this known on Wednesday when he appeared before the Senate Committee on Anti-Corruption and Financial Crimes.
He was at the National Assembly to defend his commission’s budget.
His words: “We have allowed NFIU to go. They are operationally independent of EFCC.
“We have given them financial autonomy. We presented a proposal of N2.9 billion for the take off of the agency in the 2018 budget, but the budget office proposed N800 million.
“They will start operating as an independent unit from January 1, 2018.”
READ ALSO: INEC promotes 7,330 staff
It would be recalled that the autonomy of NFIU became necessary following the suspension of Nigeria from a global body which gives support for monitoring international money laundering activities, Egmont Group.
The suspension, the group warned, would be followed up with an expulsion if Nigeria failed to comply by January 2018.
If expelled, Nigeria will lose the opportunity of the platform to share expertise and financial intelligence to combat money laundering and terrorist financing.
The demand of Egmont Group was to ensure that NFIU is autonomous in its funding, operations and management of intelligence.