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Egmont Group Plans To Expel Nigeria by nwakibie3(m): 5:03pm On Feb 05, 2018 |
Millions of bank depositors will be exposed to risk while trying to use their Nigerian-issued MasterCard and Visa debit/credit cards for international transactions in the coming weeks as the Egmont Group is poised to expel the country from the group, PREMIUM TIMES has learned. In July, 2017, the Egmont Group, a global network of 152 Financial Intelligence Units (FIUs) suspended the Nigerian Financial Intelligence Unit (NFIU) at its 24th plenary of the Heads of the FIUs in Macao. The group explained that the NFIU was suspended because the Economic and Financial Crimes Commission, EFCC, under which the NFIU was situated, was leaking sensitive information to the media. The Egmont Group also accused the EFCC of blackmailing individuals with the confidential intelligence at its disposal. “The Heads of FIU made a decision, by consensus, to suspend the membership status of the NFIU, Nigeria, following repeated failures on the part of the FIU to address concerns regarding the protection of confidential information, specifically related to the status of suspicious transaction report (STR) details and information derived from international exchanges, as well as concerns on the legal basis and clarity of the NFIU’s independence from the Economic and Financial Crimes Commission (EFCC). The measure will remain in force until immediate corrective actions are implemented,” the group said in a statement. But days after, an EFCC source told PREMIUM TIMES that the NFIU was suspended following a “false petition” sent to the Egmont Group by an embittered former director of the NFIU. “What Nigeria is facing today may have been self-inflicted as certain citizens with vested interests in the running of the NFIU are known to regularly feed the world body of FIUs with false information regarding the situation in Nigeria,” a top official in the EFCC who did not want to be named told PREMIUM TIMES. “The issues that culminated in the recent suspension of Nigeria are predicated on a false petition by a former director of the NFIU who, embittered by the manner of her dismissal, painted a false imagery of siege on the NFIU with the objective to compromise information from the Egmont Secure website,” the official said. Following the suspension, Nigerian Vice President, Yemi Osinbajo, in a memo numbered: SH/OVP/DCOS/NFIU/ addressed to Chukwuka Utazi, chairman, Senate Committee on Anti-Corruption and Financial Crimes, explained that he had set up an ad-hoc committee to reposition the NFIU and restore its membership of the Egmont Group. The memo listed Mr. Utazi as the Chairman of the ad-hoc committee. Other members include Kayode Oladele, a member of the House Representatives, Abdullahi Shehu, and representatives of the Federal Ministries of Justice, Finance and Interior. Others are the Executive Secretary, Presidential Advisory Committee Against Corruption (PACAC), a representative of the Independent Corrupt Practices and Other Offences Commission (ICPC) and a representative of the EFCC. The committee was charged with facilitating the legal and regulatory measures to bring about financial and operational autonomy of the NFIU, and to make other recommendations necessary to boost the country’s capacity to deploy financial intelligence to fight crime. The committee was expected to turn in a final report by the end of August 2007. However, nothing has been heard of its recommendations. PREMIUM TIMES could not reach Mr. Utazi for comment. Laolu Akande, Mr. Osinbajo’s spokesperson, did not answer calls to his mobile phone. He also did not respond to a text message sent to him requesting for comments. When reached for comments, spokesperson of the EFCC, Wilson Uwujaren, promised return with a statement. He, however, failed to do so hours after he made the promise. The EFCC chairman, Ibrahim Magu, had however said earlier that the NFIU operates with a large degree of autonomy. The implication of expelling Nigeria While the status of committee’s recommendations remains in the dark, Premium Times has learnt that that a proposal to permanently expel Nigeria