Nigerian Financial Intelligence Unit Act, 2018 Download

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NIGERIAN FINANCIAL INTELLIGENCE UNIT ACT, 2018

EXPLANATORY MEMORANDUM

This Act establishes the Nigerian Financial Intelligence Unit as the central body in Nigeria...

responsible for requesting, receiving, analysing and disseminating financial intelligence

reports and other information to all law enforcement, security and intelligence agencies and

other relevant authorities.

NIGERIAN FINANCIAL INTELLIGENCE UNIT ACT, 2018

Arrangement of Sections

Section:

PART I-OBJECTIVES OF THE ACT

1 Objectives.

PART. II-ESTABLISHMENT OF NIGERIAN FINANCIAL INTELLIGENCE UNIT

2 Establishment of Nigerian Financial Intelligence Unit.

3 Functions of the Unit.

4 Powers of the Unit.

PART III-MANAGEMENT AND STAFF OF THE UNIT

5 Director of the Unit.

6 Delegation of powers by the Director.

7 Other staff of the Unit.

8 Security screening of employees of the Unit.

9 Service in the Unit to be pensionable.

10 Establishment of departments, special units and technical units.

PART IV-FINANCIAL PROVISIONS

11 Fund of the Unit.

12 Expenditure of the Unit.

13 Estimates, accounts and audit.

14. Annual report.

PART V-SUPERVISION AND MONITORING BY THE UNIT

15 Database of reporting institutions.

16 Account surveillance.

17 Meaning of account surveillance directive.

18 Disclosure of confidential information.

19 Joint inspections by the Unit and relevant supervisory authorities.

20 Entry and inspection.

21 Maintenance of reporting standards.

PART VI-APPLICATION OF COUNTER - MEASURES AND RISK MANAGEMENT

22 Application of financial action task force's counter-measures

23 Conduct of risk assessment.

PART VII - LEGAL PROCEEDINGS

24 Limitation of suits against the Unit.

PART VIII - MISCELLANEOUS

25 Administrative penalties.

26 Review and appeal procedures.

27 Obstruction of the Unit or authorised officer.

28 Regulations and guidelines.

29 Dissolution of the Nigerian Financial Intelligence Unit.

30 Transitional and savings provisions.

31 Consequential amendments.

32 Interpretation.

33 Citation.

NIGERIAN FINANCIAL INTELLIGENCE UNIT ACT, 2018

A Bill

For

An Act to establish the Nigerian Financial Intelligence Unit as the central body in Nigeria

responsible for receiving, requesting, analysing and disseminating financial intelligence

reports and other information to law enforcement, security and intelligence agencies and

other relevant authorities; and for related matters.

[

]

Commencement

ENACTED by the National Assembly of the Federal Republic of Nigeria-

PART I-OBJECTIVES OF THE ACT

1. The principal objectives of this Act are to

(a) establish the Nigerian Financial Intelligence Unit;

(b) create the legal, institutional and regulatory framework to ensure

-transparency, effective and efficient management, administration and operation of the Nigerian Financial Intelligence Unit;

(c) institutionalise best practices in financial intelligence

management in Nigeria;

(d) strengthen the existing system for combating money laundering

and associated predicate offences, financing of terrorism and proliferation of weapons of mass destruction;

(e) make provision for the Unit to exchange information with

Financial Intelligence Institutions or similar bodies in other countries in matters relating to money laundering, terrorist financing activities and other predicate offences; and

(f) to make the Unit an autonomous body.

PART II-ESTABLISHMENT OF NIGERIAN FINANCIAL INTELLIGENCE UNIT

2. (1) There is established the Nigerian Financial Intelligence Unit (in this Act referred to

as "the Unit") charged with the responsibility for receiving, requesting, analysing

and disseminating financial intelligence reports on money laundering, terrorist financing and other relevant information to law enforcement, security and intelligence agencies and other relevant authorities.

(2) The Unit is independent and operationally autonomous in the discharge of its duties

and performance of its functions under this Act.

Objectives.

Establishment of Nigerian Financial Intelligence Unit.

(3) For purposes of institutional location, the Unit shall be domiciled in the Central Bank

of Nigeria.

(4) The Unit shall serve as the Secretariat to the Inter-Ministerial Committee on Anti-

Money Laundering (AML) or Counter-Financing Terrorism (CFT) in accordance with Intergovernmental Action Group Against Money Laundering in West Africa (GIABA) resolution and is responsible for the coordination of the activities of the Inter-Ministerial Committee (IMC).

