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NFIU collaborates with NCC to detect financial infractions

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The Nigerian Financial Intelligence Unit (NFIU) is set to sign a Memorandum of Understanding (MoU) with the Nigerian Communications Commission (NCC) to open vista of relationship for the benefit of the country.

The Director and Chief Executive Officer of the NFIU, Mr. Modibbo Tukur, made this assertion during a courtesy visit to the management of NCC on Thursday in Abuja.

Tukur explained that the visit was to explore greater areas of collaboration and institute the process that will lead to signing of the MoU.

He further said that the need for greater collaboration was underscored by the plan to introduce a common currency in West Africa and other emergent financial phenomena like Cryptocurrency.

The director, who led a delegation of management staff of the NFIU, said that the analysis was incomplete without telephone data even when there were quite a number of crimes committed with non-registered SIM cards.

“Though, we have special detection tools for transactions involving unregistered SIM cards. We have seen a number of crimes committed with non-registered SIM cards.

“We seek special collaboration with NCC because of the great works NCC is doing in this regard as a competent authority and key ally in the detection of financial infractions,” he said.

Tukur commended NCC for imposing sanctions with the most conscientiousness of honour with its integrity intact and for not putting itself solely at the mercy of the integrity of self-disclosure of stakeholders.

He described NCC as the flagship of integrity in public service.

According to him, the commission had worked in a transparent and collaborative manner with stakeholders to drive the growth in telecoms and other sectors of the economy.

Keep Naira clean

“It is on record that NCC has imposed the highest level of financial sanction than any regulatory authority in Nigeria,” Tukur said.

In his response, the Executive Vice Chairman (EVC), NCC, Prof. Umar Danbatta promptly announced the composition of NCC membership of the technical committee that would work with NFIU to achieve a better working relationship.

“NCC recognises its role as the infrastructure of other infrastructure and sectors of the economy hence the commission needed an upgrade to handle the issue of common currency and other issues of digital transformation,’’ Danbatta said.

He put the above in perspective when he informed the NFIU Chief Executive that a 10 gigabyte per second point of access capacity in each of the 774 local government areas will be a great start to guarantee a good Internet speed.

He said that the flagship public sector regulatory organisation was always gratified to find that what it does continue to spur the birth of new vision in other sectors, and also enhancing the growth of the economy.

He, however, expressed the commitment of NCC to doing everything necessary to uplift Nigeria and enlist the country as a central player in the ongoing digital transformation of the global economy.
“Players in the Nigerian telecom ecosystem must stick to the rules of engagement.

“SIM card registration is irrevocable and non-negotiable. We are about to undertake another audit process to ensure there is compliance by all stakeholders.

“Each time an additional service debuts to ride on existing infrastructure, it tends to degrade the quality of service,” he emphasised.

NFIU was a global financial intelligence unit and its objectives was to ensure that Nigeria complies with international standards on combating money laundry, financing of terrorism and weapons of mass destruction.

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