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EFCC Confirms Nigeria’s Suspension From Financial Intelligence Units

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EFCC Confirms Nigeria’s Suspension From Financial Intelligence Units

The Economic and Financial Crimes Commission (EFCC) on Wednesday inaugurated a committee to reposition the Nigerian Financial Intelligence Unit (NFIU), following its suspension from the Egmont Group of Financial Intelligence Units.

The Spokesman of the commission, Mr Wilson Uwujaren, who disclosed this in a statement, said the commission’s Acting Chairman, Mr Ibrahim Magu, performed the inauguration ceremony in Abuja.

Media reports had said that the suspension of the NFIU, an arm of the EFCC, was due to Nigeria’s failure to provide a legal framework to make the unit independent.

According to reports, the group is also worried by the constant leaking of sensitive intelligence to the Nigerian media, contrary to global best practices the country signed up for.

Nigeria was said to have been given till January 2018 to grant autonomy to the NFIU or risk expulsion from the Egmont Group, which would cut the country off the international financial intelligence loop.

The Egmont Group is a global body of 154 financial intelligence units (FIUs) which serves as a platform for members to share expertise and financial intelligence to combat international money laundering and terrorist financing.

The NFIU is charged with tackling money laundering and monitoring financial flows, a task made easy by its membership of the Egmont Group.

The inauguration of the EFCC committee came hours after the Senate resolved to pass a legislation that would make the unit independent of the EFCC.

Uwujaren said the committee is charged with making recommendations with respect to the funding of the NFIU operations and developing career path for its staff.

It is also mandated to develop protocol for the protection of information and confidentiality, specifically as regards the status of STR information and information deriving from international exchange.

According to him, the committee’s mandate also include developing procedure for processing of information held by the NFIU either deriving from STR or from international exchange for legitimate purposes.

Magu was said to have charged the committee to take a holistic look at the mandate and operations of the NFIU to enable it to evolve proposals to reposition the agency for greater efficiency.

Magu noted that membership of the Egmont Group is critical to Nigeria’s effort to tackle money laundering, and monitor financial flows within and outside the country.

He, therefore, urged the committee to, among others, address the concern of the Egmont Group by providing the necessary frameworks needed to coordinate the process of amending section 1(2)(c) of the EFCC Act, to expressly reflect NFIU as an autonomous unit under the commission.

According to him, this is to provide the legal basis or clarity on its operational independence from the EFCC.

The EFCC spokesman said the committee has as its Chairman, Dr Abdullahi Shehu, a former Director-General of the Inter-Governmental Action Against Money Laundering in West Africa (GIABA).

Members of the committee were drawn from law enforcement, financial and regulatory agencies, including the Nigeria Deposit Insurance Corporation (NDIC) and the Central Bank of Nigeria.

Responding, Shehu expressed delight at the opportunity given to them to serve the country.

“We see this as a call to service and we assure you that we will ensure that we carry out this task judiciously in order to reposition the NFIU, and ensure that it is autonomous, as this will further strengthen the anti-corruption fight”, he said.

 

-PM News

MUSIC

Social Media Reacts As Wizkid’s “Dance” Disappears From Apple Music Top 100

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'Kese (Dance)' disappears from Apple Music Top 100 | fab.ng

On November 18, 2024, fans woke up to the shocking news that Wizkid’s latest single, “Kese (Dance)”, had suddenly vanished from the Apple Music Nigeria Top 100.

Just days ago, the song had been proudly sitting at the number one spot. This abrupt drop sparked widespread speculation, with many fans and industry insiders suspecting that Apple Music had penalized the track for streaming manipulation.

Such drastic deductions often indicate stream deductions or “chart-drinking,” which are common penalties that Apple Music enforces against artificial streaming boosts.

Adding fuel to the controversy is Wizkid’s “Kese (Dance)”, released on November 15, 2024, as the second lead track from his forthcoming album “Morayo”.

