The Nigerian Financial Intelligence Unit (NFIU) has vowed to leave no stone unturned in its quest to combat money laundering and other financial crimes in the country.

Speaking at the opening session of the 1st NFIU Management Retreat in Abuja on Monday, the CEO of NFIU, Hajiya Hafsat Bakari, emphasized the unit’s commitment to working with stakeholders to achieve this goal, citing the need for collaboration and information sharing to stay ahead of criminals.

According to her, the NFIU’s efforts aim to remove Nigeria from the Financial Action Task Force (FATF) grey list by May 2025.

To achieve this, Bakari stated that the NFIU has developed a robust and innovative organizational structure, prioritizing high-risk predicate offenses and enhancing domestic cooperation to contribute to ongoing law enforcement and regulatory actions.

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She explained that the unit has also established joint task forces and inter-agency committees to strengthen mutual cooperation in tackling criminal activity and has engaged extensively with the private sector to leverage its expertise and resources.

In addition, Bakari disclosed that the NFIU has mentored other Financial Intelligence Units (FIUs) in the region, including those in Liberia, Gambia, and Sierra Leone, and is working towards becoming the second African member state of the FATF after South Africa.

The CEO also recognized the support of stakeholders, including the President, government officials, and international partners, and pledged to continue working together to achieve their common goal.

Bakari said, “We recognize that without all of you, from the institutions that act as gatekeepers to the competent authorities that follow the money, and the prosecutors and judiciary that ensure appropriate sanctions are applied for violations of the law, our work counts for very little. I believe that if we work together in true partnership, our success is not only possible, it is guaranteed.

“Our primary role is to ensure that we are able to leverage the multiple sources of information and data we have access to, in order to provide national and international competent authorities with the intelligence they require to investigate crimes and prosecute criminals.

“We will continue to enhance our domestic cooperation. Our goal is to be able to contribute on a real-time basis to ongoing law enforcement and regulatory actions.

“We will prioritize engagement and collaboration to enhance public-private and private-private partnerships in order to ensure that we leverage the depth and breadth of information that had previously been held in multiple silos.”

In his remarks, the Attorney General of the Federation, Lateef Fagbemi, commended the NFIU’s efforts, noting that its work is crucial to Nigeria’s exit from the FATF grey list.

“The efforts of the unit will remain key in removing Nigeria from the Financial Action Task Force grey list, which will be due in May 2025,” he said.

Also speaking, Chairman of the National Drug Law Enforcement Agency (NDLEA), Brig. Gen. Buba Marwa (Rtd), lauded the NFIU’s prompt responses to information requests, which have led to significant recoveries and convictions.

“The NFIU’s prompt responses to information requests have led to significant recoveries of hotels, properties, and bank accounts, as well as several convictions,” Marwa noted.

Deputy Governor of the Central Bank of Nigeria, Muhammad Sani Abdullahi, emphasized the importance of financial intelligence in safeguarding the country’s financial system and pledged the CBN’s support for the NFIU’s efforts.

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Sani said, “The importance of financial intelligence cannot be overstated in safeguarding our vulnerable financial system, which necessitates robust AML/CFT controls.

“We must recommit to the country’s development, stay ahead of emerging threats, and embark on this retreat with a shared vision for a sound financial future.”

Other speakers, including the Commandant General of the Nigerian Security and Civil Defence Corps, Abubakar Audi, also commended the NFIU’s work and pledged their support.

Meanwhile, the 1st NFIU Management Retreat aims to develop a 5-year strategic plan and enhance domestic cooperation to contribute to ongoing law enforcement and regulatory actions.