NFIU Engages Private Sector to Combat Financial Crimes

The Nigerian Financial Intelligence Unit (NFIU) has convened a high-level stakeholder engagement in Abuja, rallying banks, fintechs, insurers, and other private-sector entities to strengthen collaboration in detecting and disrupting illicit financial activities in Nigeria. This initiative, supported by the British High Commission and the Convention for Business Integrity (CBi), aims to co-design the proposed Joint Financial Intelligence Collaboration (JFIC).

Representing NFIU Chief Executive Officer Hajia Hafsat Abubakar Bakari, General Counsel Mr. Felix Obiamalu stated that the initiative has progressed to the design and implementation stage. The objective is to define the partnership's operation, value, and sustainability.

Key stakeholders, including regulators and technology firms, participated in the engagement. Mr. Jehanzeb Khan from the British High Commission emphasized the need for stronger public-private collaboration, while Mr. Olusoji Apampa from CBi noted the importance of placing the private sector at the decision-making center.

Ms. Xolisile Khanyile urged Nigeria to adopt a practical approach to the initiative, highlighting trust and collaboration as essential for success. The engagement concluded with broad support for the JFIC.