Market News

By Matthew Ogune, Abuja

The Chief Executive Officer, Nigerian Financial Intelligence Unit (NFIU), Hafsat Abubakar Bakari, has called for stakeholders’ collaboration for the country to succeed in mitigating risks and safeguarding its financial system.

Bakari made this observation on Tuesday in Abuja at the National Anti-Money Laundering, Combating Terrorism Financing and Counter-Proliferation Financing (AML/CFT/CPF) Compliance Summit, organised by the unit.

According to her: “The fight against financial crimes is not one that any single entity can win alone. It requires the collective strength and commitment of our political leaders, regulators, financial institutions, law enforcement and security agencies, and international partners.

“Collaboration must be at the heart of our approach if we are to succeed in mitigating risks and safeguarding our financial
system.

“We are united by a common purpose therefore, let us seize this moment to strengthen these partnerships and work towards a shared vision of a sound financial system.

“The presence of such a diverse and distinguished group of stakeholders in the public and private sectors here today is a
testament to the power of collaboration.”

Urging stakeholders not to focus on identifying challenges alone, the NFIU boss called on them to chart a clear path that ensures Nigeria’s financial system remains robust, transparent, and resilient.

She noted that the NFIU will continue to seek and advocate for collaboration and cooperation with strategic partners and relevant stakeholders in the fulfillment of its mandate.

She went on: “In today’s complex business environment, compliance is not just about adhering to laws, it’s about fostering a culture of integrity that drives long-term success.

“We have the power to shape a future where financial crimes have no place in our society, where compliance is a cornerstone of our national identity, and where Nigeria stands as a global leader in financial integrity.”

Lamenting on the 2019 Mutual Evaluation Report conducted by the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA) which brought to light areas where Nigeria needed to strengthen its AML/CFT/CPF regimes, She regretted that the country was placed on Grey List due to the deficiencies identified.

“Consequently, as a result of the deficiencies identified, Nigeria was placed under enhanced monitoring by the International Cooperation Review Group (ICRG) process otherwise known as the so-called Grey List an outcome that has amplified both the urgency and importance of our collective response,” she said.

“The NFIU, in collaboration with our partners, has worked tirelessly to address these findings and implement far-reaching reforms.

“From improving compliance mechanisms to fostering better inter-agency cooperation, we have made substantial progress in addressing most of the identified deficiencies.”