The Nigerian Financial Intelligence Unit (NFIU) is intensifying its efforts to combat financial crimes by adopting advanced technology and fostering global collaborations. This initiative is part of a broader strategy to remove Nigeria from the Financial Action Task Force (FATF) grey list, where the country was placed in February 2023 due to deficiencies in its anti-money laundering (AML) and counter-financing of terrorism (CFT) measures.
At a high-level conference in Lagos, organized in partnership with the London Stock Exchange Group (LSEG) Risk Intelligence, NFIU’s General Counsel, Felix Obiamalu, announced the establishment of a specialized unit, the “Emerging Technologies and Innovations Sector.” The unit aims to integrate cutting-edge tools to monitor, track, and combat financial crimes.
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“Criminals exploit gaps in the system, but we are upgrading our capabilities through automation and partnerships with global software developers to stay ahead,” Obiamalu stated. He emphasized the critical role of LSEG’s sophisticated risk intelligence tools, underscoring the necessity of collaboration in addressing AML/CFT challenges.
The conference also highlighted the economic consequences of Nigeria’s greylisting, with Che Sidanius, LSEG’s Global Head of Financial Crime, noting its impact on foreign direct investment and the country’s international reputation. “The commitment from the government and private sector to address these issues is evident, which is a critical first step,” Sidanius said, advocating for enhanced data utilization and capacity building.
NFIU CEO Hafsat Bakari emphasized a coordinated approach to combating financial crimes, stating that collaboration between public and private sectors is crucial. She cited the Bank Verification Number (BVN) initiative as an effective example of a public-private partnership bolstering Nigeria’s AML/CFT framework.
“No single organization can tackle financial crime challenges in isolation. Structured cooperation and information sharing are essential to building a sustainable framework,” Bakari remarked.
The conference, which brought together stakeholders from the public and private sectors, reinforced the need for a unified strategy to strengthen Nigeria’s AML/CFT systems and ensure long-term resilience against financial crimes.
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