Nigeria is stepping up efforts to combat terrorism financing and money laundering, urging greater international collaboration while stressing the importance of legislative engagement in future initiatives. Hafsat Abubakar Bakari, CEO of the Nigerian Financial Intelligence Unit (NFIU), led a delegation to the U.S. to showcase Nigeria’s progress in strengthening its Anti-Money Laundering, Counter-Financing of Terrorism, and Proliferation (AML/CFT/CPF) framework.
At a roundtable hosted by the Center for International Private Enterprise in Washington, D.C., on September 30, Bakari outlined Nigeria’s growing security threats, including the flow of weapons from Libya and the escalation of banditry and kidnappings linked to regional terrorism. She emphasized the need for international cooperation, calling for public and private sector collaboration to curb the financial networks that enable these activities.
The NFIU’s recent achievements, such as reviving the Joint Task Force on terrorism financing in the Sahel, were highlighted, with an MoU expected to be signed in Abuja later this month. “We need sustainable measures, and we need your help getting there,” Bakari urged international partners.
Ashley Emenike, a top official and trustee of GOPAC Nigeria (Global Organization of Parliamentarians Against Corruption), commenting on the development, added that legislative stakeholders, particularly Politically Exposed Persons (PEPs), must be actively involved in future efforts to combat money laundering and terrorism financing. “GOPAC Nigeria’s members, many of whom are key legislators, play pivotal roles in shaping and enforcing anti-money laundering and anti-terror financing policies. Their involvement is essential for the success of these efforts,” Emenike emphasized. He underscored the importance of including these lawmakers in future discussions to ensure a comprehensive and effective approach.
Emenike further noted that the recent legislative advancements, such as the passage of the Terrorism Prevention Act, the Money Laundering Prevention and Prohibition Act, and the Proceeds of Crime Recovery and Management Act, have significantly fortified Nigeria’s financial system against criminal exploitation. He pointed out that these reforms have aligned Nigeria with global standards, earning the country a “fully compliant” rating from the Financial Action Task Force (FATF) in key areas of reform.
In discussions with Oge Onubogu, Director of the Africa Program at the Wilson Center on October 1, Bakari reiterated Nigeria’s dedication to cutting off financial flows that fuel terrorism. She outlined plans for the launch of the NFIU Training Centre, which will serve as a regional center for building capacity, and Nigeria’s leadership role in the Lake Chad FIUs Task Force on Terrorism Financing.
“The most effective way to combat terrorism and money laundering is to cut off the funds that sustain these activities,” Bakari stated, stressing that international cooperation and robust domestic legislative involvement are crucial to sustaining Nigeria’s progress in the fight against financial crime.
