From Juliana Taiwo-Obalonye, Abuja
Nigerian Financial Intelligence Unit (NFIU), has reiterated its commitment to remove Nigeria from the Financial Action Task Force (FATF) grey list.
The Chief Executive Officer of NFIU, Hafsat Bakari, said this at the opening of the Agency’s inaugural Management Staff Retreat in Abuja. She explained that at the global level, the NFIU is leading Nigeria’s efforts to exit the Financial Action Task Force’s list of jurisdictions under monitoring, known as the ‘grey-list.’
Bakari expressed confidence in completing the remaining steps with stakeholder support, noting that Nigeria’s progress has paved the way for it to become the second African member state of the Task Force after South Africa.
She said the NFIU will focus its international collaborations on increasing cooperation with jurisdictions that pose specific money laundering and terrorist financing threats to Nigeria, particularly countries where organised criminal groups of Nigerian origin have damaged the country’s reputation
FATF had in June approved Nigeria’s third progress report, recognising the country’s commitment to fully implementing the FATF action plan and the continued efforts by the Intergovernmental Action Group Against Money Laundering in West Africa (GIABA) to enhance its technical capacity.
It announced Nigeria’s significant progress in strengthening its anti-money laundering and counter-terrorist financing (AML/CFT) regime, earning upgraded technical compliance ratings from the Financial Action Task Force (FATF) at its June 2024 plenary meeting in Singapore.
Bakari explained that the retreat gives room for the agency to present its strategic five years action plan for the year 2024-2029. She mentioned the numerous contributions the unit makes in mentoring FIUs regionally, which includes Liberia, Gambia etc, recognising the role of the National Security Adviser and the previous heads of the unit.
At the retreat which included senior government officials, law enforcement, and international partners, Bakari emphasised the collective commitment to combat pressing national challenges, such as money laundering and terrorism financing.
She quoted President Bola Tinubu, highlighting the need for decisive action for Nigeria’s welfare. She also outlined the NFIU’s pivotal role in the nation’s financial security framework, advocating for collaboration among all stakeholders to enhance the effectiveness of anti-crime efforts.
She also shared significant achievements since her appointment, reinforcing the NFIU’s mission to safeguard Nigeria’s economic integrity
Bakari also outlined the agency’s proactive measures to address the evolving threats of money laundering and terrorism financing.
She stressed the agency’s robust organisational structure aimed at aligning resources with the most vulnerable economic sectors.
Bakari highlighted recent strategic engagements with various stakeholders, including private sector representatives, to foster collaboration and enhance operational efficiency. These interactions, she said have led to the formation of joint task forces and inter-agency committees focused on combating criminal activities.
She reassured attendees of NFIU’s commitment to continuous improvement, stating that the retreat aims to strengthen domestic cooperation and facilitate real-time contributions to law enforcement efforts.
Bakari underscored the importance of public-private partnerships in leveraging information to combat financial crimes effectively.
Bakari announced plans to gather insights from stakeholders to refine the agency’s performance, adding that NFIU aims to develop an ambitious five-year strategic plan, with key objectives already identified.
She highlighted the establishment of the NFIU training centre, designed to serve as a regional centre of excellence for both public and private sectors across Africa, with support from international partners. Additionally, she detailed advancements in technology, including the integration of Artificial Intelligence and Machine Learning to enhance operational efficiency.
The NFIU’s CEO emphasised the agency’s commitment to strengthening international partnerships to combat transnational financial crimes. She highlighted the NFIU’s leadership role in the West African forum of FIUs, covering 17 member states, and its efforts to reinvigorate the Lake Chad and Sahel network of FIUs to tackle terrorism financing.
At the NFIU management retreat, various dignitaries delivered goodwill messages emphasising the importance of the agency’s role in combating money laundering and terrorism financing.
Attorney General of the Federation/ Minister of Justice, Lateef Fagbami, on his part, commended the NFIU’s efforts, noting their critical role in removing Nigeria from the Financial Action Task Force’s grey list by May 2025. He highlighted the retreat as an essential opportunity for reflection and reaffirmed the commitment to renewing partnerships with the unit.
Chairman of the National Drug Law Enforcement Agency (NDLEA), Brig. Gen. Mohamed Buba Marwa (retd), praised the agency for its timely responses, which have led to significant recoveries and convictions. He assured ongoing collaboration, particularly in tracing funds linked to drug trafficking, while urging the NFIU to enhance its response times.
Deputy Governor of Economic Policy at the Central Bank of Nigeria, Muhammad Abdullahi, stressed the importance of financial intelligence in safeguarding the financial system. He called for robust anti-money laundering controls and emphasised the need for collaboration to achieve Nigeria’s FATF membership.
Commandant of the Nigerian Security and Civil Defence Corps, Gen. Abubakar Audi, highlighted the NFIU’s contributions to identifying suspects and illegal activities, while also advocating for improved information dissemination through the Crime Report Information Management System (CRIMS).
Minister of Budget and National Planning, Atiku Bagudu underscored the NFIU’s role in protecting the financial system’s integrity, which is vital for generating revenue to fund Nigeria’s Agenda 2050.
The Commissioner for Insurance at NAICOM reaffirmed the unit’s strategic partnership in combating financial crimes, expressing commitment to removing Nigeria from the grey list by 2025.
The Executive Vice-Chairman of the National Communication Commission acknowledged the NFIU’s vital role in financial crime prevention and expressed optimism for continued collaboration.
The retreat served as a platform for stakeholders to strengthen partnerships and strategise on combating financial crimes, ensuring a unified approach towards enhancing Nigeria’s financial integrity.