The Director, Nigerian Financial Intelligence Unit, Mr. Francis Usani, on Thursday expressed hope that the world financial intelligence body, Egmont Group of Financial Intelligence Unit, would lift its suspension on Nigeria early next year.

Usani said Vice President Yemi Osinbajo, in collaboration with the relevant committees of the National Assembly, had found a solution to the legal issues raised by the Egmont Group.

He spoke at the opening ceremony of the 28th Plenary Meeting of the Inter-Governmental Action Group Against Money Laundering in West Africa, also known as GIABA, held in Abuja.

The Speaker of the House of Representatives, Mr. Yakubu Dogara; Attorney General of the Federation and Minister of Justice, Mr. Abubakar Malami (SAN); and other stakeholders, who also attended the event, called for collaboration among West African nations and other poor nations against money laundering, terrorism and other trans-border crimes.

The Egmont Group had suspended the NIFU from its activities on July 5, 2017.

Following the suspension, the NFIU was disconnected from the Egmont Secure Website, a platform used for the exchange of intelligence among members.

The development constitutes a setback to the anti-corruption and economic recovery efforts of the Federal Government.

In his welcome address at the GIABA Plenary Meeting on Thursday, Usani said the suspension of Nigeria by the Egmont Group had hampered the activities of the NFIU, Nigeria’s foremost financial intelligence sharing unit.

But he said Nigeria had now come up with a solution that would address the legal issues raised by the group.

The Egmont Group had demanded that Nigeria amend its relevant laws or enact a new law that would guarantee the operational independence of the NFIU, which is currently domiciled within the Economic and Financial Crimes Commission.

The group had given Nigeria up till December 2017 to address the problem or risk an outright expulsion.

Expressing hope that Nigeria would soon be reinstated by the group, Usani said, “Distinguished guest and colleagues, as we pursued our achievements, we encountered challenges, amongst which was the recent suspension of the Nigerian Financial Unit from the fold of the Egmont Group.

“This suspension, by no less means, has negatively impacted our activities at the NFIU.

“But despite this negative impact, we remain resolute and undaunted to remain focus in the fight against money laundering and terrorist financing; as usual of us, we have risen to the challenge to address the legal framework of the NFIU as directed by the Egmont Group.

“Under the coordination of the Vice President of the Federal Republic of Nigeria and the relevant committees of the National Assembly, Nigeria has come up with a solution that will adequately address all the legal issues raised by the Egmont Membership Support Compliance Working Group; we are hopeful that by the next Egmont Group meeting early next year, Nigeria would have addressed these challenge and the suspension will be lifted.”

While declaring the GIABA meeting open, Dogara stated that Nigeria was fully committed to complying with the required global standards required “by demonstrating political support to the relevant competent authorities in the country so as to deepen the anti-money laundering and combatting the financing of terrorism culture in Nigeria.”

He decried the negative impact of terrorist activities, including those of Boko Haram in West Africa.

The AGF, who was represented by one of his special assistants, Mr. Sylvester Imhanobe, said money laundering and terrorist financing had corrosive effect on the country’s socio-economic and political well-being, “deprives the human society of essential sustainable growth and development and compromises the stability, transparency and efficiency of our financial systems, thus undermining economic prosperity.”

The Director-General, GIABA, Col. Adama Coulibaly, commended President Muhammadu Buhari for his commitment to the promotion of the values of integrity and good governance as well as for the relentless fight against the scourges of transnational organised crimes, including money laundering, terrorist financing and other related crimes, particularly corruption.