The Chief Executive Officer (CEO) of the Nigerian Financial Intelligence Unit (NFIU), Hafsat Abubakar Bakari, has emphasized the critical need for collaboration between public and private organizations to tackle the rising tide of financial crimes in the country.
Bakari made this call in Lagos on Thursday during a roundtable dialogue jointly organized by the NFIU and the London Stock Exchange Group (LSEG).
The event, with a theme titled: The Role of Public-Private Partnerships in Fighting Financial Crimes, brought together key stakeholders from diverse sectors.
Bakari highlighted the importance of synergy in addressing complex financial crime networks that exploit regulatory gaps and weaken national security.
She said, “No single organization, whether public or private, has the capacity to confront the myriad financial crimes we face alone. It is only through cooperation that we can expect to make meaningful progress”
The NFIU boss also expressed her satisfaction with the collaboration between the NFIU and LSEG, noting that such partnerships showcase the potential of joint efforts to identify and address financial crime threats in Nigeria and across the region
She said, “This dialogue exemplifies how public and private organizations can unite to tackle key challenges. It is encouraging to see representatives from various companies in our AML/CFT/CPF ecosystem actively participating.”
The NFIU CEO also cited the recent similar event in Abuja, which brought together representatives from law enforcement, regulatory, and supervisory agencies.
According to her, the engagements reflect the NFIU’s commitment to fostering partnerships that align resources, intelligence, and strategies to combat financial crimes.
Highlighting the impact of public-private partnerships (PPPs), Bakari pointed to the Bank Verification Number (BVN) initiative as a model for success.
She said, “The BVN, a collaboration between the Central Bank of Nigeria and commercial banks, has been transformative in strengthening our AML/CFT framework. However, we must not rest on our laurels. We need innovative approaches such as shared KYC systems, joint analytical teams, and multi-sectoral fusion centres”.
She also mentioned the integration of wildlife crime into Nigeria’s AML/CFT strategy, describing it as a significant achievement. “Wildlife trafficking is increasingly recognized as a predicate offence for money laundering. By working with banks, law enforcement, and prosecutorial authorities, we are dismantling networks that undermine biodiversity while addressing other crimes like arms and drug smuggling,” Bakari added.
The NFIU’s partnership with international organizations, including United for Wildlife and the South African Anti-Money Laundering Integrated Task Force (SAMLIT), has provided valuable lessons. “These collaborations underscore the transformative potential of PPPs in addressing national, regional, and global challenges,” she said.
Bakari also reaffirmed the NFIU’s commitment to strengthening Nigeria’s anti-money laundering and counter-terrorism financing (AML/CFT) framework with the goal of exiting the Financial Action Task Force (FATF) grey list.
She said, “Gatekeepers in the financial and non-financial sectors often detect emerging trends first. Their intelligence is vital for effective law enforcement responses. A joined-up approach remains a priority in our National AML/CFT/CPF Strategy.”
As the roundtable discussions continued, Bakari urged participants to focus on actionable outcomes. She said, “Let us delegate responsibilities, set deadlines, and work towards common objectives. Fighting financial crime is everyone’s business. Together, we can create a sustainable system that not only prevents future crimes but fosters economic progress by ensuring resources are used for the country’s development.”
The event highlighted the NFIU-LSEG Risk Intelligence partnership as a model PPP that could revolutionize Nigeria’s fight against financial crime, setting the stage for more impactful collaborations in the future.
 of the Nigerian Financial Intelligence Unit (NFIU), Hafsat Abubakar Bakari, has emphasized the critical){kind=link}