Connect with us

News

Senate passes bill to amend Money Laundering Act   

Published

on

Nigerian Senate
Senate in Session
Share

 

The Senate on Wednesday passed a bill to amend the Money Laundering Act 2011.

The passage of the bill tagged, “Money Laundering (Prevention and Prohibition) Act 2022”,  followed the consideration of a report by the Committee on Anti-Corruption and Financial Crimes.

The provisions of the Money Laundering Bill 2022, makes it mandatory for Banks and other Financial Institutions to report in writing to the Special Control Unit Against Money Laundering under the Economic and Financial Crimes Commission, any single transaction or lodgment in excess of N5 million naira for an individual, and N10 million in the case of a corporate body.

It provides in Section 11(3) that, “any Financial Institution or Designated Non-Financial Business and Profession that contravenes the provisions of this section commits an offence and is liable on conviction to a fine of not less than N250,000 and not more than N1 million for each day the contravention continues.”

In addition, the provisions of the bill in Section 12 prohibits the opening of numbered or anonymous accounts in fictitious names and shell banks.

It provides that any person or financial institution that contravenes the provisions of Section 12 subsections (1), (2) and (3) commits and offence and is liable to imprisonment of not less than 2 years and not more than 5 years in the case of an individual; and a fine of not less than N10 million but not more than N50 million for a Financial Institution, in addition to the prosecution of the principal officers of the body, and winding up and prohibition of its constitution or incorporation.

The provisions of Section 13 further mandates financial institutions and designated non-financial businesses and professions to identify and asses the money laundering and terrorism financing risks that may arise in relation to the development of new products and new business practices.

Chairman of the Committee, Senator Suleiman Abdu Kwari (Kaduna North), in his presentation, said the bill seeks to repeal the institutional and legal framework on money laundering prohibition in Nigeria.

According to him, the amendment to the Money Laundering Act, would “provide for effective and comprehensive legal framework to re-invigorate the fight against money laundering in the country by leaning more on prevention as a useful tool to strengthen the existing legal regime in combating money laundering and other related crimes in the country.”

He added that the re-enactment bill provides appropriate penalties and expands the scope of supervisory bodies to effectively address the challenges faced in the implementation of anti-money laundering laws in Nigeria.

Kwari explained further that, the bill upon becoming law, would provide protection for employees of various anti-graft institutions, and see to the establishment of the Special Control Unit Against Money Laundering under the Economic and Financial Crimes Commission.

He said that the unit when established, would be charged with the effective implementation of the money laundering laws in relation to designated Non-Financial Businesses and or Professions in Nigeria.

“The enactment of this bill will resolve the institutional issues regarding the establishment of the Special Control Unit against Money Laundering under the Federal Ministry of Trade and Investment, being implemented by the Economic and Financial Crimes Commission.

“The bill seeks to introduce certain supervisory and enforcement mechanism, through the imposition of administrative penalties for breach of any requirement imposed by law”, the lawmaker said.

The bill was passed by the upper chamber after consideration by the Committee of the Whole.
 

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Natasha Not Suspended for Sexual Harassment Allegation, But Violation of Standing Orders, Senate Clarifies

Published

on

Nigerian Senate
Senate
Share

The Senate has faulted pervasive claims that one of its members representing Kogi Central, Senator Natasha Akpoti-Uduaghan was suspended for accusing the President of the Senate, Senator Godswill Akpabio of sexual harassment.

Rather, the upper chamber clarified that Akpoti-Uduaghan was suspended specifically due to her flagrant disobedience to Sections 6.1 and 6.2 of the Senate Standing Orders 2023 (As Amended) and her unparliamentary behaviour during its plenaries and proceedings.

The Leader of the Senate, Senator Opeyemi Bamidele made these clarifications in a three-page statement released on Saturday amid the deliberate misinformation and false narratives being circulated by certain media organisations.

Contingent on the report of its Committee on Ethics and Privileges, the Senate had suspended Akpoti-Uduaghan for six months over alleged misconduct and refusal to comply with its sitting arrangement during the plenary.

The Senate upheld her suspension with a proviso that if Akpoti-Uduaghan “submits a written apology, the leadership of the chamber may consider lifting the suspension before the six-month period expires.”

Rather than submitting to the Authority of the Senate, Akpoti-Uduaghan had been misinforming the unsuspecting public that she was suspended because she accused the senate president of sexual harassment.

In a statement he released on Saturday, however, Bamidele clarified that the disciplinary action against Akpoti-Uduaghan was unequivocally a response to her repeated violations of legislative decorum.

In the same vein, the statement further clarified that Akpoti-Uduaghan’s petition on sexual harassment failed to meet the clear and established procedural requirements for submitting petitions to the Senate.

The statement reads in part: “It has come to the attention of the Senate that some media reports are attempting to falsely suggest that Akpoti-Uduaghan’s suspension was due to allegations of sexual harassment.

