The Nigerian Financial Intelligence Unit (NFIU) said that close to the 2019 general elections, the agency was able to track official transactions to the tune of NFIU 200 billion.
Director and CEO of the Financial Intelligence Unit, Modibo Tukur, revealed this Thursday in Abuja at the Anti-Corruption Situation Room (ACSR) program organized by the HEDA Resource Centre.
Represented by Mr. Badaro Abubakar, Tukur said it clearly showed that there is a relationship between criticism and election fraud in Nigeria.
He pointed out that the agency had already suggested to the government how to reduce these leaks.
Tukur said: “At NFIU, our role is to advise other relevant agencies, we analyze all the transactions that they are going to have, and we pass those reports on to the relevant security agencies.
“We at NFIU, we’re not meant to be seen, we’re just meant to be felt. On our part, we’re doing the best we can.
“Before 2019, every year we used to receive reports of about N100 billion official transactions. But in 2019, to illustrate the relationship between cash and election fraud in Nigeria, in 2019 alone, we had more than N200 billion official transactions. From government accounts. So, now you can see the link between electoral crime and money.”
Tukur explained that one way to close the loopholes is to implement the Terrorism and Financing Act.
He added, “One of them is the Terrorism and Finance Act — no individual can undertake a transaction of more than N5 million in cash. Also, no corporate body can conduct a transaction exceeding N10 million in cash.
Although there are loopholes in the suggestions we have presented to the government, we stick to our position. All these things are being done to reduce all other crimes.”
Speaking, HEDA Chairman Mr Olarenwaju Suraju said that they do not have to wait until Election Day before they start making some necessary public statements.
According to him, “The takeaway from here is that elections are not only rigged on election days, they happen before and we need to start identifying the stakeholders responsible for some of these atrocities or activities.”
Over N200bn of official transactions tracked near 2019 election – NFIU