Buhari Signs Bill Creating Nigerian Financial Intelligence Unit

(Bloomberg) -- The Nigerian Financial Intelligence Act, which sets up a central body for processing intelligence related to financial transactions in the West African country, is now in effect after the bill was signed by President Muhammadu Buhari.

The agency will receive and analyze all financial intelligence and disseminate to appropriate law enforcement organizations, Ita Enang, presidential adviser on parliamentary affairs, said in a statement handed to reporters on Wednesday in Abuja, the capital.

“The act, which makes the unit an autonomous body, makes provision for the exchange of information with financial intelligence institutions or similar bodies in other countries,” Enang said.

To contact the reporter on this story: Elisha Bala-Gbogbo in Abuja at ebalagbogbo@bloomberg.net

To contact the editor responsible for this story: Dulue Mbachu at dmbachu@bloomberg.net

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