Home / News / Local / Lawan constitutes 13-member adhoc panel to investigate crude oil theft; Receives Buhari’s Money Laundering, Terrorism Prevention Bills
Ahmad Lawan, Senate President

Lawan constitutes 13-member adhoc panel to investigate crude oil theft; Receives Buhari’s Money Laundering, Terrorism Prevention Bills

Ahmad Lawan, Senate President

President of the Senate, Ahmad Lawan, on Thursday, constituted a 13-member Adhoc Committee to investigate oil theft in Nigeria and its impact on petroleum production and oil revenues.

The composition of the panel was announced on the floor at plenary.

Lawan named Senator Bassey Albert Akpan as Chairman of the Committee.

Members on the panel include Senators Yusuf A. Yusuf, Solomon Olamilekan Adeola, Kabiru Gaya, Mohammed Adamu Aliero, George Thompson Sekibo and Gabriel Suswam.

Others are Senators Kashim Shettima, Aliyu Sabi Abdullahi, Ali Ndume, Stella Oduah, Sani Musa and Ibrahim Gobir.

The adhoc committee was given one month to conclude work on investigations and report back to the chamber in plenary.

Meanwhile, the Senate has also received the Money Laundering Bill and Terrorism Prevention Bill transmitted by President Muhammadu Buhari for expeditious consideration and passage.

The bills were accompanied with a letter read at the start of plenary on Thursday by the Senate President, Ahmad Lawan.

President Buhari, in the letter dated 12th April, 2022, said the request for the passage of both bills was pursuant to the provisions of Section 58(2) of the 1999 Constitution as amended.

He explained that the deficiencies in the country’s Anti-Money Laundering/Combating the Financing of Terrorism regime (AML/CFT), makes it imperative for the passage of both bills.

Buhari warned that the non-passage of both bills poses a risk that may lead to the eventual blacklisting of Nigeria by the Financial Action Task Force (FATF).

The letter reads, “Pursuant to Section 58(2) of the 1999 Constitution of the Federal Republic of Nigeria (as amended), I forward herewith, the Money Laundering (Prohibition) Bill, 2022 and Terrorism (Prevention) Bill, 2022 for the kind consideration of the Senate.

“During the recent Mutual Evaluation carried out by the Inter-Governmental Action Group against Money Laundering in West Africa (GABA) there were observed deficiencies in Nigeria’s Anti-Money Laundering/Combating the Financing of Terrorism regime (AML/CFT).

“Following the evaluation, the Ministry of Justice and other relevant stakeholders reviewed said deficiencies and drafted the Money Laundering (Prohibition) Bill, 2022 and Terrorism (Prevention) Bill, 2022.

“Unless these deficiencies are addressed promptly by the National Assembly, in order to bring our legal regime in conformity with Financial Action Task Force (FATF) recommendations, Nigeria will face the risk of a negative public statement blacklisting the country by FATF and this will lead to some negative consequences to our rapidly growing economy.

“In light of the above, the Federal Ministry of Justice reviewed the Money Laundering (Prohibition) Bill and Terrorism (Prevention) Bill currently pending before the National Assembly and have come up with revised versions of the Bills, incorporating the resolutions to the deficiencies pointed out in the Mutual Evaluation Report, thereby bringing Nigeria’s AML/CFT legal regime in conformity with the FATF recommendations.”

 

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