The Nigerian government, through the efforts of the National Information Technology Development Agency, (NITDA) and the Nigerian Financial Intelligence Unit, (NFIU) have kick-started an initiative that would ensure the exclusion of the country from the Action Task Force (FATF) Grey List by May 2025.
The initiative was a directive of the President to request of the NFIU to develop and implement an Anti-Money Laundering/Counter Financial Terrorism/Counter Proliferation of Firearms Data Management Framework and Platform in collaboration with NITDA.
In Abuja yesterday, at NITDA Headquarters, the inaugural technical session to kick start the process, NITDA Director General, Kashifu Inuwa, CCIE disclosed that the technical session meeting would mark a “remarkable mile in the country’s journey to exit from the From the Financial Action Task Force Grey List the nation has been enlisted into since February 2013.
Inuwa said, the enlistment of the country into the Grey List was occasioned by seven issues among which are the rising capital inflows into the country, the shortcomings in combating money laundering, the shortcomings in combating arms financing and the shortcomings in combating terrorism financing.
Other factors include “the nation’s deficiencies in anti-money laundering regime, counter-terrorism financing regime and counter arms proliferation financing regime.” He stated.
Inuwa emphasized the desire of the President to combat corruption and financial crime through innovation and technology necessitated his directive to NITDA to work with NIFU to build a system that would help NFIU to better manage financial data and compliance in the country.
“Today we kick start a meeting that projects us out of the Grey List and build that robust system. The main objective of the system is to help us with global compliance; to help Nigeria position itself as a key player in the global effort to combat financial terrorism and other crimes. This will help us to create visibility in Nigeria as well as improve our global reputation and relationship in the financial market.”
While maintaining that the initiative will help in improving national security of its capability to see any financial transaction inflow into the country, Inuwa maintained that it will also help to “track any illicit flow as well as empower us to highlight and identify criminal network in our financial sector.”
Inuwa states, that the system will strengthen the nation’s law enforcement and the economy. It will tame crime in the economy which will encourage investment into the country.
The NFIU Chief Executive Officer, Barrister Hafsat Abubakar Bakari described the project as a “game changer”. It will not only help the country to exit the grey list as directed by the president but improve the Data Integration Management System for Anti-Money Laundering and Combating the Financing of Terrorism, (AMLCFT.)
While acknowledging the introduction of technology in the way things are being done at the NFIU, she called on Nigerians to support the initiative, the exiting of the grey list but to sustain the gains that the country has made from it.
Bakari said, “The Grey List is not just a one-off project, it’s a continuous project. In 2027, the next cycle of evaluation will be done and we do not want a situation where we exit from the Grey List and another evaluation is conducted by the FITF, and we find ourselves back on the grey list again.”
We have decided to use the technology that gives credibility to every statistic that we have, not just to our domestic stakeholders, but also to our international partners. Everything should be done in real time, accessible, credible, factual, and that’s the project today.” She added.
She expressed her gratitude to NITDA, Director General for their contributions towards the project and other national service. Bakari noted, that she believes in local content initiative and that was why the NFIU made submission to Mr. President that NITDA should drive the process which he “graciously approved.”
“Congratulations, NITDA, for the NFIU, and Mr. President confidence, in you to drive this project,” she noted.
Honorable Adedeji Olajide, The Chairman, House Committee on Information and Communication technology and Cyber Security, who also graced the event assured both NITDA and NFIU of legislative support in their quest to secure the country against illicit financial flow and other vices.
While acknowledging that it was a welcome development to see the executive and the legislator working together to achieve common goals in our country. “You can be sure, that you have all of the legislative support to get whatever you need done, and we will make sure there are no stumbling blocks in your way.” Olajide said
He adds that he understood all the benefits and values the introduction of technology will bring to NFIU operations. It has become imperative to “change the narrative” and position Nigeria to its rightful place among the comity of nation.
“Nigeria is going to take its rightful place as the giant of Africa. We are going to lead the way in cutting-edge technologies to make sure that Nigeria has all of the right people, the right processes, and the right technology to move the country to the next level which is in line with the agenda of President Bola Tinubu, who is also a technology person.”
The objective of the AML/CFT/CPF Data Management Framework/Platform are; to achieve FATF compliance, enable Nigeria’s removal from the Grey List and restore international confidence, enhance NFIU’s operational capacity through automation, intelligence integration, and scalability, establish a robust and sustainable framework to ensure long-term operational and financial independence and to position Nigeria as a global leader in financial intelligence and AML/CFT practices, setting benchmarks for other nations
The development and implementation of this platform are imperative to addressing the identified gaps, strengthening Nigeria’s financial integrity, and securing its place as a trusted partner in the global financial ecosystem.