(5) The Unit shall, in accordance with the provisions of regulation 4 (d) of the Terrorist

Prevention (Freezing of International Terrorist Funds and Other Related Measures) Regulation, 2013 serve as the Secretariat to the Nigerian Sanctions Committee.

3. (1) The functions of the Unit are to

(a) receive, request, analyse and disseminate financial intelligence

reports on money laundering, terrorist financing and other relevant information to law enforcement, security and intelligence agencies and other relevant authorities;

(b) receive and collect currency transactions reports, suspicious

transactions reports and any other information, including records of wire transfers relevant to money laundering, financing of terrorism, proliferation of weapons of mass destruction and associated predicate offences from financial institutions, designated non-financial institutions, law enforcement agencies, security agencies, anti-corruption agencies and relevant regulatory and administrative authorities;

(c) analyse, process, interpret and assess the information and reports

received under paragraph (b) and undertake strategic and operational analysis in relation to them;

(d) disseminate spontaneously, and upon request, information and

the results of analysis, related to money laundering, terrorist financing, proliferation of weapons of mass destruction, associated predicate offences or other unlawful activity has taken place, is taking place or is about to take place in a secured manner to law enforcement agencies, security agencies, regulatory agencies and other competent authorities;

(e) advise the supervisory authorities as it considers appropriate to

combat money laundering, financing of terrorism, proliferation of weapons of mass destruction and associated predicate offences;

(f) maintain financial intelligence network with regulatory authorities, law enforcement and security agencies, anti-

Functions of the Unit.

Terrorism (Prevention) Act;

Act No. 10, 2011.

(g) assist in the identification of the proceeds of unlawful activities,

the combating of money laundering, the financing of terrorism and proliferation of weapons of mass destruction, and related activities;

(h) make information collected and analysed by it available to

investigating, security and law enforcement agencies to facilitate the administration and enforcement of relevant laws;

(i) exchange information with. financial intelligence units, law

enforcement agencies, anti-corruption agencies and competent authorities in other countries regarding money laundering, the financing of terrorism and proliferation of weapons of mass destruction, and associated predicate offences;

(j) respond to requests for information by law enforcement and

security agencies and other competent authorities;

(k) maintain a comprehensive, secured financial intelligence

database for the storage of information and intelligence to enable the Unit exchange the intelligence with law enforcement agencies, security agencies, regulatory authorities, anti- corruption agencies in Nigeria and financial intelligence units and competent authorities in other countries with mandate to fight financial crimes;

(1) advise the Government, law enforcement and security agencies,

supervisory authorities, and reporting institutions on the prevention of money laundering, the financing of terrorism and proliferation of weapons of mass destruction, and associated predicate offences;

(m) develop and implement policies and procedures to guide the

sharing of financial intelligence in a confidential and secured manner;

(n) monitor compliance by reporting institutions, and advise

supervisory authorities as to the discharge by those institutions with regards to their obligations under this Act;

(o) monitor and undertake studies and risk assessments on emerging

trends and patterns on money laundering, the financing of terrorism and proliferation of weapons of mass destruction, and associated predicate offences;

(p) maintain comprehensive statistics on matters relevant to the

effectiveness and efficiency of money laundering financing of terrorism and proliferation of weapons of mass destruction and

:

associated predicate offences, including statistics on suspicious transactions received and disseminated, money laundering and terrorist financing investigations, prosecutions and convictions, property frozen, seized and confiscated, mutual legal assistance or other international requests for cooperation;

(q) receive and provide feedback, general or specific, on the value

of information reported by reporting institutions, regulatory authorities, law enforcement and security agencies and any other competent authority;

(r) direct the monitoring of accounts, transfers and any other means

of payment or transfer of funds; and

(s) do such other things as are necessary or expedient for the

attainment of the objectives of the Unit under this Act.

4. (1) The Unit may -

(a) enter into memoranda of understanding or such other

arrangements as will enable the Unit perform its functions effectively in Nigeria and with financial intelligence units and other competent authorities in other countries;

(b) collaborate with other regulatory authorities, law enforcement

and security agencies, and self-regulatory bodies in Nigeria and other countries in combating money laundering, financing of terrorism and proliferation of weapons of mass destruction and associated predicate offences;

(c) review anti-money laundering, counter terrorism financing,

proliferation of weapons of mass destruction counter-measures and associated predicate offences on a regular basis in consultation with regulatory authorities and competent authorities;

(d) disseminate, spontaneously and upon request, information and

results of its analysis to relevant competent authorities and with financial intelligence units in other countries with or without a memorandum of understanding;

(e) receive, collect and analyse reports concerning transactions

mentioned under the Money Laundering (Prohibition) Act, the Terrorism Prevention Act and any other relevant law;

(f) demand statistics of cases, convictions and feedback on

intelligence provided to law enforcement, security and anti- corruption agencies, regulatory authorities and other competent authorities;

Powers of the Unit.

