NFIU To Trace, Tackle Illicit Financial Flow With AI

The Nigeria Financial Intelligence Unit (NFIU) is set to deploy Artificial Intelligence (AI), and other machine learning skills to trace, track and tackle illicit financial flows (IFFs) and other fraudulent activities.

Speaking at the opening session of the 1st NFIU management staff retreat, the chief executive officer of NFIU, Hajiya Hafsat Bakari, said the deployment of technology is one of the organisation’s efforts at building capacity of the staff to handle modern challenges.

According to her, “The NFIU has also strengthen its technology platforms with the planned deployment of Artificial Intelligence and Machine Learning tools to assist us in our operational duties in the analysis of information and data in order to fast track our processes. The Unit is already in conformity to the federal government policy of a paperless working office environment. Additionally, 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.”

Speaking further on the activities of the NFIU to achieve the target of the organisation, the chief executive said: “Recognising that our remit extends beyond the borders of Nigeria and also that the nature of serious crime is trans-national, and the proceeds of crime knows no borders or boundaries, we have strengthened our international partnerships. Apart from being the permanent secretariat for the
west African forum of FIUs covering 17-member state in Africa, we have taken a lead role in re-invigorating the Lake Chad and Sahel network of FIUs which are cooperating to tackle terrorism financing. 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. The NFIU continues to support our fellow FIUs in the West African region under the leadership GIABA (the FATF-styled regional body representing West Africa) and we 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.

“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 “grey-list”. 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.”

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Also speaking at the event, the Minister of budget and national planning, Atiku Abubakar Bagudu, charged the NFIU and other financial crimes agencies to ensure integrity and soundness of the financial systems as the financial integrity of Nigeria’s system will encourage foreign direct investments.

He charged them to work towards improving Nigeria’s financial ratings as this would bring confidence to the foreign investors to come into Nigeria and balance the budget deficit.

While also speaking at the event, the chairman of the National Drug Law Enforcement Agency (NDLEA), Brig.-Gen. Mohamed Marwa (rtd), said the intelligence provided by the NFIU has contributed to the arrest of over 52,000 drug offenders, including 50 drug barons.

He pledged that the NDLEA will work with the NFIU to tackle illicit financial flows through illicit drugs.