Feature/OPED
Egmont’s Suspension Of Nigeria: A Case For NFIC Bill
By Walter Duru, Ph.D
Three weeks ago, the hammer of the world’s watchdog on money laundering and terrorist financing, Egmont Group of Financial Intelligence Units fell on Nigeria for non-compliance with global best standards. The crux of the matter is the absence of autonomy for the Nigeria Financial Intelligence Unit-NFIU.
The suspension which was announced at the Egmont Group meeting held in China from July 2nd to 7th, 2017, was following the refusal of Nigeria to make NFIU autonomous in its funding, operations and management of financial intelligence. The failure of Nigeria to pass a law making the NFIU independent is the kernel of the matter.
If Nigeria fails to comply with the group’s demand for a legal framework granting autonomy to the NFIU by January, 2018, the country will be expelled from the global body, which provides the backbone for monitoring international money laundering and terrorist financing activities.
When expelled, Nigeria will no longer be able to benefit from financial intelligence shared by the other one hundred and fifty member-countries, including the United States of America and the United Kingdom, while the country’s ability to recover stolen funds abroad will be hampered.
Another major consequence will be the blacklisting of Nigeria in international finance, and this could affect the issuance of MasterCard and Visa credit and debit cards by Nigerian banks. In fact, financial instruments from Nigeria may not be honoured abroad.
It could also affect the international rating of Nigerian financial institutions, restricting their access to some major international transactions. Nigeria’s membership of the Egmont Group ensured the removal of Nigerian banks from the blacklist of international finance. The blacklisting had prevented the banks from engaging in correspondent banking with foreign institutions and also denied Nigerians access to foreign credit cards.
Joining the Egmont group of FIUs was not easy for Nigeria. It is in fact, one of the greatest legacies of the former President Olusegun Obasanjo’s administration. The suspension of Nigeria is a heavy blow; a major setback, and If Nigeria is expelled, then the country is in real mess.
Nigeria claims to have its FIU as an autonomous Unit in the Economic and Financial Crimes Commission; a situation that has exposed the country to international ridicule and embarrassment. Events over the years clearly show that there is no semblance of autonomy enjoyed by the NFIU.
The constant leaking of sensitive intelligence to Nigerian media, contrary to global best practices and the indiscriminate removal of FIU Directors by successive chairmen of the EFCC say it all.
In 2014, the Egmont Group warned Nigeria that it may suspend her if she refuses to enact a law granting NFIU autonomy. This warning never made any difference, as those opposed to the move worked very hard to suppress information and bend the rules. Now, that which stakeholders tried to avoid has finally happened. The worst- expulsion will certainly happen if we do not call the enemies of the country to order and do the needful.
There are four types of globally acknowledged Financial Intelligence Units. The first is the administrative type-FIU, which focuses on the traditional functions of an FIU- to collect, analyse and disseminate financial intelligence to law enforcement agencies and other authorized entities. This type of FIU does not engage in law enforcement or prosecution.
Next is the law enforcement type of FIU, which performs Police functions of arrest, detention, interrogation, investigation and prosecution; in addition to the traditional functions of an FIU, thereby becoming the custodians of Intelligence, as well as the end users.
The third type is the Judicial FIU, which engages in collation and analysis of financial intelligence, investigation, as well as prosecution of offenders; while the fourth is the hybrid type of FIU, which is a combination of the elements in the three earlier mentioned, depending on domestic preferences.
Nigeria joined the Egmont Group in 2007, opting for an administrative type of FIU. Having registered as an administrative FIU, it must be outside a law enforcement agency. The claim that we have our FIU in EFCC is indeed ridiculous. More laughable is that the EFCC Act describes the EFCC as Nigeria’s FIU.
The major advantage of an administrative-type FIU is that it focuses on the traditional functions of an FIU and not encumbered with police and prosecutorial duties. Indeed, the mandate of the FIU is different from that of law enforcement agencies such as the police and the EFCC. While law enforcement agencies carry out investigations and also prosecute, FIUs do not. This allows for specialization, separation of powers and responsibilities, checks and balances, transparency and accountability. Concentration of multiple responsibilities in the FIU beyond the traditional duties makes the FIU susceptible to abuse of such powers.
For example, in the United States of America, just like Nigeria, where there is more than one law enforcement agency, the FIU is located in the Department of Treasury/Finance. This is to separate the functions of intelligence collection from police duties (investigation) and judicial functions (prosecution), lest there will be over concentration of powers and abuse of such powers.
Similarly, countries such as Canada, Australia, Belgium and France have their FIUs located in their respective Ministries of Finance.
