• The Economic and Financial Crimes Commission (EFCC) says it has mounted surveillance on politicians and political parties over campaign funding and spending
• Also, the Nigeria Financial Intelligence Unit (NFIU) said it tracked suspicious transactions amounting to N150 trillion in three months
• NFIU said the transactions were reported by banks, financial institutions, and asset managers, among others
The Nigeria Financial Intelligence Unit (NFIU) has flagged suspicious transactions to the tune of N150 trillion between January to March 2022, as per the report by its Suspicious Transaction Report/Suspicious Activity Report released on Sunday, November 20, 2022.
The development comes amid a statement by the Economic and Financial Commission EFCC saying they had increased watch over campaign spending as the 2023 elections approach.
Top Presidential candidates, Obi, Atiku and Tinubu Credit: Pius Utomi Source: Getty Images
NFIU, EFCC traces huge transactions
Accordion to multiple sources from the EFCC and NFIU, their personnel are carrying out a series of joint operations to close in on several suspicious spending by parties, candidates and top party stalwarts.
NFIU, formerly under the EFCC, is the major national agency responsible for coordinating Nigeria’s anti-money laundering, counter-terrorism financing and counter-proliferation funding frameworks.
NFIU, formerly a unit under the EFCC, is the central national agency responsible for coordinating the country’s anti-money laundering, counter-terrorist financing and counter-proliferation financing frameworks.
Additionally, the anti-corruption agency has deployed operatives to follow candidates’ campaign spending and watch their bank accounts as part of the moves to fight money laundering in the guise of candidates’ spending.
The Punch report said the NFIU reported that the N150 trillion suspicious transactions were reported by banks, insurance firms, microfinance banks, assets management firms, brokers and other financial institutions.
According to the latest NFIU report, the N150tn suspicious transactions were reported by banks, insurance firms, microfinance banks, assets management companies, brokers and other financial institutions.
Banks record highest suspicious transactions
However, of the suspicious transactions recorded, banks accounted for 2,810.213 out of the 2,845,927 suspicious transactions recorded.
Financial and non-financial institutions designated by law are required to file a Suspicious Transactions Report/Suspicious Actit=vity Report with NFIU showing known or purported violations in line with the provisions of the Money Laundering Prohibition Act of 2011.
The NFIU said banks reported 2,810,213 STR, Merchant Banks 14,810, asset management firms 8,237, Microfinance banks 14,810, financial institutions 2,729, insurance firms 2,474, mortgage institutions, 1,911 and stock brokers 1,333.
According to the NFIU report, during the review period, banks reported 2,810,213 STRs; merchant banks, 14,810; assets management companies, 8,237; micro-finance banks, 3,258; other financial institutions, 2,729; insurance companies, 2,474; primary mortgage institutions, 1,911 and stock brokers 1,333.