NFIU Calls for Joint Investigations to Combat Financial Crimes
By Patience Ikpeme
The Nigerian Financial Intelligence Unit (NFIU) has called for enhanced collaboration between law enforcement agencies to boost the fight against financial crimes in Nigeria.
This was disclosed by NFIU CEO, Hafsat Abubakar Bakari, during a closed-door summit between the Unit and other security agencies in Abuja on Wednesday.
Bakari revealed that the summit marks the beginning of strategic discussions aimed at tackling the rising cases of sophisticated financial crimes, such as fraud, corruption, and terrorism financing, which have increasingly taken on digital and transnational dimensions.
While emphasizing the NFIU’s role as an analytical body, Bakari clarified that “We do not investigate, we do not arrest, and we do not prosecute. Our focus is on following the money trail and providing actionable financial intelligence to law enforcement agencies.”
A key aspect of Bakari’s remarks focused on the necessity of technology in combating these crimes, particularly through the adoption of Artificial Intelligence (AI) to process vast amounts of data.
In 2023, the NFIU received over 60,000 reports of suspicious transactions and more than 15 million currency transaction reports, underscoring the challenges posed by data analysis, especially with emerging technologies like cryptocurrency and decentralized finance complicating the tracking of illicit activities.
“The connection between fund owners and their transactions is becoming increasingly unclear,” Bakari noted. “To effectively prevent and disrupt crime, we need robust and efficient systems for financial analysis.”
The CEO outlined several strategic priorities, including integrating various databases and enhancing technology use within law enforcement.
Fragmented systems, she explained, often delay responses to criminal activities. By building integrated systems and utilizing AI and machine learning, agencies can significantly improve their ability to dismantle criminal networks.
Bakari also proposed the creation of fusion cells and joint investigation teams to focus on the most serious crime networks. She highlighted the inefficiencies that arise when agencies work in silos, investigating the same targets without sharing resources.
This move is expected to optimize resources and improve coordination in the fight against financial crimes in Nigeria.
