NFIU urges PPP to combat smuggling, financial crimes

The Nigeria Financial Intelligence Unit (NFIU) has called for a Public-Private Partnership (PPP) to curb networks facilitating the smuggling of weapons, drugs, and other illegal goods into the country.

Chief Executive Officer Hafsat Abubakar Bakari made the appeal in Lagos during a dialogue organised by the NFIU and the London Stock Exchange Group, which focused on fostering collaboration between public and private entities to tackle key financial crime threats in Nigeria and across Africa.

Bakari noted that criminal networks have historically been used for illicit activities, including wildlife trafficking, which undermines biodiversity. She disclosed that the NFIU is working with banks, law enforcement, and prosecutorial authorities to dismantle such networks.

Highlighting international collaboration, she stated that the illicit wildlife trade initiative has benefited from partners like United for Wildlife, which recently launched a West Africa chapter and an IWT Charter.

She added that the NFIU and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) are prioritising environmental crimes.

Bakari emphasised the need for a sustainable system to prevent crimes and protect Nigeria’s resources, creating an environment conducive to investment. She stressed that financial information-sharing partnerships enable stakeholders to align efforts, share intelligence, and develop strategies to counter financial crimes.

Citing the Bank Verification Number (BVN) initiative as a successful PPP example, she said it has transformed Nigeria’s anti-money laundering framework. “While BVN has been impactful, we must explore innovative approaches like shared KYC systems, joint analytical teams, and multi-sectoral fusion centres,” Bakari said.

She also highlighted the growing recognition of wildlife crimes as a predicate offence for money laundering, reiterating the importance of PPPs in strengthening Nigeria’s financial crime framework.