Financial Crimes: Police Arrest 1,088 Suspects In 1 Year

In a bid to rid the country of financial crimes and improving Nigeria’s global standing regarding Financial Action Task Firce (FATF) grey list, the Nigeria Police Force (NPF) said it has arrested about 1,088 suspects over the past one year.

Within the same period, the police, through the establishment of specialised units such as the Special Anti-Fraud Unit (SFU), the National Cybercrime Centre, and the newly launched Anti-Money Laundering Unit, also secured 152 convictions, and recovered a total of $11,450,000 and ₦142,261,254,228.80.

Force PRO, ACP Olumuyiwa Adejobi, in a statement on Tuesday, further said the National Cybercrime Centre, in particular, has been pivotal in addressing digital financial crimes, leading to the arrest of 751 cybercrime suspects and extensive recoveries amounting to ₦8,821,001,881.80, $84,000, and 115,237.91 USDT.

“A notable achievement includes Operation Butterfly Net, addressing a cyberattack on Flutterwave, which led to the arrest of 179 individuals involved in laundering over ₦11 billion,” ACP Adejobi stated.

While listing other efforts aimed at tackling Nigeria’s financial crimes issues, the police said: “in addition to the proactive efforts of the NPF, the establishment of the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Sections has bolstered the framework surrounding financial investigations.

“The training of over 2,000 officers across various units in money laundering and terrorism financing investigations is reflective of the Force’s commitment to improving Nigeria’s global standing in combating financial crimes. With the submission of quarterly AML/CFT reports to the Nigerian Financial Intelligence Unit (NFIU), Nigeria’s ratings within the FATF regime have also significantly improved, indicating the effectiveness of these initiatives.

“As we move forward, the Nigeria Police Force remains resolute in its commitment to combating money laundering and terrorism financing, ensuring that Nigeria meets international requirements set by the FATF.”