Of all the 14 countries in West Africa with an FIU, Nigeria is the only jurisdiction that currently domiciles its FIU in a law enforcement agency – EFCC, even when it is registered as an administrative-type FIU. This is a misnomer. Ten of the West African countries have their FIUs domiciled in their respective Ministries of Finance, while two others have theirs domiciled in Central Banks and one in Ministry of Justice.
The surest way out of the country’s present quagmire is the enactment of a law that grants autonomy to the NFIU. This is the exact thing the Nigeria Financial Intelligence Agency/Centre Bill presently being considered by the National Assembly seeks to achieve.
The Nigeria Financial Intelligence Centre Bill will ensure that the NFIU is not tied to any agency but will have adequate measures to build an independent financial intelligence system.
The Bill seeks to establish the Nigerian Financial Intelligence Centre as the central body in Nigeria responsible for receiving, requesting, analysing and disseminating financial and other related information to all law enforcement, security agencies and other relevant authorities, as well as exchange of intelligence with over 150 FIUs globally.
NFIC is to serve all law enforcement agencies, regulators and other authorized agencies (EFCC, ICPC, DSS, NDLEA, CBN, CUSTOMS, POLICE, NAPTIP, CBN etc) and domiciling it in any of the interested agencies/parastatals will mean giving undue advantage to one over the others.
In Ghana, the FIU has an independent board and Executive Director. It is located under the Ministry of Finance. In Gambia, the FIU is located in the Central Bank; while in Senegal, Benin, Burkina Faso, Niger, Cote d’Ivoire, Mali and Togo, it is located under the Ministry of Finance.
More so, the mandate of an FIU is different from that of law enforcement; while law enforcement agencies carry out investigations and also prosecute, FIUs do not.
Nigeria opted for an administrative FIU when it registered with the Egmont group in 2007. Having registered an administrative FIU, the operations have to be outside a law enforcement agency.
Majority of the administrative FIU types all over the world are administrative and none, apart from Nigeria is domiciled in a law enforcement centre. They are mostly domiciled in the Ministry of Finance, Justice or Central Bank.
In addition, it is a misnomer to have an independent Board for the proposed Nigeria Financial Intelligence Centre within an EFCC that has a Board with an Executive Chairman. It will not work, as there will be conflict. There cannot be an independent Board within a parastatal.
Also, it is always best to separate the functions of intelligence collection from Police duties so as to avoid overconcentration of powers and the natural consequence of abuse. NFIC as being contemplated today will address inter agency rivalry.
It is on record that Nigeria applied for membership of the Financial Action Task Force and the FATF assessment team is expected in Nigeria in November, 2017, and without the NFIC law in operation, Nigeria cannot be admitted. The country remains disconnected from the secured Web of the Egmont group of FIUs. Only a truly independent FIU can guarantee a way forward for the country.
In the light of the international obligations and standards imposed by various international instruments, to which Nigeria has acceded to, it is imperative that steps are taken to properly define and establish the Nigeria Financial Intelligence Centre, by clearly defining its mandates in the law.
As the National Assembly deliberates on the NFIC Bill, stakeholders must jettison every form of sentiment and support the move to align Nigeria with international best practices, especially, at this critical period of terrorism, which financing is mainly done through money laundering.
Only a truly independent Financial Intelligence Centre can address the country’s security challenges through effective money laundering and terrorist financing checks.
Civil Society, Media and all sectors of the country’s economy must join the crusade to save the country by strengthening the legal framework against corruption, money laundering and terrorist financing.
All hands must be on deck!
Dr Walter Duru is a Public Affairs analyst; Executive Director, Media Initiative against Injustice, Violence and Corruption- MIIVOC and Chairman, Freedom of Information Coalition, Nigeria- FOICN and can be reached on: wa*********@***il.com
Feature/OPED
How Christians Can Stay Connected to Their Faith During This Lenten Period
It’s that time of year again, when Christians come together in fasting and prayer. Whether observing the traditional Lent or entering a focused period of reflection, it’s a chance to connect more deeply with God, and for many, this season even sets the tone for the year ahead.
Of course, staying focused isn’t always easy. Life has a way of throwing distractions your way, a nosy neighbour, a bus driver who refuses to give you your change, or that colleague testing your patience. Keeping your peace takes intention, and turning off the noise and staying on course requires an act of devotion.
Fasting is meant to create a quiet space in your life, but if that space isn’t filled with something meaningful, old habits can creep back in. Sustaining that focus requires reinforcement beyond physical gatherings, and one way to do so is to tune in to faith-based programming to remain spiritually aligned throughout the period and beyond.
