Nigeria: NFIU Leverages AI and Machine Learning to Enhance Intelligence Capabilities

The Nigeria Financial Intelligence Unit (NFIU) has initiated the deployment of Artificial Intelligence (AI) and machine learning tools to bolster its operational capabilities and accelerate its processes. This significant move was announced by the NFIU’s Chief Executive Officer, Hafsat Bakari, during the opening ceremony of the unit’s 2024 Retreat in Abuja.

Mrs. Bakari highlighted that the adoption of these advanced technologies would reinforce the unit’s existing platforms and align with the federal government’s policy of promoting a paperless working environment. She also noted that the Crimes Records Information Management System (CRIMS) has been extended to more competent authorities and states across the federation, enhancing secure and encrypted information sharing.

Emphasizing the transnational nature of serious crimes, Mrs. Bakari pointed out that the NFIU’s responsibilities extend beyond Nigeria’s borders. Recognizing that the proceeds of crime often cross international boundaries, the unit has strengthened its global partnerships to combat these challenges more effectively.

In her address, Mrs. Bakari noted the NFIU’s pivotal role as the permanent secretariat for the West African forum of Financial Intelligence Units (FIUs), covering 17 member states. She also mentioned the unit’s leadership in revitalizing the Lake Chad and Sahel network of FIUs, which are collaboratively working to tackle terrorism financing.

Mrs. Bakari proudly recalled that in June 2024, the NFIU was elected as the vice chair of the prestigious Global Egmont Group of FIUs, which has a membership spanning 177 countries. The NFIU continues to support FIUs in the West African region under the leadership of GIABA, the Financial Action Task Force (FATF)-styled regional body for West Africa. She highlighted the successful mentorship of Liberia’s FIU, leading to its admission into the Egmont Group, and ongoing mentorship for the FIUs of Gambia and Sierra Leone to achieve similar goals.

At the global level, Mrs. Bakari reiterated the NFIU’s commitment to leading Nigeria’s efforts to exit the Financial Action Task Force’s (FATF) “greylist” of jurisdictions under monitoring. She expressed confidence that, with collective support, the necessary steps to achieve this goal would be completed within the next few months. She also expressed optimism that Nigeria could soon become the second African member state of the FATF, following South Africa.

The CEO emphasized the importance of international collaborations, particularly with jurisdictions that pose specific money laundering and terrorist financing threats to Nigeria. She expressed concern over the impact of organized criminal groups, ostensibly of Nigerian origin, on the country’s reputation and underscored the need for focused efforts to address these challenges.

During the retreat, stakeholders and partners provided their insights on how the NFIU could continue to enhance its performance. Mrs. Bakari assured that these contributions would inform the development of an ambitious five-year strategic plan, which she plans to unveil in the coming weeks. She also highlighted the establishment of the NFIU Training Centre, envisioned as a Regional Centre of Excellence, serving both public and private sector stakeholders across the continent. She acknowledged the support of international partners and strategic global agencies in this initiative.

Attorney General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), commended the NFIU’s efforts in combating money laundering and terrorist financing, stressing that these efforts are crucial for removing Nigeria from the FATF grey list by May 2025.

Minister of Budget and National Planning, Abubakar Bagudu, praised the NFIU for its significant role in safeguarding the nation’s financial system, noting that robust measures are essential for improving Nigeria’s credit rating and generating the necessary revenues for Agenda 2050.

Chairman of the National Drug Law Enforcement Agency (NDLEA), Mohammed Marwa, also lauded the NFIU’s prompt responses to information requests. He revealed that 76 reports received in 2024 had led to significant recoveries of hotels, properties, and bank accounts, along with several convictions. Mr. Marwa affirmed the continued collaboration between the NDLEA and the NFIU, particularly through the Directorate of Assets and Financial Investigation (DAFI), in tracing funds linked to illicit drug trade.

In his goodwill message, Deputy Governor of Economic Planning at the Central Bank of Nigeria, Muhammad Abdullahi, underscored the importance of financial intelligence in protecting the country’s financial system, particularly in light of Nigeria’s grey-listing by the FATF. He emphasized that the NFIU’s efforts are critical in addressing deficiencies before the upcoming deadline.

Executive Secretary of the Nigeria Extractive Industries Transparency Initiative (NEITI), Ogbonnaya Orji, commended Mrs. Bakari for her exemplary leadership and noted the ongoing data exchange on beneficial ownership between NEITI and the NFIU. Mr. Orji called for the NFIU’s continued support in addressing challenges in the extractive industry, including oil theft and other related issues.