General
Group Warns FG Over Nigeria’s Imminent Expulsion From Egmont Group
By Destiny Ugorji
A civil society organization, Media Initiative against Injustice, Violence and Corruption (MIIVOC) has warned Nigeria’s Federal Government to immediately act on the report of the Committee to harmonize issues around the Nigeria Financial Intelligence Agency Bill, to save the nation from imminent expulsion from the Egmont Group of Financial Intelligence Units.
Executive Director of MIIVOC, Dr Walter Duru, who gave the warning while addressing newsmen in Abuja, Tuesday, expressed shock at what he described as the desperation of the Economic and Financial Crimes Commission (EFCC) to retain control of the NFIU, against the interest of the country and international best practice.
He called on the Federal Government to call the anti-graft agency to order, before it throws Nigeria back to the dark days of being on the list of high risk jurisdictions in the world.
“The crux of the matter is the absence of autonomy for the Nigeria Financial Intelligence Unit (NFIU). Nigeria was suspended at the Egmont Group meeting held in China in July, 2017 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 main issue.
“If Nigeria fails to comply with the group’s demand for a legal framework granting autonomy to the NFIU by March, 2018, the country may 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 benefit from financial intelligence shared by the other over 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.
“Now, the situation is that the 8th Senate has passed a version of the NFIA Bill, which wants the Agency domiciled in the Central Bank of Nigeria, with full autonomy. The House of Representatives passed a different version, proposing that it remains in the EFCC.
“A Committee was set up by the Federal Government to harmonize the differences. The Committee submitted its report late last year and till today, nothing has been done about it.
“Nigeria is at the verge of being expelled from the Egmont group of Financial Intelligence Units. Specifically, in March, 2018, it will take a miracle for Nigeria to escape expulsion from the Egmont Group.
“The controversy over where it should be domiciled is needless, as we already have a clear guide. The version passed by the present Senate can save the situation. The surest way forward is to adopt the Senate version, produce a clean copy and present for immediate assent by the President.
“Anything outside this will fall short of the Egmont standard and place Nigeria in a disadvantaged position. The politics of wanting to continue to control the NFIU by the EFCC is self-serving and will land the country in a deeper mess.
“The last Egmont group statement about Nigeria is very clear. The issue of autonomy for Nigeria FIU is the crux of the matter. The statement reads in part: ‘……. Nigeria shall remain excommunicated until its commitments to the international community on the fight against money laundering and terrorist financing are met, including the specific issues related to the autonomy of the Nigerian Financial Intelligence Unit.” At this stage, we are talking about outright expulsion of the country from the group. This will spell doom for the country.
“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.
“The argument that if the FIU is removed from EFCC, Nigeria will be expelled is the direct opposite of the situation and amounts to outright misrepresentation of facts. Countries like the United Kingdom have had reasons to move their FIU from Serious and Organized Crime Agency- SOCA to National Crime Agency- NCA. Just the same way Nigeria desperately needs to move its FIU away from the EFCC. We need an FIU that enjoys autonomy. The Egmont Group of FIUs and Financial Action Task Force-FATF shall never dictate for any country, where to situate its FIU. There is no such precedence and they have always made this clear. There is no alternative to NFIU autonomy. The surest way out of the looming humiliating expulsion of Nigeria is that the authorities call the EFCC to order. They must stop spewing falsehood and steer clear the FIU,” he said.
By Adedapo Adesanya
The National Pension Commission (PenCom) has announced the recovery of N1.58 billion from defaulting employers through enhanced enforcement efforts as total pension assets under management (AuM) surpassed N23 trillion as of February.
The Director General of PenCom, Ms Omolola Oloworaran, made this disclosure on Wednesday in Kano during the First Run 2025 Consultative Forum for States and the Federal Capital Territory (FCT) that state remittances had also improved, reflecting a greater adoption of the Contributory Pension Scheme (CPS).
Ms Oloworaran noted that in spite of these advancements, challenges remain, as only 25 states and the Federal Capital Territory (FCT) had enacted laws to implement the CPS.
“Six states operate hybrid schemes, while another six have bills at advanced legislative stages.
“Notable progress has been made in Katsina, Yobe, Bauchi, and Abia states. However, full implementation of the CPS is currently limited to eight states,” she explained.
To address this gap, PenCom has introduced a flexible adoption model, allowing states to begin implementation with new employees or those with fewer than 10 years of service.
The director general further stated that the commission was providing technical support to assist states in planning for legacy liabilities and transitioning their entire workforce in a financially sustainable manner.
She reaffirmed the commission’s commitment to achieving full onboarding of all states and the FCT into the CPS.
