The Nigerian Financial Intelligence Unit (NFIU) has called for public-private collaboration in addressing the ever-challenging cases of financial crimes, noting that no one organisation, public or private, has the capacity to confront these challenges in isolation.
Speaking at an event organised by the NFIU and the London Stock Exchange Group (LSEG) on Public-private partnerships as a platform to support Anti-money laundering, Combating the financing of terrorism and countering proliferation financing (AML/CFT/CPF), collaboration in Nigeria, the chief executive officer of the NFIU, Hafsat Abubakar Bakari said collaboration will enable stakeholders to align their efforts, share actionable insights, and develop strategies to counter financial crimes at all levels.
According to her, “Public-private partnerships provide a structured and effective platform for the pooling of resources, intelligence, and technologies. They enable stakeholders to align their efforts, share actionable insights, and develop strategies to counter financial crimes at all levels. Financial crimes are rarely confined to national borders. By working with international partners like the LSEG, Nigeria can enhance its participation in global initiatives against financial crimes, aligning with organizations such as FATF and GIABA.”
Speaking on the importance of PPP and its effectiveness in Nigeria, the NFIU boss said, ” A prime example of a successful PPP in Nigeria is the Bank Verification Number (BVN) initiative. This partnership between the Central Bank of Nigeria (CBN) and commercial banks has been transformative in combating financial crimes.
” While the BVN implementation has had tremendous value for our law enforcement and supervisory authorities, I believe we should not rest on our oars. We must continuously seek new innovative approaches, for instance, through shared KYC systems, financial intelligence sharing partnerships and joint analytical teams, all of which have been used extensively in other jurisdictions.”
She further noted that “fighting financial crime is everyone’s business. It is possible to create a sustainable system that not only prevents future crimes but also enhances our efforts to protect the country’s future by ensuring the resources are used for its progress and establishing an enabling environment for investments in the country. Public-private partnerships provide one of the routes in achieving that objective, and the NFIU-LSEG Risk Intelligence partnership demonstrates how such partnerships can be game-changers.”
Also speaking at the event, the minister of interior, Olubunmi Tunji-Ojo, said Nigeria is a mixed economy between public and private sectors. To fully realize Nigeria’s potential, collaboration between all agencies and stakeholders is needed to achieve the desired goals.
Also, the programme officer, LSEG, Ece Kugu, said the aim of the programme is to enhance public trust and partnership with the Nigerian counterpart.
She further noted that the programme would enhance the capacity of anti-crime agencies to fight financial crimes.
