The Chief Executive Officer of the Nigerian Financial Intelligence Unit (NFIU), Hafsat Abubakar Bakari, has reiterated the importance of Public-Private Partnerships (PPPs) in strengthening Nigeria’s fight against financial crimes.
By Chimezie Godfrey
The Chief Executive Officer of the Nigerian Financial Intelligence Unit (NFIU), Hafsat Abubakar Bakari, has reiterated the importance of Public-Private Partnerships (PPPs) in strengthening Nigeria’s fight against financial crimes.
Speaking at a roundtable discussion co-organized by the NFIU and the London Stock Exchange Group (LSEG), she emphasized that collaboration between public and private stakeholders is essential to counter money laundering, terrorism financing, and the proliferation of illicit activities.
In her keynote speech, Bakari highlighted the interconnected and transnational nature of financial crimes, which exploit gaps in oversight, regulation, and enforcement. “No single organization, public or private, has the capacity to confront these challenges alone. Only through cooperation can we expect to win,” she asserted.
Bakari lauded the success of the Bank Verification Number (BVN) initiative as a prime example of PPPs yielding significant results. The collaboration between the Central Bank of Nigeria (CBN) and commercial banks has enhanced transparency, reduced identity fraud, and strengthened Nigeria’s anti-money laundering and counter-terrorism financing (AML/CFT) framework.
She called for further innovation, including shared Know-Your-Customer (KYC) systems and joint analytical teams, to amplify these gains.
The CEO also spotlighted efforts to combat wildlife crimes as part of Nigeria’s AML/CFT/CPF framework. She detailed how financial intelligence from banks, law enforcement, and prosecutorial agencies has supported initiatives led by the Ministry of Environment and the National Environmental Standards and Regulations Enforcement Agency. These efforts aim to disrupt wildlife trafficking networks that fund broader criminal enterprises.
Bakari praised the international collaboration underpinning these initiatives, including partnerships with organizations like United for Wildlife and the South African Anti-Money Laundering Integrated Task Force (SAMLIT). “By learning from international best practices, we are positioning Nigeria as a regional leader in combating not just financial crimes, but the environmental crimes that often fund them,” she noted.
Looking ahead, she urged stakeholders at the roundtable to focus on actionable outcomes and concrete strategies, emphasizing the need to establish clear timelines and responsibilities.
In conclusion, Bakari reaffirmed that fighting financial crime is a collective responsibility. “Public-Private Partnerships provide a sustainable system to prevent future crimes, ensure resources are used for progress, and create an enabling environment for investments,” she said.
The NFIU-LSEG Risk Intelligence partnership, she added, stands as a testament to the transformative potential of such collaborations in addressing complex global challenges.
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