In a strategic effort to bolster Nigeria’s financial compliance framework, the Federal Government has introduced a cutting-edge Anti-Money Laundering (AML), Combating the Financing of Terrorism (CFT), and Counter-Proliferation Financing (CPF) Data Management Platform. This initiative, launched in response to Nigeria’s inclusion on the Financial Action Task Force (FATF) Grey List in February 2023, aims to secure the nation’s removal from the list by 2025.
At the forefront of this ambitious project is the National Information Technology Development Agency (NITDA), tasked by President Bola Ahmed Tinubu to spearhead the implementation of the platform in collaboration with the Nigerian Financial Intelligence Unit (NFIU). With a mandate to leverage digital solutions to address critical financial security gaps, NITDA is playing a pivotal role in ensuring Nigeria’s compliance with international financial standards.
During the inaugural project implementation meeting at NITDA’s corporate headquarters in Abuja, the agency’s Director-General, Kashifu Inuwa Abdullahi CCIE, outlined the key areas the initiative will tackle. He highlighted that the project aims to resolve seven major deficiencies identified in Nigeria’s Mutual Evaluation Report, including unchecked capital inflows, lapses in anti-money laundering protocols, and weaknesses in counter-terrorism and arms financing measures. By harnessing technology-driven data management, NITDA intends to create a robust financial intelligence ecosystem capable of tracking, analyzing, and mitigating illicit financial activities.
The legislative arm of government has also thrown its weight behind the project, with the Chairman of the House of Representatives Committee on ICT and Cybersecurity, Hon. Adedeji Stanley Olajide, pledging legislative support to ensure its success. His commitment underscores the importance of a multi-stakeholder approach to tackling financial crimes and strengthening Nigeria’s regulatory framework.
Similarly, the Chief Executive Officer of NFIU, Hajiya Hafsat Bakari, emphasised the need for sustained collaboration among relevant stakeholders. She pointed out that while removing Nigeria from the FATF Grey List is a priority, maintaining post-exit compliance is equally crucial to safeguarding the nation’s financial reputation.
As Nigeria strives to bolster its financial crime detection and prevention capabilities, the NITDA-led AML/CFT/CPF Data Management Platform represents a transformative step towards enhancing transparency, security, and accountability in the financial sector. Through innovative technology and inter-agency cooperation, the country is positioning itself for a more resilient financial future, free from the vulnerabilities that led to its grey-listing.
With NITDA at the helm, this project signals a new era in Nigeria’s financial regulation landscape, one where digital solutions drive effective governance and global trust in the country’s economic systems.
