Business
Senators Disagree On Bill To Establish Financial Intelligence Centre
Senators have disagreed on
whether the Bill for an Act to establish Nigeria Financial Intelligence Centre (NFIC) should be passed or rejected.
The Bill, which is seeking to establish the centre as a separate agency, independent of the Economic and Financial Crimes Commission (EFCC) had passed second reading at the upper legislative chamber.
It proposes that the centre should be a central body responsible for receiving, requesting, analysing and disseminating financial intelligence reports to relevant agencies in the country.
The Chairman of the Committee on Drugs, Narcotics, Financial Crimes and Anti-Corruption, Sen. Victor Lar, had explained that the objective of the Bill was to vest the proposed centre with full independence and autonomy.
He said the autonomous status being sought for the proposed centre would insulate it from undue interference and manipulation by other authorities as well as strengthen its capacity to effectively deliver on its mandate.
But the Chairman, Committee on Rules and Business, Sen. Ita Enang, opposed the passage of the Bill, saying that it would amount to duplication of EFCC functions.
Enang argued that before the NFIC Bill could be passed, some sections of the EFCC Act must be repealed or amended to avoid conflict.
He said that most of the countries that had an equivalent of EFCC did not have an independent financial intelligence centre as was being proposed for Nigeria.
“I am conscious that this is an Executive Bill. I will only draw attention of the Senate to existing Acts; passing this Bill will amount to repetition of the laws.
“The same people who make up the board of EFCC also make up this board. There are so many service bodies in the financial sector and there are series of others proposed by the Central Bank of Nigeria.
“All these are income consuming. Therefore, it will not add anything substantial to the economy of this country.
“EFCC is working and the financial intelligence unit is the core unit of EFCC. If we remove this unit and make it an agency, what will remain of the EFCC?” he argued.
On his part, Sen. Sadiq Yar’adua wondered why the NFIC should be an independent agency, arguing that most advanced countries had the financial intelligence centre domiciled in their anti-corruption agencies.
The Deputy President of the Senate, Sen. Ike Ekweremadu, said that based on the concerns raised by Enang on the seeming conflict with the extant laws, the senate would find a way to remove such conflict.
Sen. Aloysius Etuk stressed the need for the senate to do everything necessary to combat corruption, arguing that the EFCC lacked the capacity to access financial intelligence reports to tackle corruption.
The Senate President, Sen. David Mark, said that the bill was desirable but that the challenge before the upper chamber was whether the centre should be domiciled in the EFCC or stand as an independent agency.
Mark subsequently ruled that further activities on the Bill should be deferred to another legislative day.
MoniePoint Inc. a digital financial firm in Nigeria, has said it is empowering community pharmacists across the country with innovative payment solutions to improve access to drugs.
The financial firm said it had also provided loans for pharmacists under the aegis of the Association of Community Pharmacists of Nigeria (ACPN) to drive healthcare delivery in the country.
MoniePoint in a release titled, “Inside Nigeria’s community pharmacies: How Moniepoint drives healthcare access with payments and funding”, has reaffirmed its commitment to providing digital payment solutions to improve health outcomes in Nigeria.
The release examined how community pharmacies play a crucial role as vital access points for medical care in Nigeria, especially in areas with limited hospital or clinic access.
According to the release, the ACPN National Chairman, Ambrose Igwekwam, highlighted the critical role played by community pharmacies in Nigeria’s healthcare system over the years.
Igwekwam, however, expressed concerns over the challenges confronting the nation’s pharmaceutical industry which he said was hindering access to affordable medicines.
The pharmacist listed poor infrastructural systems, power, transportation, regulatory bottlenecks, importation dependency, and limited research opportunities as major challenges facing the pharmaceutical sector.
He also stressed the need for robust collaborative efforts with institutions like Moniepoint to strengthen the sector.
“As Nigeria continues to grow, improving local pharma manufacturing to meet the demands of this growth presents a key opportunity for us all.
“There is also the African Continental Free Trade Area Agreement, which is expected to boost our industry, especially when we start producing our drugs locally, which will provide the much needed foreign exchange from exports.
“We are also seeing advancements in digital health and technology which would hopefully deepen the practice of e-prescription in Nigeria”, the ACPN boss said.
Corlins Walter
In order to enhance customer service and streamline operations, the Chartered Insurance Institute of Nigeria (CIIN) has called on stakeholders in the insurance industry to embrace Artificial Intelligence (AI).
The President of the institute, Yetunde Ilori, made this call at the 2024 Office Representatives Committee (ORC) Workshop, organised by the institute, with the theme “AI and the Future of the Insurance Industry”, in Lagos.
Ilori at the event, emphasised the importance of AI adoption, noting that it was not a threat to jobs but rather a tool to improve efficiency across the insurance sector.
“It is not about AI taking over our jobs, but about us using AI to simplify processes and give maximum satisfaction to all the customers we serve whether as underwriters, brokers, loss adjusters, or in educating our members”, she said.
The workshop, which brought players in the insurance sector together, aimed to address how AI could be leveraged to transform business processes and improve customer interactions.
The Chairman of the ORC, Monica Nwachukwu, underscored the role of AI in modernising the industry, adding, “AI can automate customer and claims processes, allowing insurers to provide faster and more efficient services to their customers”.
She explained how AI could help extract data from legacy systems, enhancing decision-making processes.
“By integrating AI with APIs, insurers can feed valuable data into AI solutions to improve operations and customer service”, she added.
In his address, the Managing Partner of A4S and Training Heights, Orlando Odejide, stressed the need for companies to align their strategies with future technologies like AI, especially as they prepare for 2025.
“Any organisation that wants to grow into the future must have its strategic plan in place. If your strategy for 2025 is not ready, it should be done by October”, he advised.
He encouraged participants to think critically about how AI could be integrated into their business models to ensure they remain competitive.
“The idea is for you to use this workshop as a platform to think about your organization and how AI can help streamline your processes and improve growth”, Odejide noted.
In order to gain global respect and recognition, the National Space Research and Development Agency (NASRDA) has reaffirmed its determination to pursue its goal in ensuring that Nigeria’s space capabilities are recognised on the world stage.
The agency also reaffirmed its commitment to positioning Nigeria as a key player in the global space economy.
In a statement by the Director of Media and Corporate Communications, Dr. Felix Ale, NASRDA revealed that the Director-General of the agency, Matthew Adepoju, emphasised this during recent engagements at the 79th United Nations General Assembly and the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) and Global Alliance Business Association international conference in Michigan, United States.
The statement noted that Adepoju outlined a forward-thinking agenda, stressing the importance of Nigeria’s space programme as a leader in research, exploration, and technological innovation.
“Our goal is to ensure that Nigeria’s space capabilities are recognised on the world stage.
“We must foster collaborations with global space agencies to enhance our satellite capabilities and technological infrastructure”, he stated.
The NASRDA boss said the agency is focusing on enhancing satellite capabilities, expanding international collaborations, and leveraging space science for national development.
He said NASRDA will have no stone unturned in pursuit of excellence, ensuring the agency secures the necessary resources and recognition to propel it forward.
“The relationships we build today will pave the way for tomorrow’s advancements in space science.
“Innovation and progress thrive in an environment built on collaboration and inclusivity”, he stated.
He emphasised that with the support of the government, international partners, and a dedicated team, NASRDA is poised to make significant strides in the evolving global space landscape.
“We are on the brink of a new era for Nigeria’s space agency. Together, we will ensure our nation stands out in the global space economy”, he said.
Corlins Walter