The Nigerian Financial Intelligence Unit, NFIU is seeking collaboration with stakeholders to combat the growing and interconnected web of financial crimes.
Speaking at a roundtable discussion co-organised by the NFIU and the London Stock Exchange Group (LSEG), the Chief Executive Officer of the Nigerian Financial Intelligence Unit (NFIU), Hafsat Abubakar Bakari said there’s need to foster collaboration between public and private stakeholders to counter money laundering, terrorism financing, and the proliferation of illicit activities that destabilise the region.
“These threats are not only complex but also international in nature, taking advantage of gaps in oversight, gaps in regulation, and gaps in enforcement. More importantly, the networks that facilitate these crimes, exploit weaknesses in our ability to work together and share information across all the stakeholders involved in the fight against financial crime. No one organization, public or private has the capacity to confront these challenges in isolation. It’s only through cooperation that we can expect to win.
“Public-Private Partnerships provide a structured and effective platform for the pooling of resources, intelligence, and technologies. They enable stakeholders to align their efforts, share actionable insights, and develop strategies to counter financial crimes at all levels. Financial crimes are rarely confined to national borders.”
Bakari explained that international collaboration initiatives and partnerships with organisations like United for Wildlife and the South African Anti-Money Laundering Integrated Task Force (SAMLIT) has helped strengthen Nigeria’s anti-money laundering and counter-terrorism financing (AML/CFT) framework.
“By learning from international best practices, we are positioning Nigeria as a regional leader in combating not just financial crimes, but the environmental crimes that often fund them,” she noted.
“By working with international partners like the LSEG, Nigeria can enhance its participation in global initiatives against financial crimes, aligning with organizations such as FATF and GIABA.”
Nigeria’s Minister of Interior, Dr Olubunmi Tunji-Ojo in his remarks tasked government agencies active in the financial ecosystem to close ranks and work in synergy to eradicate financial crimes and illicit financial flows in the country.
“Partnership is the essence of collaboration. Partnership is the essence of inter-dependency, and partnership is the essence of unification and working based on a shared value. Nigeria is not a public sector-driven economy and is not a private sector-driven economy. The Nigerian economy is a mixed economy.
“The public partnership is important for us to be who we actually have the capacity to be. Nigeria is a country of potential. I want to see a scenario whereby we work as different entities but with a shared value and, a common goal. I want to see a scenario where the insurance sector is able to collaborate with NFIU, where the insurance sector is able to collaborate with ICRC, collaborate with CAC and other agencies such that any information you get from the insurance sector is information you get from this other. Where there is no hiding place for financial criminals,” he said.
The representative of United for Wildlife and former Head of the South African FIU, Mrs Xoisile Khanyile, in her Goodwill remarks noted that illicit wildlife activities have gone beyond the activities of poachers to now involve money laundering, and the fight against Illicit Wildlife Trade should not be left to conservatives alone.
“Illicit wildlife trade is now a transnational activity with about $100 to $200 billion a year”
“We have to use FIU to follow the money, trace the people generating the billions of dollars from this illicit trade.
Khanyile, called on FIUs to do threat assessment, work with the banking sector, and have the right law amongst others.
The PPPs round table discussion had representatives from the London Stock Exchange Group (LSE), United For Wildlife, CBN, National Insurance Commission NAICOM, Infrastructure and Regulatory Commission ( ICRC) National Information Technology Development Agency( NITDA), Securities and Exchange Commission ( SEC) and Corporate Affairs Commission ( CAC) among others.
Hauwa Abu
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