THE investigation conducted by the International Police Organization has revealed that hundreds of thousands of dollars are laundered out of Nigeria every hour, impacting various regions globally.
This information was shared yesterday in Abuja by Garba Umar, Interpol’s 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.
Umar noted that money laundering has reached alarming levels both in Africa and worldwide, prompting Interpol to implement Silver Notices to address this issue.
“Evidence indicates that hundreds of thousands of dollars leave Nigeria every hour, laundered before reaching the criminals who profit from their illicit activities, while honest and hardworking Nigerians bear the consequences of these crimes,” he stated.
He emphasized that each successful laundering of criminal funds makes Nigeria more vulnerable to crime, leading to increased drug trafficking, fraud, corruption, and violence.
“Every instance of successfully laundering criminal money strikes another blow to our financial institutions,” he added.
Umar warned that money launderers would face significant challenges as the Silver Notices would complicate the laundering of illegal funds worldwide.
Discussing the workshop’s theme, “Strengthening Capacity and Coordination against Financial Crimes,” Umar highlighted the transnational nature of financial crimes, stressing the need for regular training for law enforcement agencies to stay ahead of fraudsters.
He encouraged workshop participants to engage in discussions about transnational crimes affecting their regions, explore potential solutions through a review of policing capabilities, and foster direct interactions among law enforcement networks across the country.
“This workshop will provide an opportunity to reassess the challenges of combating transnational crimes in Nigeria, evaluate our strategies, and reaffirm our commitment to ensuring security for our citizens and the global community,” he said.
Umar urged all participants to prioritize collaboration with other law enforcement agencies to enhance their investigations and prevent criminals from benefiting from their illegal activities.
“The only way forward for our country is by working together to identify common issues, collaboratively develop solutions, and take coordinated actions. Now is the time for us to advance together,” he stated.
In his goodwill message, EFCC Executive Chairman Ola Olukoyede also emphasized the importance of enhanced collaboration in combating financial crimes.
He noted that the complex nature of corruption worldwide can only be effectively addressed through collaborative efforts from all stakeholders.
“The significant challenges posed by corruption in Nigeria and globally require serious cooperation among organizations tasked with combating it,” he said.
Speaking through Francis Usani, Director of Fraud Risk Assessment and Control at the EFCC, Olukoyede commended the EFCC’s crucial role in fighting corruption, highlighting its successful record of convictions and recoveries.
He expressed optimism that the commission’s new focus on preventive measures would lead to greater progress in tackling financial crimes.
“Our record of convictions and recoveries sets us apart, but we will not become complacent. We are committed to doing more, and in this commitment, the EFCC is re-evaluating its operations with an emphasis on prevention, as it is more effective and economical to stop corruption before it occurs than to investigate and prosecute it afterward,” he said.
Japan’s Ambassador Extraordinary and Plenipotentiary to Nigeria, Kazuyoshi Matsunaga, described the workshop as a vital joint initiative between Japan and Nigeria to fight financial crimes.
He pointed out that in today’s globalized world, financial crimes cross borders require international cooperation among law enforcement agencies for effective combat.
“I am pleased that INTERPOL and the Japanese National Police Agency are integral to this project, contributing their expertise. A remarkable collaboration occurred three years ago when Japanese and Nigerian law enforcement successfully returned funds to a Japanese fraud victim, earning immense gratitude. Strengthening our partnership through this project will benefit not only Nigerians but people worldwide, including the Japanese,” he said.
The Director General and CEO of the Nigerian Financial Intelligence Unit (NFIU), Hafsat Bakare, emphasized the necessity of enhancing capacity and coordination against financial crimes, stating that “financial intelligence and analytical techniques are essential for addressing economic crimes.”
She acknowledged the interconnectedness of the criminal justice system and the threats posed by organized crime and cybercrimes facing law enforcement agencies.
Bakare expressed confidence that the training law enforcement officers would receive at the workshop would “sustain efforts to ensure Nigeria exits the Grey List of the Financial Action Task Force, potentially by mid-2025.”
Isaac Oginni, Director of the Interpol Financial Crime and Anti-Corruption Centre (IFCACC), asserted that the only way to disrupt organized crime is to deny fraudsters the financial rewards of their criminal activities.
He also stated that financial intelligence can be effectively utilized when investigators recognize its value and use it to create financial profiles of suspects.
He urged workshop participants and stakeholders to collaborate in the fight against money laundering.
“Each agency represents a different piece of the puzzle, with our unique strengths and mandates. Every piece is essential for forming the complete picture, and without even one piece, the entire image remains incomplete,” he explained.
“Today marks the beginning of the first phase of the Interpol/JICA workshop, a capacity-building initiative aimed at enhancing Nigeria’s safety by strengthening law enforcement’s ability to combat financial crime and fostering national cross-agency collaboration,” he concluded.
The four-day workshop, the first of its kind, is hosted by the EFCC and organized by INTERPOL and the Japan International Cooperation Agency (JICA).
It has drawn participants from the Police, EFCC, NFIU, Nigeria Immigration Service, and Nigeria Customs Service.
Comments are closed.