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Economic and Financial Crimes Commission (EFCC)

Economic-and-Financial-Crimes-Commission-EFCC

The Economic and Financial Crimes Commission (EFCC) is a Nigerian law enforcement agency that investigates financial crimes such as advance fee fraud (419 fraud) and money laundering. The EFCC was established in 2003, partially in response to pressure from the Financial Action Task Force (FATF) on money laundering, which named Nigeria as one of 23 countries non-cooperative in the international community's efforts to fight money laundering.

Recent Posts in Economic and Financial Crimes Commission (EFCC)

Court asks CBN, banks to freeze accounts without BVN

2017-10-24 10:18 AM | by Nigeria Compliancehub

A Federal High Court in Abuja has ordered the Central Bank of Nigeria and the 19 commercial banks in the country to freeze any account without Bank Verification Number.

It also ordered them to disclose all accounts in their custody and the balances in such accounts, their owners and their proceeds… Read more

PenCom explains delay in gratuity payment

2017-10-24 10:05 AM | by Nigeria Compliancehub

Some retirees under the Contributory Pension Scheme (CPS) have yet to receive gratuity due to unfunded Defined Benefit Scheme (DBS) backlog owed by the Federal Government.

The Acting Director-General of the National Pension Commission (PenCom), Mrs Aisha Dahir-Umar, made this known in an interview with the News Agency of Nigeria (NAN)… Read more

Fuel subsidy returns, as FG incurs N586m daily

2017-10-24 9:55 AM | by Nigeria Compliancehub

There are indications that the Federal Government has started incurring N586 million daily as fuel subsidy, following the rise in crude oil price from $49 to $58 per barrel in the international market between August and October this year. 

Investigations by Vanguard showed that unlike… Read more

CBN unveils framework for BVN, Watch-list operations

2017-10-20 10:34 AM | by Nigeria Compliancehub

Central Bank of Nigeria (CBN) has released a regulatory framework for Bank Verification Number (BVN) operations and watch-lists for Nigerian financial system, in the quest to develop and enhance security of electronic payment systems in the country.

The framework was communicated by the apex bank, yesterday, in a circular dated October… Read more

NAICOM moves to enforce compulsory insurance of public buildings

2017-10-20 9:43 AM | by Nigeria Compliancehub

To drive the enforcement of the compulsory insurance of public buildings across the country, The National Insurance Commission (NAICOM)  in Abuja has inaugurated a technical committee.

The committee was inaugurated by NAICOM’s Commissioner for Insurance, Mr Mohammed Kari, and it has membership drawn from NAICOM, the Federal Fire Service (FFS) from… Read more

SEC orders suspension of Oando shares, audit of firm

2017-10-20 9:35 AM | by Nigeria Compliancehub

The Nigerian Stock Exchange, on Wednesday, suspended trading on the shares of Oando Plc as directed by the apex regulator, the Securities and Exchange Commission. SEC also said it planned further investigation and audit of the firm.

Some shareholders of Oando, in separate interviews, called for the suspension of the management… Read more

SON reduces product registration time to 60 days

2017-10-16 1:10 PM | by Nigeria Compliancehub

The Director-General, Standards Organisation of Nigeria (SON), Mr. Osita Aboloma, has said 60 days will, henceforth, be the deadline for product registration, adding that it aligns with the government policy on ease of doing business.

Speaking during a sensitisation forum between SON and Alaba Electrical Dealers Association of Nigeria (EDAN) in… Read more

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