Act No. 11, 2011. Act No. 10, 2011

(g) request for and collect any other information as the Unit deems

necessary in order to perform its functions under this Act; and

(h) do such other things as are necessary or expedient for the

effective and efficient performance of its functions under this Act, any other relevant law, rule or regulation.

(2) The Unit may access or request for additional information from relevant-reporting

institutions and regulatory authorities, law enforcement and security agencies, and anti-corruption agencies required to perform its functions.

(3) The Unit shall initiate, develop or improve on specific training programmes for its

officers, reporting institutions, relevant supervisory authorities, law enforcement and security agencies, and other bodies charged with the responsibility for the prevention, detection, investigation, prosecution and adjudication of offences under any relevant law or regulation.

(4) The Unit shall, in developing the training programmes referred to in subsection (3),

consult with the relevant regulatory authorities, law enforcement and security agencies.

(5) The Unit shall develop policies and guidelines on the security of information and

procedure for the maintenance of confidentiality of information provided by competent authorities, deriving from foreign jurisdictions or reporting institutions or obtained in any way by the Unit.

(6) The Unit shall by regulations provide sanctions against officers who breach the

security and confidentiality policies.

PART III-MANAGEMENT AND STAFF OF THE UNIT

5. (1) There shall be for the Unit a Director to be appointed by the President, subject to Director of the Unit.

confirmation by the Senate.

(2) The Director shall -

(a) be the chief executive and accounting officer of the Unit;

(b) have at least a recognised degree in any of the areas of law,

humanities, management or any of the social sciences with 15 years cognate experience;

(c) be responsible for the day-to-day administration and

management of the Unit and the keeping of books and records of the Unit; and

(d) perform such other functions as are assigned to him under this

Act or any other law.

(3) The Director shall hold office for a term of five years in the first instance and may

be eligible for re-appointment for another term of five years and no more.

(4) The office of the Director shall become vacant where -

(a) his term of office expires;

(b) he resigns from his office by a notice in writing addressed to the

President;

(c) he becomes of unsound mind or incapable of carrying out his

duties due to physical or mental illness;

(d) has been declared bankrupt;

(e) has been convicted of a felony, fraud or any offence involving

dishonesty; or

(f) is guilty of gross misconduct relating to his duties;

(5) Notwithstanding the provisions of subsection (4), the President may remove the

Director from office subject to confirmation by the Senate that the Director can no longer carry out his duties as provided under this Act.

6. (1) The Director may delegate any of his functions and powers under this Act to any Delegation of powers by

competent officer of the Unit and may instruct any employee to perform any of the the Director. functions assigned to the Unit under this Act.

(2) A delegation or instruction under subsection (1) shall be subject to the limitations or

conditions that the Director may impose, and does not relieve the Director of the ultimate responsibility concerning the exercise of the delegated power or the performance of the assigned function.

(3) The Director may confirm, vary or revoke any decision taken by an employee in

consequence of a delegation or instruction under subsection (1).

7. (1) The Unit may appoint directly such professional, technical and other staff as it may Other staff of the Unit.

consider necessary to assist the Unit in the effective and efficient performance of its functions under this Act.

(2) The staff of the Unit appointed under subsection (1) shall be appointed on such terms

and conditions as are applicable to law enforcement agencies, security agencies and related services in Nigeria.

(3) The Unit shall, with the approval of the Minister and other appropriate authorities,

make staff regulations and determine conditions of service, including allowances, pensions and other benefits, and disciplinary control, as are appropriate for its employees.

(4) The Unit shall publish regulations made under subsection (3) in such manner as it

may determine.

(5) The Unit shall, for the purpose of achieving maximum efficiency in the performance

of its functions set out in this Act, institute schemes for the training of its staff.