from the Egmont Group is on the agenda of the Egmont Working Group and Heads of FIU meeting to be held in Buenos Aires, Argentina between March 2 and 7. If the group goes ahead with the proposed expulsion, transactions done with credit and debit cards issued in Nigeria could unnecessarily be flagged as suspicious. The liability of foreign transactions will also be shifted to Nigerian card users. Tunde Ajileye, an employee of digital payment company, Interswitch, explains what a liability switch is: “We would have liability shift. What that means is that, if there is an issue and they (banks, payment companies) want to adjudicate, normally they adjudicate before they move the money to any party but with a liability shift, what it means is that they will first move money from you to the other party and if they now decide that you are not at fault they will then move the money back to you. The risks becomes higher and the odd is staked against you if there is an issue with your transaction.” Mr. Ajileye also said another implication of expelling Nigeria from the group will be that Nigerians will be more prone to be suspected of money laundering. “Money that comes in from Nigeria will become more suspect. Normally if you do a suspicious transaction report to the NFIU and the NFIU shares that report to other international agencies to track but if we are expelled we really can’t share. We also do not have access to information, so we become more prone to money laundering. “For instance, if someone has been flagged internationally because we don’t have access to that information, we won’t know, and the person(s) can continue to do their transactions unlike today where we can get such information,” he said. NFIU autonomy The Egmont Group is said to be uncomfortable that the NFIU still operates under the control of the EFCC, which is accused of being meddlesome. Last July, the Senate passed the Nigerian Financial Intelligence Agency Bill, which grants autonomy to the NFIU one week after it was presented to the upper legislative chamber. The bill is, however, yet to be passed by the House of Representatives. https://www.premiumtimesng.com/news/headlines/257607-fears-heighten-egmont-group-plans-expel-nigeria.html 4 Likes
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Re: Egmont Group Plans To Expel Nigeria by Nobody: 5:07pm On Feb 05, 2018 |
I laugh EFCC really fighting corruption using AMEBO method 120 Likes 6 Shares |
Re: Egmont Group Plans To Expel Nigeria by Nobody: 5:08pm On Feb 05, 2018 |
Please can someone tell me where to read good news about Nigeria?? 163 Likes 6 Shares |
Re: Egmont Group Plans To Expel Nigeria by free2ryhme: 5:09pm On Feb 05, 2018 |
nwakibie3: What a useless and a shithole country. 37 Likes 2 Shares
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Re: Egmont Group Plans To Expel Nigeria by bonechamberlain(m): 5:09pm On Feb 05, 2018 |
why is magu still heading the Efcc, buhari wants to destroy this country beyond redemption before he is sent packing 89 Likes 3 Shares |
Re: Egmont Group Plans To Expel Nigeria by GavelSlam: 5:12pm On Feb 05, 2018 |
They cannot. They benefit from million of Nigerians and transactions. 8 Likes |
Re: Egmont Group Plans To Expel Nigeria by SalamRushdie: 5:12pm On Feb 05, 2018 |
Buharis incompetence strikes again , later they will blame GEJ for this one too..the Dullard just has to go ..please get ur PVC 101 Likes 6 Shares |
Re: Egmont Group Plans To Expel Nigeria by TonyeBarcanista(m): 5:14pm On Feb 05, 2018 |
Nigerians cannot wait to return Muhammadu Buhari to Daura in 2019 78 Likes 5 Shares |
Re: Egmont Group Plans To Expel Nigeria by shekauvsbuhari: 5:22pm On Feb 05, 2018 |
When nigerians gave their destiny to illeterate cattle rearer. What concerns buhari with grammar of mastercard and international transactions? He ll rather have everybody carry cash inside blockos like cattle rearers. Does he understand the value of international financial relationships and economics. He is even dull of hearing sef. So we keep on blabbing on. Naija don hear nwiiii. 106 Likes 6 Shares |
Re: Egmont Group Plans To Expel Nigeria by Hormorthorshor(m): 5:22pm On Feb 05, 2018 |
Lobatan!!! 4 Likes 1 Share |
