NFIU enlists foreign partners against financial crimes

As AGF, CBN, Bagudu decry Nigeria’s listing on FATF list

Nigerian Financial Intelligence Unit (NFIU) has disclosed plans to focus its international collaborations toward tackling money laundering and terrorist financing threats to Nigeria.

Chief Executive Officer of NFIU, Hafsat Bakari, disclosed this, yesterday, in Abuja at the opening sessions of the first NFIU Management Staff Retreat. She maintained that the intelligence unit would focus on countries, where organised criminal groups, ostensibly of Nigerian origin, had damaged the country’s reputation.

“Furthermore, recognising that our remit extends beyond the borders of Nigeria and also that the nature of serious crime is trans-national, and the proceeds of crime knows no borders or boundaries, we have strengthened our international partnerships.” Bakari stated.

She noted that NFIU would also continue to enhance its domestic cooperation in tackling money laundering and terrorist financing, explaining that the primary role of the unit was to ensure that it was able to leverage the multiple sources of information and data it had access to, in order to provide national and international competent authorities with the intelligence required to investigate crimes and prosecute criminals.

According to her, NFIU has also strengthen its technology platforms with the planned deployment of Artificial Intelligence (AI) and machine learning tools to assist in its operational duties in the analysis of information and data to fast-track its processes.

The Unit is already in conformity to the Federal Government policy of a paperless working office environment. Additionally, the Crimes Records Information Management System (CRIMS) has been deployed to more competent authorities and states of the federation to further support information sharing through a secured and encrypted tool,” she said.

She also noted that NFIU would prioritise engagement and collaboration to enhance public-private and private-private partnerships to ensure that it leveraged the depth and breadth of information that hitherto had been held in multiple silos.

In his contribution, the Attorney General of the Federation/Minister of Justice, Lateef Fagbemi, who commended the efforts of the unit in combating ML/TF and proliferation financing, noted that the efforts of the unit remained key to removing Nigeria from the Financial Action Task Force (FATF) grey list, which would be due in May 2025.

Speaking in the same vein, Deputy Governor on Economic Policy at the Central Bank of Nigeria (CBN) Mr Muhammad Sani Abdullahi, said the importance of financial intelligence could not be overstated in safeguarding Nigeria’s vulnerable financial system, which necessitated robust AML/CFT controls.

“Following Nigeria’s grey-listing by the FATF, this retreat underscores the NFIU’s commitment to addressing deficiencies before the deadline. However, gaps remain in ensuring laws and other mechanisms effectively prevent criminals from exploiting the financial system,” he said.

The Minister of Budget and National Planning, Atiku Abubakar Bagudu, charged NFIU and other financial crime agencies to ensure integrity and soundness of the financial systems as the financial integrity of Nigeria’s system would encourage foreign direct investments.

Chairman of National Drug Law Enforcement Agency (NDLEA), Gen. Mohammed Marwa (rtd) said the intelligence provided by the NFIU had contributed to the arrest of over 52,000 drug offenders, including 50 drug barons.