8. (1) A person shall not be appointed to perform any of the functions of the Unit unless-

Security screening of employees of the Unit. (a) the information with respect to that person has been gathered in a security screening by the State Security Service; and (b) the Unit, after evaluating the information gathered, is satisfied that the person may be so appointed or seconded without the possibility that he might be a security risk or that he might act in any way prejudicial to the objectives or functions of the Unit. (2) The Director may, at any time and in line with the staff regulations after consultation with the Board, subject a person referred to in subsection (1) to further security screening as contemplated in subsection (1) (a). 9. (1) Service in the Unit is pensionable service for purposes of the Pension Reform Act, Service in the Unit to be and employees of the Unit are, in respect of their services, entitled to pensions and pensionable. other retirement benefits as are enjoyed by persons holding equivalent grades in the Act No. 4, 2014. Public Service of the Federation. (2) Notwithstanding the provisions of subsection (1), nothing in this Act shall prevent the appointment of a person to any office on terms which preclude the grant of pension in respect of that office. (3) For the purpose of the application of the Pension Reform Act, any power exercisable Act No. 4, 2014 by a Minister or other authority of the Government of the Federation (not being the power to make regulations under the Pension Reforms Act are vested in, and is exercisable by, the Director. 10. (1) The Unit shall establish departments, special units and technical units for the Establishment of effective and efficient performance of its functions and exercise of its powers under departments, special this Act. units and technical units. (2) All the departments, special units and technical units shall discharge such duties as may be required in the exercise, performance or carrying out of the powers, functions and duties of the Unit under this Act. PART IV-FINANCIAL PROVISIONS 11. (1) There is established for the Unit, a fund (in this Act referred to as "the Fund") into Fund of the Unit. which shall be credited - (a) take off grants and other subventions received from the Government of the Federation; (b) budgetary allocations approved by the National Assembly for the purpose of the Unit; and (c) grants, gifts or donations from international organisations and dom nor agencies, provided that the terms and conditions attached

to a grant, gift or donation are not inconsistent with the functions of the Unit and shall be disclosed to the National Assembly.

(2) The Fund shall be managed in accordance with financial regulations applicable in the Public Service of the Federation.

12. The Unit may apply the proceeds of the Fund for the -

Expenditure of the Unit. (a) cost of administration of the.Unit;

(b) reimbursement of members of any committee set up by the Unit

for-such-expenses as may be authorised in accordance-with the rates approved by the Government of the Federation;

(c) payments of salaries, fees and other remunerations or

allowances, payable to employees, experts or professionals appointed by the Unit;

(d) the maintenance of any property acquired or vested in the Unit;

and

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(e) any matter connected with all or any of the functions of the Unit

under this Act.

13. (1) The Unit shall, not later than 30th August in each financial year, prepare and present Estimates, accounts and to the National Assembly a statement of estimates of income and expenditure for audit. the following financial year.

(2) Notwithstanding the provisions of subsection (1), the Unit may, where necessary

due to unforeseen circumstances, submit supplementary or adjusted statements of estimates of income and expenditure to the National Assembly for approval.

(3) The Unit shall keep proper and regular accounts and other records of money received

and paid by the Unit and of the several purposes for which the money has been received or paid, and of its assets, credits and liabilities.

(4) The Unit shall do all things necessary to ensure that all payments out of its Fund and

bank accounts are correctly made and properly authorised and that adequate control is maintained over the assets in its custody and over the expenditures incurred by the Unit.

(5) The Unit shall, within the first four months of each financial year, submit its

accounts for audit to auditors appointed by the Unit from the list and in accordance with guidelines approved by the Auditor-General for the Federation.

14. The Unit shall, not later than six months after the end of each year --

Annual report. (a) submit to the National Assembly a report on the activities of the

Unit, including evaluation reports received and of money laundering and terrorist financing trends and its administration during the preceding year; and

(b) include in the report, the audited accounts of the Unit and the

auditor's comments on them for the preceding year.

PART V-SUPERVISION AND MONITORING BY THE UNIT

15. (1) The Unit shall hold a secured central database of all reporting institutions.

Database of reporting institutions. (2) In order to populate and maintain the database referred to in subsection (1) -

(a) supervisory authorities shall provide to the Unit details of every

reporting institution supervised by them; and

(b) self-regulatory organisations shall provide details of every

member registered by them for the purposes of the Money

Act No. 11, 2011. Laundering (Prohibition) Act and Terrorism (Prevention) Act. Act No. 10, 2011. (3) The details referred to in subsection (2) are, where applicable, the-

(a) registered name of the institution;

(b) address of the head office of the institution;

(c) addresses of branches of the institution;

(d) nature of the business of the institution;

(e) beneficial owner of the institution;

(f) contact details for the institution;

(g) number of employees of the institution;

(h) date on which they were registered; and

(i) name of the individual within the institution who is responsible

for making reports of the type referred to in subsection (2) (a).

