NFIU Launches Framework for Financial Intelligence Sharing

The Nigerian Financial Intelligence Unit (NFIU) has initiated plans to create a Joint Financial Intelligence Collaboration framework to improve financial intelligence sharing between public and private sector institutions. This initiative aims to enhance cooperation among regulators, banks, insurance companies, fintechs, Virtual Asset Service Providers, technology firms, and other stakeholders to identify financial threats and disrupt illicit financial networks.

The NFIU announced this development during a high-level stakeholder engagement supported by the British High Commission, Nigeria, and the Convention for Business Integrity. Felix Obiamalu, General Counsel of the NFIU, emphasized the transition from dialogue to design and implementation of the framework.

Stakeholders will collaboratively determine the operational aspects and sustainability of the partnership. Jehanzeb Khan from the British High Commission stressed the need for stronger public-private collaboration, while Olusoji Apampa from the Convention for Business Integrity highlighted the importance of involving the private sector in decision-making to reflect operational realities.