Interpol Reveals Nigeria’s Hourly Money Laundering

Nigeria faces a massive financial drain as Interpol reports hundreds of dollars laundered out of the country every hour. Get the full story here.

According to the investigation conducted by the International Police Organisation, Nigeria is involved in laundering hundreds of thousands of dollars every hour across various countries.

The Interpol Vice President for Africa, Garba Umar, announced in Abuja on Monday that a four-day training workshop for Nigerian law enforcement agencies at the EFCC Academy was officially opened. During his disclosure, he made this statement.

Umar claims that the issue of money laundering has become a huge problem in Africa and globally, prompting Interpol to develop Silver Notices as an effort to tackle it.

It has been proven that Nigeria is losing hundreds of thousands of dollars every hour. This money is being laundered before it can reach the criminals who profit from their illicit activities, leaving honest and hardworking Nigerians to bear the brunt of these crimes. Additionally, some funds are flowing out of Nigeria and into other regions across the world.

He stated that each instance of successfully laundering criminal funds increases our country’s vulnerability to crime, resulting in a rise in drug use, fraudulent activities, corrupt practices and violent incidents. Furthermore, with every occurrence of money laundering successfully carried out by criminals, financial institutions are dealt another blow.

He emphasized that money launderers would face difficult times due to the implementation of Silver Notices, which aim to hinder the laundering of illicit funds across all regions globally.

During the Workshop themed “Strengthening Capacity and Coordination against Financial Crimes,” Umar emphasized that financial crimes have become globalized, necessitating periodic training for law enforcement personnel to stay ahead of criminals.

At the workshop, he implored attendees to prioritize discussing and educating themselves on transnational crimes impacting their regions. He also encouraged them to assess policing capabilities in order to propose potential solutions for supporting the country, while simultaneously promoting direct face-to-face engagement among law enforcement networks throughout the nation.

He stated that the Workshop would essentially enable us to rethink our approach to combatting transnational crimes within the nation, evaluate our tactics, and reaffirm as a country our commitment and solidarity in safeguarding not only citizens but also contributing towards global security.

Umar urged every attendee of the workshop to prioritize collaboration with other law enforcement agencies in order to enhance their probes and prevent delinquents from benefiting unjustly.

He stated that in order to move forward as a nation, it is imperative that we collaborate and pinpoint mutual issues, create solutions together, and act cohesively. Presently is the ideal moment for us to unite our efforts towards greater progress.

In his goodwill message, Ola Olukoyede – the Executive Chairman of the EFCC emphasized on boosting collaboration to combat financial crimes.

He emphasized the necessity of collaborative efforts from involved parties in combatting corruption worldwide. He mentioned that combating corruption is a formidable challenge, especially in Nigeria and globally, and requires serious collaboration among organizations overseeing anti-corruption measures.

During an address given by Francis Usani, the Director of Fraud Risk Assessment and Control (FRAC) at the EFCC, Olukoyede acknowledged and praised the essential role that EFCC plays in combating corruption. He applauded their impressive track record for convictions and recoveries while also expressing optimism about their new emphasis on preventive measures for tackling financial crimes – a shift which he believes will lead to even greater progress being made.

“Our outstanding records of convictions and recoveries set us apart, but we will not be complacent. We are dedicated to doing more by re-strategizing our operations at EFCC with a strong emphasis on prevention because preventing corruption is easier and less costly than investigating or prosecuting it,” he stated.

The workshop was characterized by Kazuyoshi Matsunaga, Japan’s ambassador to Nigeria, as a significant collaborative effort between the two nations in fighting financial fraud.

He clarified that with the current globalized world, financial wrongdoings surpass boundaries and necessitate collaborative efforts among law enforcement agencies worldwide to tackle them effectively.

He expressed his delight at the involvement of INTERPOL and the Japanese National Police Agency in this project, contributing their knowledge. Three years ago, a significant collaboration took place between Nigerian and Japanese law enforcement agencies resulting in successfully returning funds to a fraud victim from Japan who was immensely grateful. By enhancing our partnership through this scheme will not only benefit Nigerians but also people worldwide including the Japanese community,” he commented.

Hafsat Bakare, the Director General and Chief Executive Officer of the Nigerian Financial Intelligence Unit (NFIU), emphasized on the need for enhancing capacity and improving coordination to combat financial crimes. She acknowledged that financial intelligence as well as analysis methods are crucial in addressing economic offenses.

According to her, the NFIU recognizes the interdependence of law enforcement agencies in their battle against organized crime and cybercrime.

Her positive outlook was based on the belief that the law enforcement officers’ training at the Workshop could potentially maintain their efforts to lead Nigeria out of the Grey List imposed by Financial Action Task Force, with a projected timeline of mid-2025.

According to Isaac Oginni, the Director of Interpol Financial Crime and Anti-Corruption Centre (IFCACC), in order to disrupt organized criminal activity, it is essential to deprive fraudsters of the financial gains they reap from their illegal actions. Additionally, investigators can utilize financial intelligence effectively by acknowledging its significance and employing it towards creating a comprehensive fiscal profile for suspects.

At the workshop, he motivated participants and stakeholders to collaborate in combatting money laundering.

According to him, every agency embodies a distinct puzzle piece that showcases diverse capabilities and objectives. The collective arrangement of these pieces gives rise to the complete picture, whereas one absent element can halt its development.

He announced the commencement of the Interpol/JICA workshop’s first phase, a capacity-building initiative that strives to fortify Nigeria’s safety by amplifying law enforcement’s competency in countering financial offenses and improving national inter-agency interaction.

The inaugural four-day workshop, which was hosted by the EFCC and organized in partnership with INTERPOL and Japan International Cooperation Agency (JICA), brought together representatives from various organizations including Police, NFIU, Nigeria Immigration Service, and Nigeria Customs Service.