During the 40th Technical Commission/Plenary Meeting of the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA), the Attorney-General of the Federation and Minister of Justice, Mr. Lateef Fagbemi, SAN, revealed that the Nigerian government had seized over N45 billion that was illegally looted from the national treasury. He also disclosed that they had identified and designated a number of individuals and entities linked to terrorist activities with funds traced to them confiscated.
GIABA is responsible for facilitating the adoption and implementation of Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT) strategies in West Africa. The AGF, who spoke on behalf of Nigeria, stated that the government was determined to build on successes recorded by past administrations, especially in areas of investigation and prosecution of corruption cases.
He highlighted that the budgets for the Economic and Financial Crimes Commission, Independent Corrupt Practices Commission, and National Drug Law Enforcement Agency were increased by almost 95% in 2022. This increase saw over 1,500 officers dedicated to investigating and prosecuting money laundering across these three agencies alone. The sustained investment resulted in 5,118 investigations, 1,509 prosecutions, and almost 500 convictions since 2021, with over 45 billion naira of illicit proceeds seized.
There have also been significant steps taken to tackle the financing of terrorism. The AGF stated that a number of individuals and entities linked to terrorist activity had been identified and designated, and funds linked to them seized. The Nigerian Financial Intelligence Unit (NFIU) has become a global model and achieved the outcomes envisaged by the passage of its enabling legislation in 2018, which established it as an independent, autonomous unit.
The Unit has significantly expanded the scope of financial intelligence it has access to and provides to other competent authorities. It has also implemented innovative technologies including the Crime Records Information Management System (CRIMS) that has transformed Nigeria’s approach to intelligence sharing.
The AGF stressed that there are myriad challenges facing the West African sub-region, ranging from the threats of illicit financial flow to the existential dangers posed by terrorist groups. There is a greater need for enhanced international collaborations to tackle these challenges.