(4) Where the data referred to in subsection (3) is held in a computer database it shall

be transmitted to the Unit in such a format as to be transferable to a similar computer database within the Unit.

16. (1) The Director may, in line with operational procedures of the Units, issue a directive

placing an account under surveillance if he is satisfied that the account relates to a financial intelligence inquiry that is being conducted by the Unit.

(2) The directive referred to in subsection (1) may be issued where-

(a) the amount is, or related to, an account that has been the subject

of a report referred to in the Money Laundering (Prohibition) Act;

(b) the account is or related to, an account that has been the subject

of a report referred to in section 14 of the Terrorism (Prevention) Act;

(c) the account is, or is related to an account, that is subject to an

inquiry in relation to money laundering, the financing of terrorism, the proliferation of weapons of mass destruction or associated predicate offences being conducted on behalf of a foreign financial intelligence Unit; or

(d) there are reasonable grounds to believe that the owner of the

account or any other person connected to the account is suspected to have -

(i) committed a money laundering offence within the

provisions of the Money Laundering (Prohibition) Act,

Account surveillance.

Act No. 11, 2011.

Act No. 10, 2011.

Act No. 11, 2011. (ii) committed a terrorism financing offence under the

Terrorism (Prevention) Act,

Act No. 10, 2011.

(iii) property constituting or derived from unlawful activity,

(iv) property constituting the instrumentalities of unlawful

activity, or

(v) derived a benefit from unlawful activity; or

(e) there are reasonable grounds for believing that material which

may be provided in compliance with the directive is likely to be of substantial value, whether or not by itself, to the financial intelligence inquiry for the purposes of which the directive is sought.

17. (1) An account surveillance directive referred to in section 16 of this Act is an instruction Meaning of account surveillance directive. to a financial institution to -

(a) subject a specified account or accounts held in a financial

institution under close scrutiny by that institution;

(c) report any transaction concerning that account to the Unit in the

manner, place and time as may be specified in the directive; and

(c) provide account information of the description specified in the

directive to an appropriate officer of the Unit in the manner, place and time stated in the directive.

(2) An account surveillance directive shall not exceed a period of 90 days commencing

from the date of the directive.

18. (1) A person who -

Disclosure of confidential (a) makes a disclosure which is likely to be detrimental to an information. investigation or a financial intelligence inquiry under this Act; or (b) falsifies, conceals, destroys or disposes of, or causes or permits

the falsification, concealment, destruction or disposal of documents which are relevant to an inquiry by the Unit or a financial intelligence inquiry under this Act, commits an offence and is liable on conviction - (a) in the case of an individual to a fine of not less than N500,000

or imprisonment for a term of not less than two years or to both; and (b) in the case of a financial institution or other body corporate,

to a fine of not less than N50,000,000.

(2) An officer of the Unit who discloses or causes to be disclosed any information which

may have come to his possession during the course of his duties in the Unit or is detrimental to an inquiry or a financial intelligence inquiry under this Act, commits an offence.

(3) An officer of the Unit who contravenes subsection (2), commits an offence and is

liable on conviction to imprisonment for a term of not less than five years without option of fine and dismissal from office.

19. (1) The Unit shall, conduct regular inspections of reporting institutions, jointly with the Joint inspections by the Unit and relevant relevant regulatory authority or by itself, to ensure their compliance with this Act, supervisory authorities. the Money Laundering (Prohibition) Act and the Terrorism (Prevention) Act. Act No. 11, 2011. (2) Any inspection referred to subsection (1) shall take place at normal working hours. Act No. 10, 2011. (3) The Unit shall obtain copies and extracts from any recorded information found under

subsection (1) which it considers relevant for the performance of its analytical functions or inquiries into the transactions of an entity or a subject.

(4) An officer may exercise powers under this section only in connection with the

performance by the Unit of its functions under this Act.

20. (1) In carrying out the joint inspection referred to in section 19 of this Act, the officer Entry and inspection.

of the Unit together with the relevant regulatory authorities shall - (a) enter the premises; (b) inspect the premises; (c) observe the carrying on of business or professional activities

on the premises; (d) inspect any recorded information found on the premises; (e) require any person on the premises to provide an explanation

of any recorded information or to state where it may be found; or (f) inspect any cash found on the premises. (2) Copies and extracts from any recorded information found under subsection (1) may

be made in the course of carrying out the inspection under section 19 of this Act.

