Many Nigerian ATM card users are now living in fear as deadline to make the Nigerian Financial Intelligence Unit (NFIU) an independent agency of government expires.
This may result in Nigeria being expelled from the Egmont Group after its failure to comply with its directives.
Millions of bank depositors would be unable to use their Nigerian-issued MasterCard and Visa debit/credit cards for international transactions if Nigeria is expelled.
NFIU is currently domiciled in the Economic and Financial Crimes Commission (EFCC).
In July, 2017, the Egmont Group, suspended Nigeria at its 24th plenary of the Heads in Macao. The group also explained that the NFIU was suspended because the EFCC was leaking sensitive information to the media.
The Egmont Group equally accused the EFCC of blackmailing individuals with the confidential intelligence made available to it.
Following Nigeria’s suspension, the Group had threatened that if the Federal Government was unable to grant a full autonomy to NFIU before March 11, 2018, when the group will hold its biannual meeting, the country will be expelled. The announcement could be made anytime.
Both chambers of the National Assembly hurriedly passed a bill to grant a full autonomy to NFIU last week. NASS, however, domiciled it in the Central Bank of Nigeria (CBN).
Lawmakers explained that despite the fact that it is domiciled in the CBN, it is still an independent body, as prescribed by Egmont Group.
The bill has been transmitted to President Muhammadu Buhari for assent.