The Chief Executive Officer (CEO) of the Nigerian Financial Intelligence (NFIU), Hafsat Abubakar Bakari, has disclosed the need for stakeholder to imbibe compliance culture which represents shared commitments to protect Nigeria’s financial system from abuse by criminals and other non-state actors.
Bakari spoke on Tuesday during her welcome address at the National Anti-Money Laundering, Combating Terrorism Financing and Counter Proliferation Financing (AML/CFT/CPF) Compliance Summit, organised by the NFIU at the Presidential Villa, Abuja
According to Bakari, the summit comes at a pivotal moment in Nigeria’s journey, saying that the 2019 Mutual Evaluation Report conducted by the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA) has brought to light areas to strengthen the country’s Anti-Money Laundering, Countering the Financing of Terrorism, and Counter Proliferation Financing (AML/CFT/CPF) regimes.
She added that as a result of the deficiencies identified, Nigeria was placed under enhanced monitoring by the International Cooperation Review Group (ICRG) process otherwise known as the so-called Grey List, an outcome that has amplified both the urgency and importance of the country’s collective response.
Bakari said, “Today’s event serves as a medium to consolidate the gains of our national AML/CFT/CPF strategy. The aim is to further strengthen the Nigerian financial system, build capacities of reporting entities, and also foster partnerships necessary to effectively combat money laundering, terrorism financing, and proliferation financing.
“Under the theme “Shaping the Future of Financial Integrity in Nigeria: Emerging Trends and Best Practices,” we are gathered as leaders, subject matter experts, and practitioners from across the political class, financial sector, regulatory bodies, government agencies, international organizations, and the private sector. I
’In our midst, we are also honoured with the presence of representatives of the global financial watchdog. In the words of our dear Commander in Chief, President Bola Tinubu in his 2024 New Year message aptly stated and I quote: “Our destinies are connected as members of this household of Nigeria. Our language, creed, ethnicity and religious beliefs even when they are not same should never make us work at cross purposes” (end of quote).
“Your presence here underscores the critical importance of the need to imbibe compliance culture which represents our shared commitments to protecting Nigeria’s financial system from abuse by criminals and other non-state actors.
“This Summit comes at a pivotal moment in our nation’s journey. It is noteworthy to mention that the 2019 Mutual Evaluation Report conducted by the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA) brought to light areas where we needed to strengthen our Anti-Money Laundering, Countering the Financing of Terrorism, and Counter Proliferation Financing (AML/CFT/CPF) regimes. Consequently, as a result of the deficiencies identified, Nigeria was placed under enhanced monitoring by the International Cooperation Review Group (ICRG) process otherwise known as the so-called Grey List an outcome that has amplified both the urgency and importance of our collective response.”
Speaking on the measures being taken to address the shortcomings, Bakari disclosed that the NFIU, in collaboration with its partners, has worked tirelessly to address the findings and implement far-reaching reforms.
She said, “From improving compliance mechanisms to fostering better inter-agency cooperation, we have made substantial progress in addressing most of the identified deficiencies. According to Sheikh Mohammed bin Rashid Al Maktoum, the ruler and Prime Minister of the UAE, a country that recently exited the Grey List stated, and I quote: “the more we achieve, the more we realize how much more we can achieve” (end of quote) therefore, as a country, there is need for us to continuously sustain the gains we have made, especially as crimes continue to evolve and global standards grow increasingly stringent.
“This Summit, therefore, is more than a gathering; it is a clarion call for all of us to align our efforts, identify innovative solutions, and reaffirm our commitment to building a resilient and transparent financial system that meets the highest international standards. Notably, we have made giant strides in AML/CFT/CPF obligations by reporting entities. Hence, amongst other things, this Summit seeks to sustain a compliance-first culture across all reporting entities in Nigeria.
