In order to identify, monitor, and combat illicit financial flows (IFFs) and other fraudulent activities, the Nigeria Financial Intelligence Unit (NFIU) plans to use artificial intelligence (AI) and other machine learning techniques.
The chief executive officer of NFIU, Hajiya Hafsat Bakari, stated during the opening session of the first NFIU management staff retreat that one of the organization's efforts to increase staff capacity to face contemporary difficulties is the use of technology.
Her statement reads as follows: "The NFIU has strengthened its technological platforms with the planned deployment of AI and ML tools to help us with our operational duties in data analysis and information gathering to expedite our procedures.
The Unit already complies with the federal government's directive to maintain a paperless workplace. In order to further facilitate information sharing through a safe and encrypted technology, the Crimes Records Information Management System (CRIMS) has also been implemented to more capable authorities and federation states.
Speaking further about the NFIU's efforts to meet its goals, the chief executive stated: "We have strengthened our international partnerships because we recognize that our mandate extends beyond Nigerian borders, that serious crime is inherently transnational, and that the proceeds of crime have no boundaries. In addition to serving as the permanent secretariat for the 17-member West African Forum of FIUs, we have adopted a take the lead in revitalizing the FIU network in the Sahel and Lake Chad regions, which are collaborating to combat the financing of terrorists. Additionally, the NFIU was chosen in June 2024 to serve as vice chair of the esteemed Global Egmont Group of FIUs, which has 177 member nations. Under the direction of GIABA, the regional organization representing West Africa in the manner of the FATF, the NFIU continues to assist other FIUs in the region, and we have successfully assisted the FIU of Liberia in being accepted into the Egmont Group. To accomplish the same purpose, we are still working with the FIUs in Sierra Leone and the Gambia as mentors.
"We are still spearheading Nigeria's global attempts to remove itself from the Financial Action Task Force's list of jurisdictions that are being watched,” the aforementioned "grey-list." Even if there are still certain things we need to do, I have no doubt that with your help, we can finish all the necessary tasks in the next months.
Atiku Abubakar Bagudu, the minister of budget and national planning, also spoke at the occasion and tasked the NFIU and other financial crimes authorities with ensuring the integrity and soundness of the financial systems since foreign direct investments would be encouraged by Nigeria's system's financial integrity.
He gave them the task of raising Nigeria's financial ratings since doing so would encourage international investors to enter the country and help close the budget deficit.
Brig.-Gen. Mohamed Marwa (rtd), the chief of the National Drug Law Enforcement Agency (NDLEA), stated the following during his speech at the event: The NFIU's information has helped apprehend over 52,000 drug criminals, including 50 drug lords.
He promised that in order to combat illegal financial flows through illicit substances, the NDLEA will collaborate with the NFIU.
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