NFIU Flags N150tn Deal, EFCC Tracks Candidate Spendin



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The Nigerian Financial Intelligence Agency has reported over N150 trillion in suspicious transactions between January 2022 and March 2022, according to a suspicious transactions/activity report published on Sunday. The development came as officials at the Economic and Financial Crimes Commission and NFIU said they had stepped up scrutiny of campaign spending by political parties and their candidates ahead of the 2023 elections. EFCC and NFIU sources say their staff are conducting a series of joint operations to uncover multiple questionable spending by political parties, candidates and top mayors. . The NFIU, formerly a division of the EFCC, is the central state agency responsible for coordinating the country’s anti-money laundering, anti-terrorist financing and anti-proliferation financing frameworks. The EFCC also deployed staff to track candidates’ election expenses and monitor their bank accounts as part of an anti-money laundering effort ahead of the general election. It was noted that the development was also intended to stop the movement of large sums of money disguised as election expenses by candidates and their political parties. According to the latest NFIU report, N150tn suspicious transactions were reported by banks, insurance companies, microfinance banks, wealth management firms, brokers, and other financial institutions.According to the report, there was a 23% increase in suspicious transactions in the first quarter of this year compared to the same period last year. Banks alone accounted for 2,810,213 of the 2,845,927 suspicious transactions registered by financial institutions in the first quarter of this year, according to NFIU activity statistics. By law, financial institutions and designated non-financial institutions are required to submit SAR/suspicious activity reports to the NFIU under the provisions of the Anti-Money Laundering Act of 2011. It contains details of known or suspected violations of law or suspicious activity. Banks reported STRs of 2,810,213 during this period, according to the NFIU report. 14,810 commercial banks; 8,237 asset managers. Microfinance Banks, 3,258. Other Financial Institutions, 2,729. insurance companies 2,474; major mortgage institutions 1,911 and stockbrokers 1,333. The other is insurance broker 467. Trustee, 264. Finance Company, 176. Development Finance Institutions, 35. financial institutions 10 and underwriters 10;

Samuel Alexander

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