On GOtv, Christian channels such as Dove TV channel 113, Faith TV and Trace Gospel provide sermons, worship experiences and teachings that echo what is being practised in churches across the country.
From intentional conversations on Faith TV on GOtv channel 110 to true worship on Trace Gospel on channel 47, these channels provide nurturing content rooted in biblical teaching, worship, and life application. Viewers are met with inspiring sermons, reflections on scripture, and worship sessions that help form a rhythm of devotion. During fasting periods, this kind of consistent spiritual input becomes a source of encouragement, helping believers stay anchored in prayer and mindful of God’s presence throughout their daily routines.
To catch all these channels and more, simply subscribe, upgrade, or reconnect by downloading the MyGOtv App or dialling *288#. You can also stream anytime with the GOtv Stream App.
Plus, with the We Got You offer, available until 28th February 2026, subscribers automatically upgrade to the next package at no extra cost, giving you access to more channels this season.
Feature/OPED
Turning Stolen Hardware into a Data Dead-End
By Apu Pavithran
In Johannesburg, the “city of gold,” the most valuable resource being mined isn’t underground; it’s in the pockets of your employees.
With an average of 189 cellphones reported stolen daily in South Africa, Gauteng province has become the hub of a growing enterprise risk landscape.
For IT leaders across the continent, a “lost phone” is rarely a matter of a misplaced device. It is frequently the result of a coordinated “snatch and grab,” where the hardware is incidental, and corporate data is the true objective.
Industry reports show that 68% of company-owned device breaches stem from lost or stolen hardware. In this context, treating mobile security as a “nice-to-have” insurance policy is no longer an option. It must function as an operational control designed for inevitability.
In the City of Gold, Data Is the Real Prize
When a fintech agent’s device vanishes, the $300 handset cost is a rounding error. The real exposure lies in what that device represents: authorised access to enterprise systems, financial tools, customer data, and internal networks.
Attackers typically pursue one of two outcomes: a quick wipe for resale on the secondary market or, far more dangerously, a deep dive into corporate apps to extract liquid assets or sellable data.
Clearly, many organisations operate under the dangerous assumption that default manufacturer security is sufficient. In reality, a PIN or fingerprint is a flimsy barrier if a device is misconfigured or snatched while unlocked. Once an attacker gets in, they aren’t just holding a phone; they are holding the keys to copy data, reset passwords, or even access admin tools.
The risk intensifies when identity-verification systems are tied directly to the compromised device. Multi-Factor Authentication (MFA), widely regarded as a gold standard, can become a vulnerability if the authentication factor and the primary access point reside on the same compromised device. In such cases, the attacker may not just have a phone; they now have a valid digital identity.
The exposure does not end at authentication. It expands with the structure of the modern workforce.
65% of African SMEs and startups now operate distributed teams. The Bring Your Own Device (BYOD) culture has left many IT departments blind to the health of their fleet, as personal devices may be outdated or jailbroken without any easy way to know.
Device theft is not new in Africa. High-profile incidents, including stolen government hardware, reinforce a simple truth: physical loss is inevitable. The real measure of resilience is whether that loss has any residual value. You may not stop the theft. But you can eliminate the reward.
Theft Is Inevitable, Exposure is Not
If theft cannot always be prevented, systems must be designed so that stolen devices yield nothing of consequence. This shift requires structured, automated controls designed to contain risk the moment loss occurs.
Develop an Incident Response Plan (IRP)
The moment a device is reported missing, predefined actions should trigger automatically: access revocation, session termination, credential reset and remote lock or wipe.
However, such technical playbooks are only as fast as the people who trigger them. Employees must be trained as the first line of defence —not just in the use of strong PINs and biometrics, but in the critical culture of immediate reporting. In high-risk environments, containment windows are measured in minutes, not hours.
Audit and Monitor the Fleet Regularly
Control begins with visibility. Without a continuous, comprehensive audit, IT teams are left responding to incidents after damage has occurred.
Opting for tools like Endpoint Detection and Response (EDR) allows IT teams to spot subtle, suspicious activities or unusual access attempts that signal a compromised device.
Review Device Security Policies
Security controls must be enforced at the management layer, not left to user discretion. Encryption, patch updates and screen-lock policies should be mandatory across corporate devices.
In BYOD environments, ownership-aware policies are essential. Corporate data must remain governed by enterprise controls regardless of device ownership.
Decouple Identity from the Device
Legacy SMS-based authentication models introduce avoidable risk when the authentication channel resides on the compromised handset. Stronger identity models, including hardware tokens, reduce this dependency.
At the same time, native anti-theft features introduced by Apple and Google, such as behavioural theft detection and enforced security delays, add valuable defensive layers. These controls should be embedded into enterprise baselines rather than treated as optional enhancements.