“This is completely untrue, misleading, and a calculated attempt to distort the facts. If Akpoti-Uduaghan had strictly followed our guiding principles, the Senate would have treated her petition based on merit in line with its practice. But she never obeyed the established practices of the institution where she was serving,” the statement said.

Specifically, the statement revealed that Akpoti-Uduaghan’s suspension was “a decision of the Committee of the Whole Senate, following the submission of a report by the Chairman of the Senate Committee on Ethics and Privileges.”

The statement noted that the report found Akpoti-Uduaghan guilty of violating Sections 6.1 and 6.2 of the Senate Standing Orders 2023 (As Amended) and recommended her immediate suspension.

As established in the findings of the Senate Committee on Ethics and Privileges, the statement pointed out that the disciplinary action was “a response to Akpoti-Uduaghan’s repeated violations of legislative decorum stated as follows:

” Refusing to sit in her assigned seat during plenary on 25th February 2025, despite multiple pleas from the Minority Leader and other ranking Senators—an act of open defiance and disorderly conduct.

“Speaking without being recognized by the presiding officer, in clear violation of parliamentary practices and procedures on 25th February 2025.

“Engaging in unruly and disruptive behavior, obstructing the orderly conduct of Senate proceedings. Making abusive and disrespectful remarks against the leadership of the Senate.

“Defying and refusing to comply with the summons of the Senate Committee on Ethics and Privileges mandated to investigate cases of misconduct,” the statement highlighted violations of the Senate Standing Order 2023 (As Amended) by Akpoti-Uduaghan.

The statement, therefore, noted that these actions represented a direct challenge to the Authority of the Senate and a violation of the Senate Standing Orders 2023 (As Amended) that govern the business of the Senate and the conduct of all its members without any exception.

The statement noted that the disciplinary measure was imperative, necessary and justified to restore order and uphold the integrity of the Senate as the country’s foremost democratic institution.

“Contrary to the false claims being circulated, Akpoti-Uduaghan was not suspended for making any sexual harassment or for submitting a petition. Her petition was rightfully discountenanced because it failed to meet the clear and established procedural requirements for submitting petitions to the Senate.

” The rules of the Senate apply to all members without exception, and no petition—regardless of its subject—can be considered if it does not follow due process. To suggest that her suspension was linked to her petition is not only a distortion of facts but an intentional and malicious attempt to mislead the public,” the statement noted.

While thanking some media organisations for their reporting, the statement urged the media not to distort facts to suit a false narrative expressing dissatisfaction with an attempt to politicise a disciplinary action that was strictly based on clear violations of Senate Standing Orders 2023 (As Amended).

The statement said: ” This coordinated misinformation campaign is nothing more than an attempt to politicise a disciplinary action that was strictly based on clear violations of Senate Standing Orders 2023 (As Amended).

“It is reckless, misleading, and a disservice to the people of the Federal Republic of Nigeria, who deserve truthful and factual reporting. We, therefore, urge all foreign correspondents and responsible media houses to correct these misrepresentations and avoid propagating falsehoods that undermine the integrity of Nigeria’s legislative process.”

 

 

Continue Reading

News

Bill To End HND, BSc Dichotomy Scales Second Reading In The House

Published

on

Federal House of Representatives
Share

A bill to abolish the dichotomy and discrimination between Bachelor’s Degree holders and Higher National Diploma (HND) holders has scaled second reading in the House of Representatives.

According to the Speaker, Tajudeen Abbas, the bill sought to replace HND with Bachelor of Tech so that graduates of polytechnic would be able to compete favourably with other university graduates.

The bill, which was sponsored by a member, Fuad Laguda from Lagos State, also emphasised the importance of technical education.

Speaker Abbas said the position taken by all boards of polytechnics in Nigeria is “the abolition of HND and in place of it to have Bachelor of Technology so that at least graduates of polytechnics will be able to compete with those from universities”.

“At the same time, they are calling for hybrid supervision where the degree component of the polytechnic education will be handled by the NUC (National Universities Commission) while the national diploma will continue to be handled by the NBTE (National Board for Technical Education).

“Because of the degree component of this amendment, they felt that the qualification for being rector should also be upgraded to a Ph.D holder at the minimum since you will now be talking about degree programmes, it is only proper for such kind of establishment to have a Ph.D holder as the head of the institution,” he said.

Abbas subjected the bill to a voice vote and the lawmakers approved it to scale second reading.

 

Continue Reading

News

Tax Reform Bills: Senate To Consider Viable Opinions Of Stakeholders

Published

on

Nigerian-Senate
Nigerian-Senate
Share

The chairman, Senate committee on Finance, Senator Sani Musa, says the Senate will consider viable opinions of all stakeholders in the passage of current Tax Reform Bills .

Senator Musa who stated this during an interview with newsmen in Abuja emphasized the need for Nigerians to be patient for a tax regime that would be beneficial to all and sundry.

He explained that the red chamber would evolve a legislation that is workable in line with international best practices.

Senator Musa told newsmen that president TINUBU needs one trillion dollar economy adding that the proposed Tax regime would outlive every individual including the lawmakers.

Continue Reading