“With sustained dialogue, technical collaboration, and strong political will, we are confident of reaching this goal,” she said.
Ms Oloworaran described the ongoing forum as more than just a routine meeting, calling it “a call to collective action.”
She urged participants to seize this opportunity to co-create solutions, share innovations, and renew their commitment to a secure, unified, and inclusive pension system.
On his part, the Head of Service (HOS) of Kano, Mr Abdullahi Musa, reaffirmed the state government’s commitment to pension reforms.
He commended PenCom for its leadership in promoting best practices and described the forum as a “vital platform for dialogue, peer learning, and policy refinement.”
Mr Musa said that Kano State had made significant progress in restructuring its pension system, notably through the adoption of a hybrid model that combined elements of the defined benefits and the CPS.
He revealed that the state government, under the leadership of Gov. Abba Kabir, had taken bold steps to settle pension backlogs and improve the management of retirement benefits, adding that the state government had paid N16 billion in outstanding entitlements, which represented about 40 per cent of the liabilities inherited from previous administrations.
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By Adedapo Adesanya
The Nigeria Customs Service (NCS) recorded N1.75 trillion in revenue, intercepted N7.7 billion worth of contraband, and processed N36.3 trillion worth of trade in the first quarter of 2025.
The Comptroller-General, Mr Bashir Adewale Adeniyi, announced the record-breaking revenue collection, saying the N1.75 trillion revenue for the first quarter of 2025—surpassing its quarterly target by N106.5 billion and marks a 29.96 per cent increase over the same period in 2024.
According to him, the performance reflects the impact of reforms initiated under President Bola Ahmed Tinubu’s administration and the leadership of the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun.
“Against our quarterly benchmark of N1.645 trillion, we recorded N1.75 trillion—representing 106.47 per cent of the target. This performance speaks to the strategic measures we’ve implemented to plug revenue leakages and promote compliant trade.
“January alone saw the service rake in N647.88 billion—an 18.12 per cent rise above its monthly target and a 65.77 per cent increase compared to January 2024. February and March followed the upward trend with collections of N540.11 billion and N563.52 billion, respectively,” the customs chief stated.
Beyond revenue, the NCS made 298 seizures during the quarter with a total Duty Paid Value of N7.7 billion, a 78.41 per cent increase from Q4 2024. The seizures included 135,474 bags of rice, 65,819 litres of petroleum products, narcotics worth N730.7 million, and wildlife products valued at N5.65 billion.
“These figures show the vigilance and effectiveness of our officers across Nigeria’s borders. We’re not just chasing revenue; we’re also securing our economy and environment from illicit trade,” Mr Adeniyi stated.
He added that the service’s enhanced focus on high-risk commodities like drugs and wildlife was yielding tangible results through intensified intelligence and technology-driven operations.
“In trade facilitation, the NCS processed 327,928 import declarations representing over 4.9 billion kilograms of goods valued at N14.8 trillion—an increase in both volume and value over Q1 2024. Though export declarations dropped by 24 per cent, the volume of export cargo surged by 348 per cent to over 5 billion kilograms, indicating Nigeria’s shift towards bulk commodity exports.
“The total trade value handled in Q1 2025 stood at N36.3 trillion. That’s proof that despite global economic headwinds, Nigeria remains active and growing in international commerce,” the Customs boss said.
Highlighting modernization efforts, Adeniyi cited the expansion of the indigenous B’Odogwu platform to more commands, the launch of the Authorized Economic Operators programme for trusted traders, and the “Customs Cares” corporate social responsibility initiative, which has already benefited over 2,000 students and 1,000 residents with educational and medical support.
“Results speak louder than plans. Faster clearances through B’Odogwu, trusted traders through AEO, and measurable food price relief from our exemptions—we’re scaling what works.”
Mr Adeniyi noted that the service supported national food security by waiving duties on essential food imports like maize, rice, and sorghum. These exemptions, he said, have contributed to a 12–18 per cent drop in food prices nationwide.
However, he acknowledged persistent challenges including exchange rate volatility—recording 62 rate changes in the quarter—and evolving smuggling tactics.
“From a minimum of N1,477 to a high of N1,569 per USD, the unstable exchange rates affected customs valuations and trade predictability. We’re working closely with the Central Bank and the Finance Ministry to stabilize this,” he said.
On outlook, Mr Adeniyi pledged to deepen modernization and improve service delivery through expanded tech deployment and stakeholder engagement.
“We’re building a smarter, faster, and more transparent Customs Service—one that works for the Nigerian people, protects our economy, and enhances national development,” he concluded.
The Comptroller-General also extended gratitude to Customs personnel, federal authorities, and trade partners, calling for continued cooperation to advance Nigeria’s economic and security interests.
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