Concerned about the expansion of the networks fueling money laundering, terrorism financing, and organised financial crime in the country, Nigerian and global leaders from the public and private sectors are closing ranks to tackle the menace.
At a Public-Private Partnership (PPP) Roundtable at the Continental Hotel, Victoria Island, Lagos, jointly organised by the Nigerian Financial Intelligence Unit (NFIU), the British Council, and Pattison Consulting Limited, the stakeholders charted a path to curbing financial crime in Nigeria.
They advocated five strategic actions, which include establishing a unified intelligence-sharing platform, harmonising financial regulations to close loopholes, adapting global enforcement models to Nigerian realities, providing corporate incentives for compliance and launching nationwide public awareness campaigns.
Speaking at the event, the Chief Executive Officer (CEO) of NFIU, Hafsat Abubakar Bakari, called for stronger, smarter, and sustained collaboration between government and businesses to “cut off the financial lifelines of criminal enterprises.”
“We are facing well-financed, highly networked criminals who operate without borders,” Bakari warned. “The only way to win is to combine our intelligence, resources, and enforcement power, while learning from proven global models. This is not just a talk shop; it is a launchpad for real action.”
Managing Director of Pattison Consulting, Pattison Boleigha, also described the roundtable as “a critical turning point,” pledging to extend the fight against illicit finance to banks, fintechs, corporates, and every sector vulnerable to money laundering.
“These crimes are organised, borderless, and adaptive. We must out-think and out-innovate the criminals,” he said, adding that Pattison Consulting would keep driving training, policy guidance, and multi-sector collaboration to close operational gaps.
On his part, British Council’s Head of Illicit Finance, Jehanzeb Khan, said financial crime has become a global and complex threat, making Nigeria’s emerging PPP model a template worth replicating internationally.
General Counsel at the NFIU, Felix Obiamalu, acknowledged that Nigeria was “just waking up” to the scale of the threat, noting that the country could leapfrog enforcement capacity by applying best practices from India, the UK, South Africa, Australia, and Singapore.
In his remarks, Dr. Nicholas Ryder of the University of the West of England showcased international models for financial crime prevention and case studies from ‘cliff countries’ – jurisdictions pushed to the brink of collapse by entrenched corruption and illicit flows.
He urged Nigeria to adopt real-time intelligence sharing, robust legal frameworks, and preventive risk mapping to avoid similar pitfalls.
For the Finance Manager at Nairabet, Afolabi Dipo, the event was an eye-opener.
“This forum revealed the hidden ways criminals siphon funds from organisations and national treasuries. The strategies here are practical tools every financial institution must adopt. This is a vital step towards sustainable victory over these criminals,” Dipo said.
