The International Police Organisation (Interpol) has revealed that hundreds of thousands of dollars are being laundered out of Nigeria every hour.
This alarming disclosure was made on Monday by Garba Umar, Interpol Vice President for Africa, during the opening of a four-day training workshop for Nigerian law enforcement agencies at the Economic and Financial Crimes Commission (EFCC) Academy in Abuja.
According to Umar, the scale of money laundering in Africa and globally has reached unprecedented levels. In response, Interpol has implemented Silver Notices to combat this growing threat.
“Evidence shows that every hour, hundreds of thousands of dollars flow out of Nigeria, laundered before reaching criminals’ pockets, allowing them to enjoy the profits of their crimes while honest Nigerians bear the brunt,” Umar stated.
He emphasized that successful laundering of criminal money leads to more drugs, fraud, corruption, and violence, thereby weakening financial institutions. However, he assured that the introduction of Silver Notices would make laundering illicit funds significantly more difficult worldwide.
Umar highlighted the theme of the workshop, “Strengthening Capacity and Coordination against Financial Crimes,” stressing the need for continuous training to stay ahead of sophisticated fraudsters. He urged participants to discuss and learn about transnational crimes, identify solutions, and enhance policing capabilities to support national security and global safety.
“This workshop allows us to re-examine our strategies against transnational crimes, reaffirm our unity, and provide security to our citizens and the global community,” Umar said. He called for greater collaboration among law enforcement agencies to ensure criminals do not profit from their illicit activities.
Echoing this sentiment, EFCC Executive Chairman Ola Olukoyede, represented by Director of Fraud Risk Assessment and Control, Francis Usani, emphasized the importance of collaboration in fighting financial crimes. Olukoyede noted that corruption’s complex nature could only be tackled through collective efforts, highlighting the EFCC’s impressive record of convictions and recoveries.
“Our commitment is to prevention, knowing it is easier and cheaper than investigating and prosecuting corruption,” he said.
Japanese Ambassador to Nigeria, Kazuyoshi Matsunaga, lauded the workshop as a significant joint initiative between Japan and Nigeria to combat financial crimes. He underscored the necessity of international cooperation in tackling border-transcending financial crimes.
“This collaboration benefits not only Nigerians but people worldwide, including the Japanese,” Matsunaga said, recalling a successful joint operation three years ago that returned funds to a Japanese fraud victim.
Hafsat Bakare, Director General and CEO of the Nigerian Financial Intelligence Unit (NFIU), stressed the importance of financial intelligence in combating economic crimes. She expressed optimism that the training would help Nigeria exit the Financial Action Task Force’s Grey List by mid-2025.
Isaac Oginni, Director of Interpol Financial Crime and Anti-Corruption Centre (IFCACC), emphasized the need to deny fraudsters the financial gains of their crimes. He urged participants to utilize financial intelligence effectively and work collectively to fight money laundering.
“Each agency represents a piece of the puzzle, and together we can develop a complete picture,” Oginni said.
The workshop, the first of its kind hosted by the EFCC, was organized by INTERPOL and the Japan International Cooperation Agency (JICA). It included participants from the Police, EFCC, NFIU, Nigeria Immigration Service, and Nigeria Customs Service.
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