The Nigerian Financial Intelligence Unit (NFIU) has called for stronger strategic partnerships between public and private entities to combat financial crimes and illegal wildlife trafficking.
By Chimezie Godfrey
The Nigerian Financial Intelligence Unit (NFIU) has called for stronger strategic partnerships between public and private entities to combat financial crimes and illegal wildlife trafficking.
This appeal was made during a high-level dialogue organized by the NFIU in collaboration with the London Stock Exchange Group, attended by representatives from financial institutions, non-financial businesses, and various international and local stakeholders.
Speaking at the event, the NFIU Chief Executive Officer, Hafsat Abubakar Bakari emphasized the importance of public-private partnerships (PPPs) in addressing the multifaceted threats posed by financial crimes. “No single organization, whether public or private, has the capacity to tackle the myriad challenges of financial crimes in isolation. It is only through cooperation that we can expect to succeed.
“A prime example of a successful PPP in Nigeria is the Bank Verification Number (BVN) initiative. This partnership between the Central Bank of Nigeria (CBN), and commercial banks has been transformative in combating financial crimes. This initiative has strengthened the nation’s AML/CFT framework and demonstrates the potential of PPPs to deliver systemic impact.
“While the BVN implementation has had tremendous value for our law enforcement and supervisory authorities, I believe we should not rest on our oars. We must continuously seek new innovative approaches, for instance through shared KYC systems, joint analytical teams, shared watchlists and multi-sectoral fusion centres all of which have been used extensively and to great effect in other jurisdictions.
“Another example of the use of PPPs in our national AML/CFT/CPF framework is the effort to combat wildlife crimes, which are increasingly recognized as a significant predicate offence for money laundering. Working with banks, law enforcement and prosecutorial authorities we are making significant strides in combating wildlife trafficking networks that fund and benefit from criminal enterprises that undermine biodiversity. Indeed, these benefits go beyond just biodiversity, because the same networks and routes used to trade illegal wildlife can also be used to facilitate the smuggling of weapons, drugs and other illegal goods and to finance terrorism.
“By incorporating wildlife crime into our PPP agenda today, we ensure that the lessons learned can also benefit other critical stakeholders. I am particularly pleased that this PPP on Illicit Wildlife Trade has benefited from the international expertise of so many partners such as United for Wildlife which has recently launched a West Africa Chapter and established a IWT Charter which the NFIU and ICPC have both signed up to, prioritizing environmental crimes.
“We have also been able to tap into the best practices available through the South African Anti-Money Laundering Integrated Task Force’s (SAMLIT) work on illegal wildlife trafficking and I am grateful that the Chair of United for Wildlife’s Financial Task Force and former Head of the South African FIU is with us again today to share more of these lessons,” Bakari stated.
She added,”These examples showcase the potential of PPPs across various sectors to transform our national, regional and global approach to fighting crime.
“In particular, as we continue to strengthen our national AML/CFT/CPF framework with the intention of exiting the FATF’s grey list next year and ensuring that we have sustained and effective systems that respond to the highest risk threats, PPPs will become increasingly important.
“We, at the NFIU recognize that gatekeepers in the financial and designated non-financial sectors are often the first to become aware of emerging trends and typologies. They have a wealth of intelligence and information that can contribute to more effective law enforcement responses across a variety of predicate crimes. It is therefore critical that we ensure a properly joined up approach, and this is reflected as a priority in our National AML/CFT/CPF Strategy. Therefore, our gathering today could not have come at a better time.
“As we move forward in these round table discussions, I urge all participants to focus on actionable outcomes. Let us brainstorm on concrete actions, delegate authorities and define deadlines that will see the realization of common objectives.”
She stressed that it is possible to create a sustainable system which not only prevents future crimes but also enhances “our efforts in protecting the future of the country by ensuring the resources are used for its progress and establishing an enabling environment for investments in the country”. “
Bakari noted that Public-Private Partnerships provide one of the routes in achieving that objective and the NFIU-LSEG Risk Intelligence partnership demonstrates how such partnerships can be game-changers.
She highlighted the growing complexity and international nature of financial crimes, which exploit regulatory gaps and weaknesses in inter-agency collaboration.
“These crimes undermine economic integrity, threaten security, and facilitate the proliferation of weapons and illicit goods across Nigeria and the region.
“Financial Information Sharing Partnerships provide an effective platform for pooling resources, intelligence, and technologies. They enable stakeholders to align their efforts and develop actionable strategies to counter financial crimes. Such partnerships, the official noted, could involve collaboration between public and private sectors or within private sector entities themselves,” the NFIU Boss explained.
Bakari underscored NFIU’s commitment to fostering collaboration and developing innovative solutions to strengthen Nigeria’s Anti-Money Laundering, Counter Financing of Terrorism, and Counter Proliferation Financing (AML/CFT/CPF) ecosystem.
As financial crimes continue to evolve, stakeholders are urged to remain united in their efforts, leveraging technology and intelligence-sharing frameworks to safeguard national and global economic stability.
The event featured key participants, including Mr. Che Sidanius from the London Stock Exchange Group, Ms. Xolisile Khanyile, Chair of the United for Wildlife Financial Task Force, and representatives from various agencies. Panel discussions explored innovative approaches to tackling financial crime threats and enhancing cross-border cooperation.
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