The Federal Government of Nigeria has initiated the implementation of the Anti-Money Laundering (AML), Combating the Financing of Terrorism (CFT), and Counter-Proliferation Financing (CPF) Data Management Platform project. The initiative aims to remove Nigeria from the Financial Action Task Force (FATF) Grey List by 2025.
Nigeria was placed on the FATF Grey List in February 2023 due to deficiencies in its financial compliance and regulatory systems. To address these issues, President Bola Tinubu has mandated the National Information Technology Development Agency (NITDA) to spearhead the project, in collaboration with the Nigerian Financial Intelligence Unit (NFIU).
At the inaugural meeting for the project implementation, NITDA Director-General Kashifu Inuwa highlighted the seven critical issues identified in Nigeria’s Mutual Evaluation Report (MER), which led to the following:
- Rising capital inflows
- Weaknesses in combating money laundering
- Shortcomings in countering terrorism financing
- Inadequate counter-proliferation financing regime
Inuwa emphasized the importance of building robust systems to align Nigeria with global compliance standards. “The main objective of building a better system is to enhance global compliance, improve Nigeria’s financial reputation, and position the country as a key player in combating financial crimes,” he stated.
The project is also expected to strengthen national security by tracking illicit financial flows, disrupting criminal networks, and bolstering law enforcement and economic stability, thereby creating an environment conducive to investment.
Rep. Stanley Adedeji, Chairman of the House of Representatives Committee on ICT and Cybersecurity, underscored the importance of leveraging technology for national progress. He assured that the National Assembly would prioritize adequate funding for the project and amend any laws that may hinder its success.
“We will ensure that necessary funding is allocated, and if required, executive orders will be pursued to expedite progress,” Adedeji said.
NFIU Director-General Hafsat Bakari stressed the need for collaboration among stakeholders to sustain gains made after exiting the grey list. She cautioned that compliance must remain a continuous effort, noting that the next FATF evaluation cycle is scheduled for 2027.
“We must ensure that the systems we build today are credible, real-time, and accessible, not just for domestic use but also for international partners,” Bakari stated.
The project reflects President Tinubu’s commitment to combating corruption and financial crimes through the use of innovation and technology, signalling Nigeria’s determination to strengthen its global financial reputation.