When Stolen Hardware Becomes Worthless
With POPIA penalties now reaching up to R10 million or a decade of imprisonment for serious data loss offences, the Information Regulator has made one thing clear: liability is strict, and the financial fallout is absolute. Yet, a PwC survey reveals a staggering gap: only 28% of South African organisations are prioritising proactive security over reactive firefighting.
At the same time, the continent is battling a massive cybersecurity skills shortage. Enterprises simply do not have the boots on the ground to manually patch every vulnerability or chase every “lost” terminal. In this climate, the only viable path is to automate the defence of your data.
Modern mobile device management (MDM) platforms provide this automation layer.
In field operations, “where” is the first indicator of “what.” If a tablet assigned to a Cape Town district suddenly pings on a highway heading out of the city, you don’t need a notification an hour later—you need an immediate response. An effective MDM system offers geofencing capabilities, automatically triggering a remote lock when devices breach predefined zones.
On Supervised iOS and Android Enterprise devices, enforced Factory Reset Protection (FRP) ensures that even after a forced wipe, the device cannot be reactivated without organisational credentials, eliminating resale value.
For BYOD environments, we cannot ignore the fear that corporate oversight equates to a digital invasion of personal lives. However, containerization through managed Work Profiles creates a secure boundary between corporate and personal data. This enables selective wipe capabilities, removing enterprise assets without intruding on personal privacy.
When integrated with identity providers, device posture and user identity can be evaluated together through multi-condition compliance rules. Access can then be granted, restricted, or revoked based on real-time risk signals.
Platforms built around unified endpoint management and identity integration enable this model of control. At Hexnode, this convergence of device governance and identity enforcement forms the foundation of a proactive security mandate. It transforms mobile fleets from distributed risk points into centrally controlled assets.
In high-risk environments, security cannot be passive. The goal is not recovery. It is irrelevant, ensuring that once a device leaves authorised hands, it holds no data, no identity leverage, and no operational value.
Apu Pavithran is the CEO and founder of Hexnode
Feature/OPED
Daniel Koussou Highlights Self-Awareness as Key to Business Success
By Adedapo Adesanya
At a time when young entrepreneurs are reshaping global industries—including the traditionally capital-intensive oil and gas sector—Ambassador Daniel Koussou has emerged as a compelling example of how resilience, strategic foresight, and disciplined execution can transform modest beginnings into a thriving business conglomerate.
Koussou, who is the chairman of the Nigeria Chapter of the International Human Rights Observatory-Africa (IHRO-Africa), currently heads the Committee on Economic Diplomacy, Trade and Investment for the forum’s Nigeria chapter. He is one of the young entrepreneurs instilling a culture of nation-building and leadership dynamics that are key to the nation’s transformation in the new millennium.
The entrepreneurial landscape in Nigeria is rapidly evolving, with leaders like Koussou paving the way for innovation and growth, and changing the face of the global business climate. Being enthusiastic about entrepreneurship, Koussou notes that “the best thing that can happen to any entrepreneur is to start chasing their dreams as early as possible. One of the first things I realised in life is self-awareness. If you want to connect the dots, you must start early and know your purpose.”
Successful business people are passionate about their business and stubbornly driven to succeed. Koussou stresses the importance of persistence and resilience. He says he realised early that he had a ‘calling’ and pursued it with all his strength, “working long weekends and into the night, giving up all but necessary expenditures, and pressing on through severe setbacks.”
However, he clarifies that what accounted for an early success is not just tenacity but also the ability to adapt, to recognise and respond to rapidly changing markets and unexpected events.
Ambassador Koussou is the CEO of Dau-O GIK Oil and Gas Limited, an indigenous oil and natural gas company with a global outlook, delivering solutions that power industries, strengthen communities, and fuel progress. The firm’s operations span exploration, production, refining, and distribution.
Recognising the value of strategic alliances, Koussou partners with business like-minds, a move that significantly bolsters Dau-O GIK’s credibility and capacity in the oil industry. This partnership exemplifies the importance of building strong networks and collaborations.
The astute businessman, who was recently nominated by the African Union’s Agenda 2063 as AU Special Envoy on Oil and Gas (Continental), admonishes young entrepreneurs to be disciplined and firm in their decision-making, a quality he attributed to his success as a player in the oil and gas sector. By embracing opportunities, building strong partnerships, and maintaining a commitment to excellence, Koussou has not only achieved personal success but has also set a benchmark for future generations of African entrepreneurs.
His journey serves as a powerful reminder that with determination and vision, success is within reach.
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