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NFIU seeks support to end financial crimes in Nigeria
From Juliana Taiwo-Obalonye, Abuja
President Bola Tinubu, on Tuesday, disclosed that the federal government has discreetly prosecuted and convicted more than 100 individuals involved in financing terrorism over the past two years.
Represented by the Secretary to the Government of the Federation, George Akume, at the opening of the 2025 National Anti-Money Laundering, Counter-Financing of Terrorism and Proliferation Summit in Abuja, he credited this achievement to the efforts of the National Security Adviser and the Attorney-General of the Federation, emphasising the government’s approach of targeting the financial support systems of terrorist groups such as Boko Haram and ISWAP.
He said: “By taking away the funds and resources behind these groups, we are denying them the ability to terrorise our communities. This approach aligns with global best practices in combating serious crime.”
The administration’s anti-crime initiatives encompass more than just the fight against terrorism financing. Key strategies, including the National Anti-Money Laundering and Counter-Terrorist Financing Strategy, the National Anti-Corruption Strategy, and the National Drug Control Master Plan, are effectively dismantling criminal financial networks.
President Tinubu emphasised that these efforts are designed to tackle crimes that undermine Nigeria’s global reputation and restrict citizens’ ability to engage in international business. His administration has also made substantial investments in enhancing the capabilities of law enforcement agencies such as the Nigeria Police, EFCC, ICPC, and NDLEA. As a result, there has been a notable increase in convictions and a more effective response to organised crime.
The summit also highlighted the crucial role of the private sector in combating financial crimes, with financial institutions, capital market firms, lawyers, and accountants acting as the first line of defence.
President Tinubu noted that “An efficient private sector is crucial to Nigeria’s ambition of becoming a middle-income country,” calling for regulatory predictability and efficiency.
He added that efforts by regulatory agencies, including the Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC), and the National Insurance Commission, have strengthened financial supervision while the Special Control Unit Against Money Laundering within the EFCC has worked to ensure compliance across financial and non-financial businesses.
President Tinubu reiterated Nigeria’s commitment to completing its Financial Action Task Force (FATF) Action Plan by May 2025, aiming to exit the FATF grey list. Beyond this, the administration seeks to build a robust AML/CFT/CPF regime that ensures long-term compliance and effectiveness.
Chief Executive Officer of the Nigerian Financial Intelligence Unit (NFIU), Hafsat Bakari, in her opening remarks, called for stakeholders’ collaboration for the country to succeed in mitigating risks and safeguarding its financial system.
She said: “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.”
She stressed the need for sustainable reforms and continuous improvement.
“The next Mutual Evaluation by GIABA in 2027 presents an opportunity for Nigeria to lead in the global fight against financial crimes,” she said.
Bakari noted that 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,” she said.
Deputy Governor of Financial System Stability at the CBN, Philip Ikeazor, called on stakeholders to approach the fight against financial crimes with urgency and responsibility.
“Together, we can build a resilient and transparent financial system that aligns with global standards,” he stated.