NFIU: As Senate moves to battle graft

As a result of this unfortunate situation, it is becoming increasingly difficult for battle-weary Nigerians to give keen attention to other salient areas of development. Unfortunately also, members of the National Assembly have given Nigerians every reason to doubt their sincerity and integrity. It is widely believed that the lawmakers are only in the National […]

As a result of this unfortunate situation, it is becoming increasingly difficult for battle-weary Nigerians to give keen attention to other salient areas of development. Unfortunately also, members of the National Assembly have given Nigerians every reason to doubt their sincerity and integrity.
It is widely believed that the lawmakers are only in the National Assembly to enrich themselves to the detriment of the electorate and the country they swore to serve and protect. As a matter of fact, they do very little to address the rot bedevilling the nation. They are not willing to make bold and courageous laws that would impact positively on the lives of Nigerians. The wealth of the country is unfortunately concentrated in the hands of few people while others are subjected to untold suffering. And nobody seems to care.  
It is generally agreed that corruption is the root cause of poverty, which in turn breeds violence. Most scholars believe that prior to the passage of the Nigeria Financial Intelligence Unit (NFIU) bill, the anti-graft regulatory framework was very weak and in need of reforms. This necessitated the clamour for the creation of an independent unit to tackle the challenge.
But judging by the current move by the Senate, which culminated in the passage of a bill seeking to establish the NFIU as a separate entity, with the aim of serving as intelligence think-tank for anti-graft agencies and other relevant bodies, there seems to be hope in the desert. Now, if the House of Representatives does not rock the boat, when signed into law, that body will be known as the Nigerian Financial Intelligence Centre (NFIC).
 The fact that key personalities like the former Head of Service of the Federation, Mr. Stephen Oronsanye, who also headed the panel set up by President Goodluck Jonathan to trim down the over-bloated federal government-funded agencies, joined the campaign on the passage of this bill, shows that when finally created, Nigeria’s number one problem, corruption and economic crime would be frontally challenged. As most people have noticed, the fight against corruption by both the Independent Corrupt and other Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC) is waning, to the disgust of most right thinking Nigerians. A lot of commentators are therefore of the opinion that retrieving the NFIU from the suffocating bureaucratic control of the EFCC is one of the best things that would happen to Nigeria’s anti graft crusade.
It is time for the House of Representatives, led by Aminu Waziri Tambuwal to leave a lasting legacy by endorsing this bill for the president’s assent. The bill, when passed into law, will separate the Financial Intelligence Unit from the EFCC and make it an autonomous department with greater capacity to effectively carry out its functions. This move will also make Nigeria move rapidly into the class of nations around the globe that have embraced the war against financial crimes with all the seriousness it demands.
In line with parliamentary procedures, the Senate passed the bill last week following a report of its Committee on Financial Crimes, Drugs and Narcotics, presented by its chairman, Senator Victor Lar. The move to initiate the bill followed an observation by an inter-governmental action group, which noted that the financial intelligence unit in Nigeria has not been operating optimally.
According to the report made available at the legislative session, the lack of an independent NFIU is a development that adversely affects the capacity of the country to tackle money laundering and associated offences, a situation said to portend great danger to the economy and the image
of the country if left unchecked.
The bill, according to learned minds, is set out to specifically serve as a legal, institutional and regulatory framework that will ensure transparency, effective and efficient management, administration and operation of the Nigerian Financial Intelligence Centre.
While leading debate on the bill during its second reading, Senate leader, Victor Ndoma-Egba, a Senior Advocate of Nigeria said: “It would also help to institutionalise best practices in financial intelligence management in the country as obtainable in advanced countries, as well as the establishment of an
effective system to combat money laundering, terrorists financing and associated offences.
“The cardinal feature of the bill is to vest the financial intelligence centre with full independence and autonomy. This will insulate the centre from undue interference and manipulation by other authorities, as well as strengthen its capacity to effectively deliver on its mandate.”

There is a groundswell of allegations that the leadership of the EFCC has commenced active witch-hunt of the principal characters behind this innovative idea in the fight against terrorism financing because
the chairman is alleged to be thinking that the removal of the NFIU, now to be known as NFIC, is meant to whittle down his sphere of influence. But this is not about one individual, it is about the country
that needs urgent surgical overhaul of the moribund anti-graft regulatory framework to make the agencies more responsive to the challenges of the 21st century.
The president, and indeed, the National Assembly, must investigate these damaging allegations against
the EFCC chairman with a view to compelling him to abide by the principle of rule of law and stop further molestation of the staff members of NFIU and principal members of the National Assembly who are piloting the passage of this good law. If I may ask: Why is the chairman of EFCC allegedly scared of letting go the Nigerian Financial Intelligence Unit? Why is he opposed to the passage of this new bill, which will clearly empower different law enforcement agencies to go after financiers of terrorism and other grave crimes against the Nigerian state?
Emmanuel Onwubiko is the head of Human Rights Writers Association of Nigeria and blogs @www.huriwa.BlogSpot.com; www.huriwa.org.