President Bola Ahmed Tinubu has revealed that the efforts of the Office of the National Security Adviser (ONSA) and the Attorney-General of the Federation have led to the prosecution and conviction of over 100 terrorist financiers in the last two years.

Tinubu made this revelation on Tuesday in Abuja at the National Anti-Money Laundering, Combating Terrorism Financing and Counter-Proliferation Financing (AML/CFT/CPF) Compliance Summit, organised by the Nigerian Financial Intelligence Unit (NFIU).

Represented by the Secretary to the Government of the Federation (SGF), Sen. George Akume, Tinubu noted that through the AML/CFT strategy, the National Anti-Corruption Strategy and the National Drug Control Master Plan, the efforts of key law enforcement and prosecutorial authorities are targeted on disruption of the criminal financial networks.

According to him, the strategies in particular target the most serious offences which have harmed the reputation of the country globally and caused significant difficulties to honest citizens travelling and doing business internationally.

“To enable more effective responses by our law enforcement agencies, this Administration has invested significant resources into their operations, upgrading their human resources and technical capacity. We have also provided an enabling environment that prioritises the rule of law and non-interference in their operations.

“As an outcome of these investments, through the efforts of the Nigeria Police, the EFCC, ICPC and NDLEA the number of investigations and prosecutions being converted into convictions has continued to increase,” he said.

“These investigations are also targeting the organised groups and barons behind these crimes. The ultimate objective is to ensure that we dismantle the entirety of the networks that perpetrate these crimes.

“As we seek to build a globally competitive economy that will enable us to lift and enhance the livelihoods of our citizens, we must recognise the importance of ensuring that the integrity of our financial system is sacrosanct.

“We have made progress to tackle the threats of terrorism and other violent crimes through the gallant action of our frontline troops and our security agencies.

“However, in line with the National Counter-Terrorist Financing Strategy, we have also enhanced our abilities to identify and pursue those individuals that finance these violent acts.

“By taking away the funds, resources and material support behind Boko Haram and ISWAP we are denying them the ability to inflict terror on our communities and citizens. We are creating an environment in which our rural areas will thrive once again.

“This approach of targeting the finance and following the money is recognised as a global best practice in combatting serious crime.

“It is an approach that we are utilising as a fundamental component of our National Strategies to combat serious criminal offences. Beyond terrorist financing, we are effectively targeting the illicit proceeds of criminal activity.”

According to the President, the listing of Nigeria in February 2023 has grave consequences for the economy and the reputational damage is one that stakeholders must all take very seriously.

Earlier in her remarks, the Chief Executive Officer, NFIU, Hafsat Abubakar Bakari, called for stakeholders collaboration for the country to succeed in mitigating risks and safeguarding it’s financial system.

According to her: “The fight against financial crimes is not one that any single entity can win alone. It requires the collective strength and commitment of our political leaders, regulators, financial institutions, law enforcement and security agencies, and international partners.

“Collaboration must be at the heart of our approach if we are to succeed in mitigating risks and safeguarding our financial
system.

“We are united by a common purpose therefore, let us seize this moment to strengthen these partnerships and work towards a shared vision of a sound financial system.

“The presence of such a diverse and distinguished group of stakeholders in the public and private sectors here today is a
testament to the power of collaboration.”

Urging stakeholders not to focus on identifying challenges alone, the NFIU boss called on them to chart a clear path that ensures Nigeria’s financial system remains robust, transparent, and resilient.

She noted that the NFIU will continue to seek and advocate for collaboration and cooperation with strategic partners and relevant stakeholders in the fulfilment of its mandate.

She went on: “In today’s complex business environment, compliance is not just about adhering to laws, it’s about fostering a culture of integrity that drives long-term success.”