NFIU Launches Initiative to Combat Illicit Financial Activities

The Nigerian Financial Intelligence Unit (NFIU) has initiated the Joint Financial Intelligence Collaboration (JFIC) to strengthen financial intelligence sharing and combat illicit financial activities in Nigeria. This initiative was unveiled during a high-level stakeholder engagement supported by the British High Commission and the Convention for Business Integrity (CBi).

The engagement included representatives from regulatory agencies, banks, insurance companies, fintech firms, Virtual Asset Service Providers (VASPs), and technology companies. NFIU Chief Executive Officer Hajia Hafsat Abubakar Bakari, represented by General Counsel Mr. Felix Obiamalu, stated that the initiative has progressed from discussions to practical implementation steps.

The British High Commission's Illicit Financial Flows Officer, Mr. Jehanzeb Khan, emphasized the need for stronger collaboration between government and the private sector. Mr. Olusoji Apampa from CBi noted that the framework would prioritize private-sector involvement in decision-making.

Ms. Xolisile Khanyile, former Chair of the Egmont Group, highlighted the importance of trust and collaboration in addressing financial crimes.