The Chief Executive Officer of the Nigerian Financial Intelligence Unit (NFIU), Hafsat Abubakar Bakari, has underscored the importance of Public-Private Partnerships (PPPs) in Nigeria’s efforts to tackle financial crimes.
Speaking at a roundtable discussion organized by the NFIU in collaboration with the London Stock Exchange Group (LSEG), Bakari called for increased collaboration between public and private stakeholders to combat money laundering, terrorism financing, and other illicit financial activities.
Bakari emphasized that financial crimes are increasingly sophisticated, crossing national borders and exploiting regulatory gaps. She stressed the need for collective action, stating, “No single organization can address these challenges in isolation. Collaboration is key to achieving sustainable results.”
Citing the Bank Verification Number (BVN) initiative as a successful example of PPP in action, she highlighted how this collaboration between the Central Bank of Nigeria (CBN) and commercial banks has significantly reduced identity fraud and enhanced transparency. She called for more innovative measures, such as shared Know-Your-Customer (KYC) systems and joint intelligence-sharing platforms, to bolster Nigeria’s AML/CFT (Anti-Money Laundering/Combating the Financing of Terrorism) framework.
Bakari also drew attention to Nigeria’s efforts in tackling wildlife crimes, which are increasingly recognized as a predicate offense for money laundering.
She explained how partnerships involving financial institutions, law enforcement, and environmental agencies are disrupting wildlife trafficking networks that fund broader criminal activities.
The NFIU has also benefited from international collaborations, such as those with United for Wildlife and the South African Anti-Money Laundering Integrated Task Force (SAMLIT), to enhance its efforts.
She urged stakeholders at the event to focus on actionable strategies, emphasizing the importance of clear timelines and responsibilities to achieve tangible results. “Fighting financial crime is everyone’s business,” she said. “Public-Private Partnerships provide a sustainable mechanism to prevent crimes, protect resources, and create an environment conducive to investment.”
Bakari concluded by lauding the NFIU-LSEG partnership, describing it as a blueprint for leveraging PPPs to address complex financial crimes. She expressed optimism that similar collaborations would further strengthen Nigeria’s position in global anti-financial crime initiatives.
