President Muhammadu Buhari and National Security Adviser Babagana Monguno. Photo: State House

President Muhammadu Buhari on Wednesday signed the Nigerian Financial Intelligence Unit bill (NFIU) into law.

The Senior Special Assistant to the President on National Assembly Matters (Senate), Ita Enang, disclosed this while briefing State House correspondents after the Federal Executive Council meeting.

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According to him, NFIU is the Nigerian arm of the global Financial Intelligence Units (FIUs) which was before now domiciled within the Economic and Financial Crimes Commission (EFCC), as autonomous unit and operating in Africa.

He said the NFIU seeks to comply with international standards on combating money laundering and financing of terrorism and proliferations and checking of suspicious transactions, hence need to run independently of EFCC.