By Chimezie Godfrey
In a strong message at the opening session of the 2025 National Anti-Money Laundering, Counter Financing of Terrorism and Proliferation (AML/CFT/CPF) Summit, President Bola Ahmed Tinubu announced that Nigeria has successfully prosecuted and convicted over 100 terrorist financiers in the last two years.
The country’s intensified efforts to dismantle criminal financial networks have played a key role in combating terrorism, particularly targeting groups such as Boko Haram and ISWAP.
President Tinubu represented by the Secretary to the Government of the Federation (SGF), Senator George Akume, emphasized the government’s commitment to protecting Nigeria’s financial system from both domestic and international threats, which he argued is essential for building a globally competitive economy. He highlighted the importance of financial integrity, noting that efforts to disrupt the financial networks supporting terrorism are a central part of Nigeria’s broader national security strategy.
“By taking away the funds, resources, and material support behind Boko Haram and ISWAP, we are denying them the ability to inflict terror on our communities,” said Tinubu, underscoring the importance of “following the money” in combatting terrorism.
The president also addressed Nigeria’s ongoing efforts to improve its regulatory frameworks, mentioning that the country is working hard to meet its commitments in the Financial Action Task Force (FATF) Action Plan to exit the FATF grey list by May 2025. Tinubu assured that the administration is fully committed to addressing all identified deficiencies in the country’s anti-money laundering and counter-financing of terrorism framework.
The country has made significant strides, with law enforcement agencies like the Nigeria Police, the EFCC, ICPC, and NDLEA securing a growing number of convictions. These agencies are now better equipped, following substantial investments in human resources and technical capacity.
The president also acknowledged the crucial role played by the private sector in safeguarding Nigeria’s financial system, urging banks, accountants, and lawyers to work collaboratively with the government to counter illicit financial activities.
As the summit progresses, President Tinubu urged all stakeholders to remain vigilant and committed to strengthening Nigeria’s financial integrity, ensuring a safer and more prosperous future for its citizens.
Speaking at the auspicious occasion, the NFIU Chief Executive Officer (CEO), Hafsat Abubakar Bakari highlighted the critical role of the summit in strengthening Nigeria’s financial system and promoting compliance within the nation’s financial sector.
Bakari emphasized that the presence of international partners at the summit underscores the importance of global collaboration to protect financial systems from abuse by criminals and non-state actors. She also quoted President Bola Ahmed Tinubu, who called for unity across the nation despite differences, a message Bakari believes is vital for the collective effort against financial crimes.
The CEO pointed to the findings of the 2019 Mutual Evaluation Report by the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA), which revealed weaknesses in Nigeria’s AML/CFT/CPF framework and led to the country’s placement on the FATF’s grey list.
Bakari acknowledged that while the grey-list designation posed challenges, it also spurred critical reforms. She commended the NFIU’s partnership with key stakeholders in addressing these deficiencies, noting that much progress had been made in improving compliance mechanisms and enhancing inter-agency cooperation.
Bakari further emphasized that the summit aims to solidify a “compliance-first” culture across Nigeria’s financial institutions. She stressed the importance of continuous improvement and innovation, particularly in leveraging technology to strengthen data-sharing mechanisms and risk assessments. The summit’s discussions will also focus on improving the country’s approach to managing contagion risks and fostering greater cooperation between regulators and industry stakeholders.
Concluding her remarks, Bakari urged all attendees to approach the summit with an open mind and a collaborative spirit, committed to making meaningful changes to protect Nigeria’s financial system.
She reiterated the need for collective action, quoting Mark Sanborn’s saying, “In teamwork, silence isn’t golden; it’s deadly.” Bakari’s message reinforced the importance of unity and determination in ensuring Nigeria emerges as a global leader in financial integrity.
