*Kashifu Inuwa Abdullahi, CCIE, Director-General of the National Information Technology Development Agency, emphasises the fundamental objectives of building a new system, in partnership with the Nigerian Financial Intelligence Unit, is to help the country with global compliance, and position it as a key player in the worldwide effort at combating financial terrorism and related crimes

Gbenga Kayode | 绿帽献妻

The Nigerian Government, through the National Information Technology Development Agency (NITDA) and the Nigerian Financial Intelligence Unit (NFIU), has activated an initiative to ensure the exclusion of the country from the Action Task Force (FATF) Grey List by May 2025.

NITDA disclosed the initiative is in line with President Bola Ahmed Tinubu’s directive, following the NFIU request to develop and implement an Anti-Money Laundering/Counter Financial Terrorism/Counter Proliferation of Firearms Data Management Framework and Platform in collaboration with the agency.

绿帽献妻 reports NFIU is the financial intelligence unit of Nigeria, responsible for collecting and analysing disclosures from reporting organizations, in order to produce financial intelligence to other agencies combating money laundering, terrorism financing, and other financial crimes.

The regulatory agency serves as the Secretariat of the National Sanctions Committee (NSC) and the Inter-ministerial Committee on Anti-Money Laundering and Counter-Terrorism Financing (IMC), and it is regarded as聽one of the leading FIUs on the African continent.

Speaking at the inaugural technical session to kick-start the process Friday, January 17, 2025, at the NITDA Headquarters, in Abuja, FCT, Malam Kashifu Inuwa Abdullahi, CCIE, Director-General of NITDA, disclosed the technical session meeting would mark a 鈥渞emarkable mile in the country鈥檚 journey to exit from the Financial Action Task Force Grey List the nation has been enlisted into since February 2013.”

Challenges of fight against financial crimes

Inuwa noted that the enlistment of Nigeria on the Grey List was occasioned by seven issues.

The Director-General of NITDA said these include 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, he stated, are 鈥渢he nation鈥檚 deficiencies in anti-money laundering regime, counter-terrorism financing regime and counter arms proliferation financing regime.鈥�

Inuwa also averred that President Tinubu’s desire 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 West African country.

鈥淭oday we are kick-starting a meeting to start that project that will take us out of the Grey List and build that robust system.”

Key benefits of NFIU’s new system to exit 鈥楪rey List鈥�

Inuwa stated: “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.”

The NITDA Chief Executive further maintained that the initiative would help in improving national security because of its capability to see any financial transaction inflow into Nigeria.

He as well emphasised that it also would help to 鈥渢rack any illicit flow as well as empower us to highlight or identify criminal network in our financial sector.鈥�

Inuwa averred that the system will strengthen the nation鈥檚 law enforcement and the economy because it will tame crime in the economy which will encourage investment into the country.

Barr. Bakari:聽 The new project is a ‘game changer’

Speaking at the event, Barrister Hafsat Abubakar Bakari, Chief Executive Officer of NFIU, described the project as a 鈥済ame changer鈥�.

Barr. Bakari noted that the system would not only help the West African country to exit the “grey list” as the President has directed but also improve the Data Integration Management System for Anti-Money Laundering and Combating the Financing of Terrorism, (AMLCFT)

Affirming the strategic importance of the introduction of technology in NFIU’s operations, the CEO urged Nigerians to support the initiative of not only the exiting of the Grey List but also to sustain the gains that the country has recorded in this regard.

Grey List as a ‘continuous project’

Stressing the essence of maximising the NFIU initiative in enhancing the global efforts, Bakari further said “the Grey List is not just a one-off project, it is a continuous project.

“The next cycle of evaluation will be done in the year 2027 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.鈥�

She equally stated: “This is why we have decided that the use of technology will give 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 and accessible, credible, and factual, and that is the project that we are doing today.鈥�

Barr. Bakari expressed her gratitude to NITDA and Director-General Inuwa for their contributions to the project and other national service.

She noted her belief in the efficacy of local content initiatives.

According to her, that was why the NFIU made a submission to President Tinubu, that NITDA should drive the process which he 鈥済raciously approved.鈥�

The NFIU Chief said: “So, congratulations, NITDA, on the confidence that the NFIU has in you, and on the confidence that Mr. President has in you to drive this project.”

Rest assured of NASS support, says Hon. Olajide, Chairman, House Committee on ICT & Cybersecurity

In his remarks on the occasion, Hon. Adedeji Olajide, Chairman of Nigeria’s House of Representatives Committee on Information and Communication Technology (ICT) and Cybersecurity, assured both NITDA and NFIU of legislative support in their quest to secure the country against illicit financial flow and other vices.

Olajide acknowledged the new system a welcome development to ensure the Federal Executive and the Legislature work together to achieve common goals in our country.

The Chairman of the House Committee said: 鈥淵ou can be sure of it 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.鈥�

It has become imperative to 鈥渃hange the narrative鈥� and position Nigeria to its rightful place among the comity of nations, hr asserted.

Olajide further revealed that he well understands all the benefits and values the introduction of technology would bring to NFIU operations.

The Federal lawmaker stated: 鈥淣igeria 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 also in line with the agenda of Mr. President Ahmed Bola, who is also a technology person.鈥�

NITDA restated the main objectives of the AML/CFT/CPF Data Management Framework/Platform are to achieve FATF compliance, to enable Nigeria鈥檚 removal from the Grey List, and restore international confidence.

The agency said other key objectives of the initiative are to enhance NFIU鈥檚 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 economies around the world.

The Information Technology (IT) sector regulatory agency further explained the development and implementation of this platform are imperative to addressing the identified gaps, strengthening Nigeria鈥檚 financial integrity, and securing its place as a trusted partner in the global financial ecosystem.

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