The Nigerian Financial Intelligence Unit (NFIU) has announced plans to enhance its operations by integrating Artificial Intelligence (AI) and Machine Learning (ML) tools into its technology platforms. This move aims to improve the speed and accuracy of the NFIU’s data analysis processes, leading to more effective intelligence processing.
NFIU CEO, Hafsat Bakari, revealed this during the opening ceremony of the unit’s 2024 Retreat in Abuja. She explained that the deployment of these advanced technologies is part of a broader initiative to strengthen the NFIU’s technology platforms while conforming to the federal government’s policy of a paperless working environment.
Additionally, the NFIU has rolled out the Crimes Records Information Management System (CRIMS) to more competent authorities and states across the federation. This secure and encrypted tool will further support information sharing among stakeholders.
The NFIU CEO emphasized that the unit’s remit extends beyond Nigeria’s borders, as the nature of serious crime is transnational. To tackle this challenge, the NFIU has strengthened its international partnerships, particularly in West Africa and the Sahel region.
Mrs. Bakari stated that the NFIU serves as the permanent secretariat for the West African forum of Financial Intelligence Units (FIUs), covering 17 member states in Africa. The unit has also taken a leading role in re-invigorating the Lake Chad and Sahel network of FIUs, which are cooperating to combat terrorism financing.
The NFIU is committed to leading Nigeria’s efforts to exit the Financial Action Task Force (FATF) grey list by May 2025. Mrs. Bakari expressed confidence that with the support of stakeholders, the remaining steps will be completed within the next few months.
The Attorney General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), commended the NFIU’s efforts in combating money laundering, terrorism financing, and proliferation financing, acknowledging their crucial role in Nigeria’s exit from the FATF grey list.
The NFIU retreat provided an opportunity for the unit to engage with stakeholders and partners. Mrs. Bakari emphasized the importance of capacity building, both internally and externally, highlighting the establishment of the NFIU Training Centre as a Regional Centre of Excellence serving public and private sector stakeholders across the continent.
The retreat also featured remarks from other government officials, including the Minister of Budget and National Planning, Abubakar Bagudu, who praised the NFIU for its significant role in combating money laundering and terrorism financing. The Chairman of the National Drug Law Enforcement Agency (NDLEA), Mohammed Marwa, appreciated the NFIU’s prompt responses to information requests, which have led to substantial recoveries and convictions.
The NFIU’s integration of AI and ML tools, coupled with its strengthened global collaborations and commitment to exiting the FATF grey list, underscores its dedication to enhancing the efficiency and effectiveness of Nigeria’s financial intelligence system.