Within hours of its release, “Kese” soared to the top of the Apple Music Nigeria Top 100, demonstrating Wizkid’s enduring popularity and dominance on the charts.

However, the unexpected removal of the song from the charts sent shockwaves through social media, leaving fans divided. Some believe Apple Music may have acted to curb stream farming, while others argue it might simply be a technical glitch.

Historically, Apple Music has taken stringent measures to crack down on streaming manipulation, especially against high-profile artists.

This latest move, if confirmed as a penalty, would be one of their strongest actions yet against stream farming. However, the possibility of a glitch cannot be entirely dismissed, as similar occurrences have happened before.

Fans now eagerly watch to see if “Kese (Dance)” will rebound to its previous chart-topping position. A quick recovery would lend credence to the glitch theory.

Meanwhile, a continued absence would suggest that Apple Music has indeed taken a firm stance against streaming irregularities—even against a major act like Wizkid. For now, all eyes remain on the charts to see how this drama unfolds.

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ENTERTAINMENT

AFRIFF 2024: Check Out The Complete List Of Winners

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2024 AFRIFF: The Complete List Of Winners | fab.ng

The 2024 AFRIFF celebrated exceptional African cinema through a vibrant week-long showcase of talent, creativity, and storytelling excellence.

Filmmakers, actors, and cinema enthusiasts gathered from across the continent to participate in screenings, masterclasses, and engaging panel discussions at the 2024 AFRIFF.

This 13th edition of AFRIFF demonstrated unprecedented diversity in African storytelling, featuring compelling narratives that captivated audiences through multiple genres and languages.

In the 2024 AFRIFF, carefully curated selections sparked meaningful conversations about contemporary African experiences while highlighting the continent’s rich cultural heritage.

Also, at the 2024 AFRIFF Globe Awards ceremony, outstanding films earned recognition for their artistic merit, technical excellence, and powerful storytelling.

These winning productions represented various African perspectives, from intimate personal narratives to broader social commentaries.

Let’s explore the complete list of winners who made their mark at this prestigious celebration of African cinema.

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MOVIES

Queen Lateefah Earns N333.7 Million, Ascends To Nollywood’s Top Box Office Rankings

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'Queen Lateefah' earns ₦333.7 million | fab.ng

First and foremost, Wumi Toriola’s film ‘Queen Lateefah‘ has achieved remarkable success, surpassing ₦300 million at the box office and securing its position among Nollywood’s top-performing films.

Subsequently, the film joins other blockbuster successes such as ‘Ajosepo’ (₦257.2 million) and ‘Ajakaju’ (₦252.8 million). Moreover, ‘Queen Lateefah’ now stands as the seventh highest-grossing Nollywood movie to date.

Additionally, it holds the distinction of achieving the highest earnings for a non-December release, a period typically known for peak box office performance.

Throughout its theatrical run, the film has consistently broken records. Initially, it garnered ₦57 million in its opening weekend.

Furthermore, within just three weeks of its premiere, the film exceeded the ₦200 million milestone. By mid-October, consequently, the box office receipts had accumulated to ₦216 million.

Queen Lateefah' grosses enters Nollywood's top box office rankings | Pulse  Nigeria

Under the distribution of Cinemax and the direction of Adeoluwa Owu, the film presents a compelling narrative. Specifically, it follows Lateefah Adeleke, a 30-year-old businesswoman who portrays herself as a world traveller with high social status.

However, her encounter with Jide Rhodes, a 35-year-old businessman, eventually exposes her carefully constructed facade.

In contrast to her claims, Lateefah emerges from a background of extreme poverty as the only child of an illiterate mother.

Finally, the film features a stellar ensemble cast including Kunle Remi, Femi Adebayo, Nancy Isime, Bimbo Manuel, Elvina Ibru, Enioluwa, and Gbugbemi Ejeye.

As a result of these combined elements – compelling storyline, strong performances, and strategic release timing – ‘Queen Lateefah’ continues to demonstrate the growing commercial potential of Nollywood productions.

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