….Government Urges MDAs to Intensify Anti-Money Laundering Efforts

Nigeria’s placement on the Financial Action Task Force (FATF) grey list in February 2023 sparked a concerted effort by the Nigeria Police Force (NPF) to address money laundering and terrorism financing. To tackle these issues, the NPF established specialized units, including:

Special Anti-Fraud Unit (SFU): combating complex financial crimes
National Cybercrime Centre: tackling cyber-enabled crimes
Anti-Money Laundering Unit: preventing and investigating money laundering activities

Inspector General of Police,Kayode Egbetokun

In a statement signed by the Force Spokesperson, ACP Olumuyiwa Adejobi revealed that these initiatives aim to enhance Nigeria’s compliance with international standards and facilitate its removal from the FATF grey list. The NPF’s efforts have already yielded significant results, with 1,088 arrests, 152 convictions, and substantial fund recoveries.

Over the past year, these specialized units have made significant strides in combating financial crimes, resulting in the arrest of 1,088 suspects, securing 152 convictions, and recovering a total of $11,450,000 and ₦142,261,254,228.80. 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.

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. We urge all relevant ministries, departments, and agencies (MDAs) to collaborate in this critical effort of lifting Nigeria from the FATF grey list. While the fight against financial crime is far from over, the progress made by the Force in investigations, arrests, and prosecutions demonstrates the determination to protect the integrity of Nigeria’s financial system and restore trust in our financial institutions.

We assure the public and the international community that the Nigeria Police is taking all necessary steps to combat money laundering and terrorism financing.