An investigation by the International Police Organization (INTERPOL), has revealed that every hour, hundreds of thousands of dollars are being laundered out of Nigeria to destinations worldwide.
This revelation was made on Monday in Abuja by Garba Umar, Interpol Vice President for Africa, during the opening of a four-day training workshop for Nigerian law enforcement agencies at the Economic and Financial Crimes Commission (EFCC) Academy.
Umar stated that money laundering has reached alarming levels across Africa and globally, prompting Interpol to introduce Silver Notices to combat the issue.
“Evidence has shown that every hour, hundreds of thousands of dollars are flowing out of Nigeria to the region and across the world, laundered before it reaches the pockets of criminals to enjoy the profits of their crimes, while the hardworking and honest Nigerians pay the price of crime
“With every successful laundering of criminal money, our country becomes more prone to crime. More drugs, more fraud, more corruption and more violence. Every time criminal money is successfully laundered, our financial institutions take an additional blow,” he said.
He emphasized that Silver Notices would present significant challenges for money launderers, making it increasingly difficult to move illicit funds globally.
During the workshop titled “Strengthening Capacity and Coordination against Financial Crimes,” Umar noted that financial crimes have become transnational, necessitating regular training for law enforcement to stay ahead of criminals.
He urged workshop participants to discuss and learn about transnational crimes impacting their regions, identify possible solutions through a review of policing capabilities, and facilitate direct interaction among law enforcement networks across the country.
In his goodwill message, EFCC Executive Chairman Ola Olukoyede emphasized the importance of collaboration in combating financial crimes. He highlighted that the complex nature of corruption worldwide could only be dismantled through collective actions by all stakeholders.
“The daunting nature of fighting corruption in Nigeria and globally demands serious collaboration among organizations responsible for tackling corruption,” he said.
Representing Olukoyede, Francis Usani, Director of Fraud Risk Assessment and Control at the EFCC, praised the commission’s pivotal role in addressing corrupt practices.
He noted the EFCC’s impressive record of convictions and recoveries and expressed confidence that a new focus on prevention would yield even greater progress.
“Our record of convictions and recoveries sets us apart, but we are committed to doing more. The EFCC is re-strategizing its operations with a focus on prevention, recognizing that preventing corruption is easier and cheaper than investigating and prosecuting it,” he said.
In his remarks, Kazuyoshi Matsunaga, Ambassador Extraordinary and Plenipotentiary of Japan to Nigeria, described the workshop as a vital joint initiative between Japan and Nigeria to combat financial crimes. He emphasized that financial crimes transcend borders in today’s globalized world, requiring international cooperation among law enforcement agencies.
“I am delighted that INTERPOL and the Japanese National Police Agency are integral parts of this project, contributing their expertise. A remarkable collaboration took place three years ago when Japanese and Nigerian law enforcement agencies successfully returned funds to a Japanese fraud victim, earning immense gratitude. Strengthening our partnership through this project will benefit not only Nigerians but people worldwide, including the Japanese,” he said.
Hafsat Bakare, Director General and CEO of the Nigerian Financial Intelligence Unit (NFIU), discussed the importance of strengthening capacity and coordination against financial crimes. She highlighted the role of financial intelligence and analysis techniques in addressing economic crimes.
She expressed optimism that the workshop would support efforts to remove Nigeria from the Financial Action Task Force’s Grey List by mid-2025.
Isaac Oginni, Director of Interpol Financial Crime and Anti-Corruption Centre (IFCACC), stressed that disrupting organized crimes requires denying fraudsters the financial benefits of their criminal enterprises. He emphasized that financial intelligence is most effective when investigators understand its value and use it to build financial profiles of suspects.
He challenged participants and stakeholders at the workshop to work together to combat money laundering.
“Each agency represents a different piece of the puzzle, with our unique strengths and mandates. Every piece contributes to the larger picture, and even one missing piece can prevent the whole picture from forming,” he said.
“Today marks the start of the first phase of the Interpol/JICA workshop, a capacity-building project designed to enhance Nigeria’s safety by strengthening law enforcement’s ability to combat financial crime and increasing national cross-agency collaboration and cooperation,” he added.
The four-day workshop, the first of its kind, was hosted by the EFCC and organized by INTERPOL and the Japan International Cooperation Agency (JICA). Participants included representatives from the Police, EFCC, NFIU, Nigeria Immigration Service, and Nigeria Customs Service.
