NFIU Vows To Leave No Stone Unturned In Battle Against Money Laundering

NFIU Vows To Leave No Stone Unturned In Battle Against Money Laundering

ABUJA – The Nigerian Financial Intelligence Unit (NFIU) has pledged to thoroughly combat money laundering and other financial crimes in Nigeria….. CONTINUE READING

At the opening session of the 1st NFIU Management Retreat in Abuja, Hajiya Hafsat Bakari, the CEO of NFIU, highlighted the unit’s dedication to collaborating with stakeholders to address financial crimes effectively. She stressed the importance of cooperation and information sharing to outpace criminals.

Bakari revealed that the NFIU aims to remove Nigeria from the Financial Action Task Force (FATF) grey list by May 2025. To achieve this, the unit has established a strong and innovative organizational framework, focusing on high-risk offenses and boosting domestic cooperation to support law enforcement and regulatory actions.

The NFIU has also formed joint task forces and inter-agency committees to enhance collaboration in tackling criminal activities and has engaged with the private sector to utilize its expertise and resources. Additionally, Bakari noted that the NFIU is mentoring Financial Intelligence Units (FIUs) in Liberia, Gambia, and Sierra Leone, aiming to become the second African FATF member state after South Africa.

Bakari acknowledged the support from various stakeholders, including the President, government officials, and international partners, and emphasized the need for continued joint efforts. She said, “Our primary role is to leverage the information and data available to provide competent authorities with the intelligence needed to investigate and prosecute crimes effectively. We will enhance domestic cooperation and contribute in real-time to ongoing law enforcement and regulatory actions.”

Attorney General of the Federation, Lateef Fagbemi, praised the NFIU’s efforts, stating that its work is critical to Nigeria’s exit from the FATF grey list. Brig. Gen. Buba Marwa, retd, Chairman of the National Drug Law Enforcement Agency (NDLEA), commended the NFIU’s quick responses to information requests, which have led to significant recoveries and convictions.

Muhammad Sani Abdullahi, Deputy Governor of the Central Bank of Nigeria (CBN), underscored the significance of financial intelligence in protecting the financial system and pledged CBN’s support for the NFIU’s initiatives.

The 1st NFIU Management Retreat is focused on developing a 5-year strategic plan and improving domestic cooperation to strengthen law enforcement and regulatory efforts. Other speakers, including Abubakar Audi, Commandant General of the Nigerian Security and Civil Defence Corps, also supported the NFIU’s mission and vowed to assist in its efforts.

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