NFIU said the move would strengthen it's technology platforms even as it conforms to the federal government's policy of a paperless working office environment.

The Nigeria Financial Intelligence Unit (NFIU) says it has begun the deployment of Artificial Intelligence (AI) and machine learning tools to assist in its operations in order to fast track its process.

NFIU Chief Executive Officer, Hafsat Bakari, disclosed this on Monday during the opening ceremony of the unit’s 2024 Retreat in Abuja.

Mrs Bakari said the move will strengthen the unit’s technology platforms, adding that it was already conforming to the federal government’s policy of a paperless working office environment.

She said the Crimes Records Information Management System (CRIMS) has been deployed to more competent authorities and states of the federation to further support information sharing through a secured and encrypted tool.

The CEO explained that the remit of the NFIU extends beyond the borders of Nigeria, and that the nature of serious crime is trans-national.

According to her, the proceeds of crime knows no borders or boundaries, therefore, the unit has strengthened its international partnerships.

Mrs Bakari said apart from being the permanent secretariat for the west African forum of FIUs covering 17-member States in Africa, the unit has taken a leading role in re-invigorating the Lake Chad and Sahel network of FIUs which are cooperating to tackle terrorism financing.

She recalled that the NFIU was also elected in June 2024 as the vice chair of the prestigious Global Egmont Group of FIUs with a membership of 177 countries.

She disclosed that the NFIU continues to support their fellow FIUs in the West African region under the leadership GIABA (the FATF-styled regional body representing West Africa), stating that they have successfully mentored the FIU of Liberia in being admitted into the Egmont Group, “while we continue the mentorship of the FIUs of Gambia and Sierra Leone to achieve the same goal.”

Mrs Bakari said, “At a global level, we continue to lead Nigeria’s efforts to exit the Financial Action Task Force list of jurisdictions under monitoring, the so-called ‘greylist’. While we still have some remaining steps to take, I am confident that with your support we will complete all the required steps within the next few months.

“Indeed, the progress that we have made as a country have opened the path for us to becoming the second African member state of the Task Force in the near future after South Africa.

“We will focus our international collaborations by increasing cooperation with jurisdictions which pose specific money laundering and terrorist financing threats to our country, particularly countries where organised criminal groups, ostensibly of Nigerian origin, have damaged our country’s reputation.

“Today, we will be hearing from our stakeholders and partners and we will be listening to you carefully as you provide us with your views on how we can continue to improve our performance. We will take these lessons with us as we develop and refine what I expect to be an ambitious five-year strategic plan, which I hope to share with all of you in the next few weeks. We have already identified a number of key objectives that we will be delivering on.

“We will focus on building capacity internally and externally. We have already taken steps towards this with the establishment of the NFIU Training Centre which is intended to be a Regional Centre of Excellence serving both public and private sector stakeholders across the continent. And I am pleased to note that our stakeholders and international partners and some strategic global agencies have already committed their support to this project.”

Attorney General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), commended the efforts of the unit in combating ML/TF and Proliferation financing.

According to him, the efforts would remain key in the removing Nigeria from the Financial Action Task Force grey list which will be due in May 2025.

Minister of Budget and National Planning, Abubakar Bagudu, praised NFIU for the significant role it is playing in combating money laundering and terrorism financing.

He noted that to fund the agenda 2050, the nation would need the necessary revenues in place to generate revenues.

“Our credit rating should improve better, we have to take measures, set up committed institutions, and believe we should benefit from it to enhance the integrity and soundness of the financial system,” Mr Bagudu said.

Also speaking at event, the Chairman of the National Drug Law Enforcement Agency (NDLEA), Mohammed Marwa, appreciated the unit for it’s prompt responses to information requests, noting that 76 reports received in 2024 had led to significant recoveries of hotels, properties, and bank accounts, as well as several convictions.

Mr Marwa, a retired brigadier general, highlighted the NDLEA’s success in making over 52,000 arrests and destroying cannabis farms nationwide, reaffirming the agency’s dedication to combating money laundering and other criminal activities.

He assured of the continued collaboration between NDLEA and the NFIU, particularly through the Directorate of Assets and Financial Investigation (DAFI), to trace funds linked to illicit drug trade.

The Deputy Governor, Economic Planning, Central Bank of Nigeria, Muhammad Abdullahi, in his goodwill message, said financial intelligence remains vital in safeguarding the country’s vulnerable financial system, which necessitates robust Anti Money Laundering Countering Financial Terrorism (AML/CFT) controls, adding that following Nigeria’s grey-listing by the FATF, the retreat underscores the NFIU’s commitment to addressing deficiencies before the deadline.

The Executive Secretary, Nigeria Extractive Industries Transparency Initiative (NEITI), Ogbonnaya Orji, commended the CEO of NFIU for her excellent leadership, stating that they have been exchanging data and information on beneficial ownership with the unit.

Mr Orji pleaded with the NFIU for continued support in addressing some of the challenges NEITI is facing, including oil thefts and other issues in the extractive industry.