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The Nigerian Communications Commission (NCC) underscores the pivotal role of Information and Communication Technology (ICT) in the fight against financial crimes. Dr. Aminu Maida, the Executive Vice Chairman of the Commission, highlighted the effectiveness of robust ICT systems in real-time surveillance, regulatory compliance, and secure data processing to address illicit financial flows. Speaking at the 11th Anniversary Lecture Series of RealNews Magazine, Maida emphasized the need for multidisciplinary and multi-stakeholder collaborations to tackle financial crimes in Nigeria.
Maida described financial crimes as activities involving transactions, abuse, misuse, deception, or manipulation of financial systems for personal gain, encompassing offenses like insider abuse, money laundering, terrorism financing, embezzlement, and various frauds. He pointed out the significant economic and social impact of these crimes and their potential link to violent acts, posing threats to the integrity, trustworthiness, and stability of entities, including countries and enterprises.
The Executive Vice Chairman highlighted the growing concerns related to financial crimes due to the increasing adoption of digital technologies and the transnational nature of these offenses. While acknowledging the complexity of ICT systems and the corresponding rise in cybercriminal activities, Maida stressed the importance of leveraging technology to track illicit movements of funds in and out of the country.
Maida discussed the role of Nigeria’s telecom sector in generating massive amounts of data daily and emphasized the use of advanced data analytics and artificial intelligence to identify suspicious digital patterns indicative of crime. He advocated for partnerships with financial institutions to filter data and proactively prevent crimes through real-time transaction monitoring.
To combat financial crimes, Maida mentioned the deployment of innovative solutions such as blockchain, instant payments, artificial intelligence, machine learning, data analytics, regulatory technology solutions, and automated procedures. He emphasized the NCC’s initiatives, including the establishment of the Computer Security Incident Response Team (CSIRT), incorporation of biometric authentication, and digital forensics capabilities.
In conclusion, Maida highlighted the importance of public education, internet safety awareness, increased collaboration, and international cooperation in effectively addressing financial crimes. He emphasized the ongoing investment in ICT solutions and the need for a multidisciplinary and multi-stakeholder strategy involving technology specialists, legal professionals, and legislators to keep up with emerging criminal methods.
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