(3) Subsection (1) (d), (e) and (2) do not apply to recorded information where a person

would be entitled to refuse to disclose on grounds of legal privilege.

(4) An officer may exercise powers under this section only in connection with the

performance by the Unit of its functions under this Act.

(5) In this section, "premises” means any premises other than premises used solely as a

dwelling.

21. (1) The Unit shall ensure that all details referred to in section 15 (2) of this Act are fit Maintenance of for the purpose for which they were intended. reporting standards. (2) In the event that the details mentioned in subsection (1) is found to be inadequate in

any respect, the Unit shall reject it.

PART VI-APPLICATION OF COUNTER-MEASURES AND RISK MANAGEMENT

22. The Unit shall advise supervisory authorities on compliance with the Financial Action Application of Financial Action Task Force's Task Force's counter-measures. counter-measures
23. (1) The Unit is responsible for the identification, assessment and compilation of reports Conduct of risk assessment. on risks of money laundering, terrorist financing and proliferation of weapons of mass destruction. (2) The Unit shall - (a) consult with relevant Government agencies and reporting institutions in developing enforcement measures, guidelines and policies necessary for the mitigation of the risks of money laundering, terrorist financing and proliferation of weapons of mass destruction; and (b) advise relevant supervisory authorities on the application of

risk-based approach by reporting entities in the conduct of customer due diligence depending on identified risks in money laundering, terrorist financing and proliferation of weapons of mass destruction, risks in relation to the customer, transaction, country or geographical area and product and services involved in the business transactions.

PART VII - LEGAL PROCEEDINGS

24. Subject to the provisions of this Act, the provisions of the Public Officers' Protection Limitation of suits against the Unit. Act shall apply in relation to any suit instituted against the Director or any member of staff of the Unit.

Cap. P41, LFN, 2004. PART VIII-MISCELLANEOUS

25. (1) A person or institution who has an obligation to report under this Act and

Administrative penalties. (a) breaches any of the requirements of this Act; or (b) fails to comply with any notice, order or direction given by the Unit pursuant to the provisions of this Act, is liable to pay such administrative penalty as may be prescribed under regulations made under this Act. (2) The Unit shall not impose a penalty on a person or an entity under subsection (1) where there are reasonable grounds to show that the person took all reasonable steps and exercised all due diligence to ensure compliance. (3) In deciding whether a person or entity has failed to comply with a requirement of this Act, the Unit shall consider whether the person or entity followed any relevant guidance which was at the time issued and approved and published in a manner approved by the Unit. (4) Where the Unit decides to impose a penalty under this section, the affected person or entity shall be notified of the - (a) decision to impose penalty and the amount; (b) reasons for imposing the penalty; (c) right of review; and (d) right to appeal against the decision.

(5) A penalty imposed under this section is payable to the Unit not later than two

working days from the date of the award an interest of 10% shall accrue each day once the award is due for payment and not discharged.

(6) The procedures set out in section 26 of this Act shall apply in relation to a review

or an appeal under this section.

(7) For the purpose of this section, "appropriate penalty" means effective, proportionate

and dissuasive sanction.

26. (1) A person who is the subject of a decision of the Unit to impose administrative Review and appeal procedures. penalties, may by notice to the Unit request for review of the decision. (2) The Unit shall review the decision if the request for review is submitted within 30 days from the date of the decision. (3) The Unit may confirm, revoke or vary the decision and take such further steps, if any, as may be considered appropriate in the circumstance. (4) The review under subsection (2) of this section shall be concluded within 14 working days but where the Unit is unable to conclude the review within 14 working days, the decision is deemed to have been confirmed subject to an appeal under subsection (5). (5) An appeal from a person affected by the review of the decision of the Unit imposing

administrative penalties shall lie to the Federal High Court. 27. (1) A person who willfully obstructs the Unit or any authorised officer in the Obstruction of the Unit or authorised officer. performance of its functions or of its powers conferred by this Act or any other law, commits an offence and is liable, on conviction - (a) in the case of an individual, to imprisonment for a term of not less than three years or a fine of N200,000.00 for every day the obstruction persists; and (b) in the case of an entity, a fine of N1,000,000.00 for every day that the obstruction persists. (2) Any other regulatory authority may, on the recommendation of the Unit, withdraw the licence of any person or entity who contravenes the provisions of subsection (1). 28. (1) The Minister may