President Bola Ahmed Tinubu praised the Nigerian Financial Intelligence Unit (NFIU) for its pivotal contributions to Nigeria’s economic growth, as he opened the 2025 National Anti-Money Laundering, Counter-Financing of Terrorism, and Proliferation Summit in Abuja on Tuesday.
By Chimezie Godfrey
President Bola Ahmed Tinubu praised the Nigerian Financial Intelligence Unit (NFIU) for its pivotal contributions to Nigeria’s economic growth, as he opened the 2025 National Anti-Money Laundering, Counter-Financing of Terrorism, and Proliferation Summit in Abuja on Tuesday.
This year’s summit, themed “Shaping the Future of Financial Integrity in Nigeria: Emerging Trends and Best Practices,” brings together leaders, experts, and practitioners from across Nigeria’s political, financial, regulatory, and private sectors.
Represented by Senator George Akume,
the Secretary to the Government of the Federation (SGF), Tinubu emphasized the NFIU’s role in supporting federal and state revenue-generating agencies with crucial data that bolsters domestic revenue mobilization efforts.
The President underscored the importance of a robust anti-money laundering (AML) and counter-financing strategy as a foundation for a globally competitive economy. Tinubu also highlighted the progress made in tackling money laundering and terrorism financing, emphasizing the significant role the NFIU plays in both domestic financial security and in positioning Nigeria on the global stage.
“Indeed, the NFIU has continued to make valuable contributions to the economic development agenda of this Administration by supporting Federal and State Revenue generating agencies with data to improve domestic revenue mobilisation,” Tinubu said, commending the unit’s efforts to combat complex money laundering and terrorist financing cases.
The NFIU’s work, according to Tinubu, is critical not only in strengthening Nigeria’s AML framework but also in leading efforts within the region and globally to ensure compliance with international standards. As part of Nigeria’s broader commitment to exit the Financial Action Task Force (FATF) grey list by May 2025, the NFIU has been instrumental in gathering intelligence that aids investigations and prosecutions of illicit financial activities.
This summit aims to deepen the collaboration between public and private sector stakeholders in the fight against financial crimes. Tinubu’s address reflects the Administration’s ongoing efforts to build a transparent and efficient financial system, crucial for sustainable economic development.
In her remarks, 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.
