NFIU, Stakeholders Design New Framework For Financial Intelligence Sharing
By Patience Ikpeme
Nigeria has moved a step closer to making its financial system safer and stronger, as the Nigerian Financial Intelligence Unit (NFIU) brought together major players in the financial sector to help design a new framework for sharing financial intelligence.
This was contained in a statement issued on Thursday in Abuja and signed by the Chief Executive Officer of the NFIU. According to the statement, the meeting was organised with support from the British High Commission in Nigeria and the Convention for Business Integrity (CBi).
It brought together regulators, banks, insurance companies, fintech companies, Virtual Asset Service Providers (VASPs), technology firms and other stakeholders to work together on the proposed Joint Financial Intelligence Collaboration (JFIC).
The idea behind the initiative is to build a system that both government agencies and private companies can trust and use to work hand in hand. This way, they can spot new threats early, break up criminal financial networks, and protect the soundness of Nigeria’s financial system.
Speaking on behalf of the Chief Executive Officer of the NFIU, Hajia Hafsat Abubakar Bakari, the Unit’s General Counsel, Mr. Felix Obiamalu, said the meeting showed that the initiative had entered a new and more serious stage. “We have moved from dialogue to design, to commitment and implementation,” he said.
He also explained that the gathering was no longer just about talking over the idea. “The objective is no longer simply to discuss the concept. It is to jointly determine what this partnership should look like, how it should operate, what value it should create and how it can be sustained over time,” Obiamalu said.
Speaking on behalf of the British High Commission, Mr. Jehanzeb Khan, who is the Illicit Financial Flows Officer at the Foreign, Commonwealth and Development Office (FCDO), spoke about the importance of government and private businesses working more closely together to fight illegal financial activities.
In his own remarks, the Managing Director of the Convention for Business Integrity, Mr. Olusoji Apampa, said the process was planned in a way that puts private businesses at the heart of decision-making. He said this would help make sure the new framework matches how things actually work on ground and enjoys wide support from everyone involved.
Delivering the keynote speech at the event, the former Chair of the Egmont Group and former Director of South Africa’s Financial Intelligence Centre, Ms Xolisile Khanyile, said that when private businesses take part in such efforts, it should be seen as something every responsible company owes the nation.
She called on Nigeria to take a practical approach and to roll out the framework step by step. “Trust, shared ownership and collaboration are the foundations of every successful public-private partnership,” she said, adding, “Given Nigeria’s importance within the global AML/CFT framework, this initiative is both timely and necessary.”
The meeting ended with strong support from the stakeholders for the proposed framework, and a shared promise to keep pushing forward with a partnership that can improve financial intelligence, help detect threats faster, and strengthen Nigeria’s ability to deal with increasingly complex financial crimes.