“Again, let me borrow the words of Sheikh Mohammed bin Rashid Al Maktoum, where he stated and I quote: “the bigger your vision, the
bigger your achievement will be.” (end of quote). Therefore, our vision at the NFIU is to be the leading FIU in the world because currently, we are already amongst the best. Which is why we are witnessing the convergence of compliance officers across the financial sector who are primarily responsible for AML/CFT/CPF reporting obligations.
The NFIU boss further said, “Over the next two days, we will delve deeply into these issues through a series of high-level discussions and technical sessions. Topics such as improving compliance culture, managing contagion risks, and enhancing cooperation between regulators and industry stakeholders will be at the forefront of our agenda. A special focus will be placed on leveraging technology to strengthen data-sharing mechanisms and risk assessments. In today’s interconnected world, where financial transactions transcend borders and technologies continue to disrupt traditional systems, we must be prepared to harness innovation to outpace those who seek to exploit our systems.
“This summit is also an opportunity to set our sights on the future. The next Mutual Evaluation by GIABA in the year 2027 presents an opportunity for Nigeria to demonstrate not only compliance but leadership in the global fight against financial crimes. This requires us to embed a culture of continuous improvement, ensure sustainability in our reforms, and foster a mindset where compliance is seen not as a regulatory burden but as a foundation for growth and stability.”
Bakari also made a case for collaboration among the stakeholders, saying that the fight against financial crimes is not one that any single entity can win alone.
According to her, the development requires the collective strength and commitment of political leaders, regulators, financial institutions, law enforcement and security agencies, and international partners, saying that collaboration must be at the heart of stakeholders’ approach if the country is to succeed in mitigating risks and safeguarding its financial system.
She said, “The presence of such a diverse and distinguished group of stakeholders in the public and private sectors here today is a testament to the power of collaboration. We are united by a common purpose therefore, let us seize this moment to strengthen these partnerships and work towards a shared vision of a sound financial system.
“ Before I conclude, allow me to extend my deepest gratitude to the many individuals and organizations whose efforts have made this Summit possible. To His Excellency, the President and Commander-in- Chief of the Armed Forces, we are grateful for your exemplary leadership and unwavering support for initiatives that uphold financial integrity and national security.
“ To the Honourable Ministers; the three-line Ministers of the Inter- Ministerial Committee (IMC), and other high-level dignitaries present here today, your guidance and commitment have been instrumental in driving the monumental progress we have recorded in our AML/CFT/CPF regime. To our FATF-Style Regional Body, GIABA, thank you for your technical support, collaboration, and shared vision for a more transparent regional financial system within West Africa. The Director General of GIABA has been very supportive of initiatives and programmes aimed at transforming not just the NFIU, but our counterparts across the region.
“To the Heads of all our domestic and international Partners who have continued to strengthen AML/CFT/CPF supervisory, regulatory and enforcement frameworks, we pledge our continued partnership and cooperation. To the officers of our esteemed organization (NFIU) I want to appreciate and commend you for your continuous dedication, sterling performance and steadfast commitment to national service. Finally, to all participants including members of the
press, thank you for your dedication, your expertise, and your contributions to this important cause. Your presence here is a reminder of the strength that comes from collective action.
“ As we begin this Summit, I urge each of us to approach the discussions with an open mind, a collaborative spirit, and a determination to drive meaningful change. Let us focus not only on identifying challenges but on charting a clear path forward—one that ensures Nigeria’s financial system remains robust, transparent, and resilient: according to Mark Sanborn, and I quote: “In teamwork, silence isn’t golden; it’s deadly” (end of quote). This is the reason why we at the NFIU will continue to seek and advocate for collaboration and cooperation with our strategic partners and relevant stakeholders in the fulfilment of our mandate.
“ In today’s complex business environment, compliance is not just about adhering to laws; it’s about fostering a culture of integrity that drives long-term success. I sincerely believe that together, we have the power to shape a future where financial crimes have no place in our society, where compliance is a cornerstone of our national identity, and where Nigeria stands as a global leader in financial integrity, “ she added.
 of the Nigerian Financial Intelligence (NFIU), Hafsat Abubakar Bakari, has disclosed the need for){kind=link}