NFIU to clampdown on criminals damaging Nigeria's reputation

Nigerian Financial Intelligence Unit (NFIU) has disclosed plans to focus its international collaborations towards increasing cooperation with jurisdictions that pose specific money laundering and terrorist financing threats to Nigeria.

Chief Executive Officer of NFIU, Hajiya Hafsat Bakari who disclosed this on Monday in Abuja at the opening sessions of the 1st NFIU Management Staff Retreat, maintained that the intelligence unit will focus on countries where organised criminal groups, ostensibly of Nigerian origin, have damaged the country’s reputation.

“Furthermore, recognising that our remit extends beyond the borders of Nigeria and also that the nature of serious crime is transnational, and the proceeds of crime know no borders or boundaries, we have strengthened our international partnerships,” Bakari stated.

Bakari noted that the NFIU will also continue to enhance its domestic cooperation in tackling money laundering and terrorist financing.

She explained that the primary role of the unit is to ensure that it can leverage the multiple sources of information and data it has access to, to provide national and international competent authorities with the intelligence they require to investigate crimes and prosecute criminals.

According to her, the NFIU has also strengthened its technology platforms with the planned deployment of Artificial Intelligence (AI) and Machine Learning tools to fast-track its processes.

“The Unit is already in conformity to the federal government policy of a paperless working office environment,” Bakari said.

“Additionally, the Crime Records Information Management System (CRIMS) has been deployed to more competent authorities and states of the federation to further support information sharing through a secured and encrypted tool.”

She noted that the NFIU will prioritise engagement and collaboration to enhance public-private and private-private partnerships and ensure that it leverages the depth and breadth of information that has hitherto been held in multiple silos.

“This allows us to prioritise our response to the highest risk predicate offences in our country and enables us to better serve our stakeholders and partners with timely, credible and actionable intelligence, as well as facilitating more effective cooperation with all of them.”

Also speaking at the event, the Minister of Budget and National Planning, Atiku Abubakar Bagudu, charged the NFIU and other financial crime agencies to ensure the integrity and soundness of the financial systems, as the financial integrity of Nigeria’s system will encourage foreign direct investments.

He charged them to work towards improving Nigeria’s financial ratings, as this would bring confidence to the foreign investors confidence to come into Nigeria and balance the budget deficit.

While also speaking at the event, the chairman of the National Drug Law Enforcement Agency (NDLEA), Gen Mohamed Marwa (rtd), said the intelligence provided by the NFIU has contributed to the arrest of over 52,000 drug offenders, including 50 drug barons.

He pledged that the NDLEA would work with the NFIU to tackle illicit financial flows through illicit drugs.