NFIU Moves to Take Nigeria Out of FATF Financial ‘Grey List’

Chuks Okocha in Abuja

Nigeria has launched efforts towards being taken out of the Financial Action Task Force (FATF) list of jurisdictions under monitoring and on “grey list” countries.

Chief Executive Officer of the Nigeria Intelligence Unit (NFIU), Hafsat Bakari, disclosed this during the agency’s first management staff annual retreat held in Abuja, yesterday.

She maintained that the agency was working assiduously towards achieving this and ensuring that the country was no longer a hub of money laundering and other financial crimes.

According to her, at the global level, the NFIU would continue to lead Nigeria’s efforts to exit the FATF list of jurisdictions under monitoring, known as the “grey list.”

She further explained that in as much as Nigeria has some remaining steps to take, the agency was confident that with the support of all citizens, the agency would complete all the required steps within the next few months.

“Indeed, the progress that we have made as a country has opened the path for us to become the second African member state of the Task Force in the near future after South Africa.

“The agency has also strengthened its technology platforms with the planned deployment of Artificial Intelligence and Machine Learning tools to assist in operational duties in the analysis of information and data to fast track our processes.

“The agency is already in conformity with the federal government policy of a paperless working office environment.

“The Crimes 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.

“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.

“Apart from being the permanent secretariat for the West African forum of FIUs covering 17-member states in Africa, we have taken a lead role in re-invigorating the Lake Chad and Sahel network of FIUs, which are cooperating to tackle terrorism financing,” she revealed.

On his part, the Attorney General of the Federation, Mr. Lateef Fagbemi, commended the efforts of the unit in combating ML/TF and proliferation financing.

According to him, the efforts of the unit would remain key in removing Nigeria from the FATF grey list due in May 2025.

He acknowledged the efforts of the agency towards putting Nigeria in a more proper financial services perspective.