NFIU Calls for Information Sharing Partnerships to Curb Financial Crimes

The Nigerian Financial Intelligence Unit, NFIU, has identified the need for strategic financial information sharing partnerships between public and private organisations to provide a structured and effective platform for intelligence and technological know-how needed to combat financial crimes in Nigeria.

Chief Executive Officer of the NFIU, Hafsat Bakari made this submission as she highlighted the role of public-private partnerships, PPP, at a stakeholders engagement in Lagos organised by the NFIU in collaboration with the London Stock Exchange Group (LSEG).

Bakari said such partnerships have become imperative to achieve Nigeria’s May 2025 target to exit the Financial Action Task Force (FATF’) Grey list and also have sustainable systems in place afterwards, for tackling financial crimes which have become a threat to the nation.

According to her, “these threats are not only complex but also international in nature, taking advantage of gaps in oversight, regulation, and enforcement. More importantly, the 2 networks that facilitate these crimes, exploit weaknesses in our ability to work together and share information across all the stakeholders involved in the fight.

“We, at the NFIU recognize that gatekeepers in the financial and designated non-financial sectors are often the first to become aware of emerging trends and typologies. They have a wealth of intelligence and information that can contribute to more effective law enforcement responses across a variety of predicate crimes.

“ It is therefore critical that we ensure a properly joined up approach, and this is reflected as a priority in our National AML/CFT/CPF Strategy,” she stated.

Also, the Chair of the United for Wildlife Financial Task Force and former Head of the South Africa FIU, Ms. Xolisile Khanyile explained that to achieve maximum results in the fight against financial crimes using the PPP model, there must be maximum support from the political class with adequate legislation to back it up.

Khanyile said “to prevent a partnership from being disbanded at a later stage, it is critical that it be legislated.”

For his part, the Global Head of Financial Crimes and Industry Affairs of the London Stock Exchange Group, Mr Che Sidanius expressed optimism that with the commitment of government and willingness of the private sector players, Nigeria will be able to build the required capacity needed to tackle financial crimes.

The Public-Private partnerships engagement which had representatives from both financial and non financial sectors is one of many programmes by the NFIU and the LSEG to bring to the fore, more awareness on the fight against financial crimes as well as build up capacity of stakeholders for maximum impact.

Hauwa Abu