The deadline to Nigeria to separate its National Financial Intelligence Unit from the EFCC lapsed on Sunday, without Nigeria signing a law that would have done so. The likely outcome of the meeting will be Nigeria’s expulsion from the group.
Browsing: Egmont Group
Ahead of its meeting in Buenos Aires, Argentina, between March 11 and March 16, Nigeria is expected to make NFIU independent in order to avoid expulsion.
The intervention of the leadership of the National Assembly came ahead of the Egmont Group’s next meeting which is scheduled to hold on March 12. At the meeting, it would be determined whether Nigeria has complied with the requirements to warrant the lifting of its suspension.
“The Federal Government must call the Economic and Financial Crimes Commission-EFCC to order now, before it is too late. The implications of expelling Nigeria from the Egmont Group are far-reaching. Nigeria will fully return to the list of high risk jurisdiction countries of the world, if the EFCC is not called to order.”
If expelled, Nigeria will be blacklisted in the global finance sector and Nigerian Banks will be unable to issue Mastercard and Visa credit/debit cards while card transactions with Nigerian originated cards will be blocked meaning Nigerians cannot do foreign transactions.