Re: Egmont Group Plans To Expel Nigeria by TheFreeOne: 5:40pm On Feb 05, 2018 |
That's what happens when you fraudulently fight corruption with 'another form of corruption'. 66 Likes 4 Shares |
Re: Egmont Group Plans To Expel Nigeria by kernel504(m): 5:42pm On Feb 05, 2018 |
Media trial has finally landed them into international poo. Magu close mouth, carry alleged looters go court, Magu say no!!! Na for newspaper em go do em trial. 92 Likes 6 Shares |
Re: Egmont Group Plans To Expel Nigeria by mcemmy0z: 6:27pm On Feb 05, 2018 |
This country self, na to relocate go ghana 12 Likes 2 Shares |
Re: Egmont Group Plans To Expel Nigeria by Mogidi: 6:28pm On Feb 05, 2018 |
By the time Bubu finish with this country.... we would be begging Togo for visas. 61 Likes 5 Shares |
Re: Egmont Group Plans To Expel Nigeria by satowind(m): 6:28pm On Feb 05, 2018 |
The foundation of this world is layed in secrets. Secret that the common men they receive with religion don't need to know or else there will be chaos so I understand why they do this. The foolish buhari is leading us to Doom in the name of fighting corruption 6 Likes |
Re: Egmont Group Plans To Expel Nigeria by DLuciano: 6:29pm On Feb 05, 2018 |
GavelSlam:you think its Nigeria government that has no standards? 41 Likes 3 Shares |
Re: Egmont Group Plans To Expel Nigeria by Nobody: 6:30pm On Feb 05, 2018 |
Who know where dey de seh chilled beer for here? 16 Likes
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Re: Egmont Group Plans To Expel Nigeria by slimthugchimee2(m): 6:30pm On Feb 05, 2018 |
Make I talk true, I no understand anything up there..... But I will still blame buhari 12 Likes 2 Shares |
Re: Egmont Group Plans To Expel Nigeria by BruncleZuma: 6:30pm On Feb 05, 2018 |
3 Likes |
Re: Egmont Group Plans To Expel Nigeria by GavelSlam: 6:30pm On Feb 05, 2018 |
DLuciano: I can guarantee you they would not. 4 Likes 1 Share |
Re: Egmont Group Plans To Expel Nigeria by nkwuocha: 6:30pm On Feb 05, 2018 |
Shithole Shithole Shithole Shithole 13 Likes 1 Share |
Re: Egmont Group Plans To Expel Nigeria by Emmy3(m): 6:31pm On Feb 05, 2018 |
Even the corrupt and the renowned are against EFCC, Which way naija .. Nairalanders, please help a brother in need. View the topic below for more info. https://www.nairaland.com/4331505/urgent-need-personal-business-loan 3 Likes 1 Share |
Re: Egmont Group Plans To Expel Nigeria by gmoney12: 6:31pm On Feb 05, 2018 |
hahahahahha 1 Like |
Re: Egmont Group Plans To Expel Nigeria by Nobody: 6:32pm On Feb 05, 2018 |
ovadozes:APC's website. Imagine a government agency leaking confidential information and blackmailing its own citizens over sensitive information. Thank you Trump for defining the country at the moment. It's left for us to redefine it by voting in competent hands in 2019. 32 Likes 3 Shares |
Re: Egmont Group Plans To Expel Nigeria by dlondonbadboy: 6:33pm On Feb 05, 2018 |
Buhari has finally done it..... Very soon it won't be "Buhari must go"...it would be "Buhari must die ". What a man!! 10 Likes 1 Share |
Re: Egmont Group Plans To Expel Nigeria by Geestunnar(m): 6:33pm On Feb 05, 2018 |
No good news seem to come out from this country 20 Likes 2 Shares
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Re: Egmont Group Plans To Expel Nigeria by millionboi2: 6:33pm On Feb 05, 2018 |
I blame buhari 12 Likes 3 Shares |
Re: Egmont Group Plans To Expel Nigeria by 4kDdullard: 6:33pm On Feb 05, 2018 |
Afonjas pigs and idiots una see am ? We warned una 27 Likes 3 Shares |
Re: Egmont Group Plans To Expel Nigeria by TheFreeOne: 6:34pm On Feb 05, 2018 |
CaptainJeffry: And such news will be riddled with lies courtesy of Lie Mohammed and Buboo media aides 22 Likes 2 Shares |
Re: Egmont Group Plans To Expel Nigeria by KrystosCJ(m): 6:34pm On Feb 05, 2018 |
Just block all transactions of suspected and guilty looters in Nigeria. If convicted, give them prick shot, nothing like plea bargain. |
Re: Egmont Group Plans To Expel Nigeria by BuhariNaWah: 6:35pm On Feb 05, 2018 |
G |
Re: Egmont Group Plans To Expel Nigeria by Nobody: 6:35pm On Feb 05, 2018 |
Why dem wan expel the sleeping giant of africa 7 Likes 1 Share |
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