The International Police Organisation (Interpol) has disclosed that every hour, hundreds of thousands of dollars are being laundered out of Nigeria across the world.
This revelation was made in Abuja on Monday by the Interpol Vice President for Africa, Garba Umar, while declaring open a four-day training workshop for Nigerian law enforcement agencies at the Economic and Financial Crimes Commission (EFCC) Academy, Abuja.
According to Umar, money laundering across Africa and the entire world has assumed a monstrous dimension, and Interpol has designed Silver Notices to combat the menace. “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,” he said.
He emphasized that every successful laundering of criminal money makes the country more prone to crime, resulting in more drugs, fraud, corruption, and violence, while also impacting financial institutions negatively. Umar stressed that hard times awaited money launderers as the Silver Notices would make illicit funds more difficult to launder in any part of the world.
Speaking on the theme of the workshop, “Strengthening Capacity and Coordination against Financial Crimes,” Umar pointed out that financial crimes had become transnational, necessitating regular training for law enforcement agencies to stay ahead of fraudsters. He urged participants to discuss and learn about transnational crimes affecting their regions, identify possible solutions through a review of policing capabilities, and facilitate direct and in-person interaction among law enforcement networks across the country.
“In essence, this workshop will allow us to re-examine the challenges of fighting transnational crimes in the country, reassess our strategies, and reaffirm our determination and unity as a country to provide security to our citizens and by extension the global community,” he said. Umar also charged participants to take collaboration with other law enforcement agencies seriously to advance their investigations and ensure that criminals do not get to enjoy the fruits of their labor.
“The only way we can move forward as a country is by working together and identifying common problems, jointly devising solutions, and taking coordinated and cohesive action. And now is the time that we need to go far, by going together,” he said.
Executive Chairman of the EFCC, Ola Olukoyede, in his goodwill message, emphasized the need for enhanced collaboration in tackling financial crimes. He stressed that the complex nature of corruption across the world could only be broken by the might of collaborative actions by every stakeholder. “The daunting nature of the fight against corruption in Nigeria and the world at large deserves serious collaboration among organizations saddled with the responsibility of fighting corruption,” he said.
ALSO READ EFCC grills NAHCON chairman over ₦90bn 2024 Hajj subsidy
Olukoyede, who spoke through the Director, Fraud Risk Assessment and Control (FRAC), of the EFCC, Francis Usani, appraised the pivotal role of the EFCC in tackling corrupt practices, especially its impressive records of convictions and recoveries. He expressed optimism that with the new emphasis on the preventive framework in tackling financial crimes by the commission, greater progress would be made. “Our records of convictions and recoveries stand us out, but we will not rest on our oars. We are committed to doing more and in this commitment, the EFCC is re-strategizing its operations with a focus on prevention, knowing that it is easier and cheaper to prevent corruption from happening than investigating and prosecuting corruption,” he said.
In his remark, Ambassador Extraordinary and Plenipotentiary of Japan to Nigeria, Kazuyoshi Matsunaga, described the workshop as an important joint initiative between Japan and Nigeria to combat financial crimes. He explained that in the contemporary globalized world, financial crimes transcend borders and require international cooperation among law enforcement agencies to combat them. “I am delighted that Interpol and the Japanese National Police Agency are an integral part of this project, contributing their expertise. A remarkable collaboration took place three years ago when Japanese and Nigerian law enforcement agencies successfully returned a fund to a Japanese fraud victim, earning immense gratitude. Strengthening our partnership through this project will benefit not only Nigerians but people around the world, including the Japanese,” he said.
Director General and Chief Executive Officer of the Nigerian Financial Intelligence Unit (NFIU), Hafsat Bakare, spoke about the imperative of strengthening capacity and coordination against financial crimes, pointing out that “financial intelligence and financial analysis techniques are key to tackling economic crimes.” She expressed optimism that the training law enforcement officers would receive at the workshop would “sustain efforts being made to ensure that Nigeria exits the Grey List of the Financial Action Task Force possibly by mid-2025.”
The Director of Interpol Financial Crime and Anti-Corruption Centre (IFCACC), Isaac Oginni, said the only way to disrupt organized crimes was by denying fraudsters the financial profit behind their criminal enterprise. He challenged participants and stakeholders at the workshop to collectively work together and fight money laundering. “Each agency represents a different shape of the puzzle with our different strengths and mandates. Each piece of the puzzle forms part of the bigger picture, and even one missing piece will prevent the whole picture from being developed,” he said. “Today, we will commence the first phase of the Interpol/JICA workshop, a capacity-building project that aims to strengthen Nigeria’s safety through enhancing law enforcement’s capacity to combat financial crime, as well as through increased national cross-agency collaboration and cooperation,” he added.
The four-day workshop, the first of its kind and hosted by the EFCC, was organized by Interpol and the Japan International Cooperation Agency (JICA). It drew participants from the Police, EFCC, NFIU, Nigeria Immigration Service, and the Nigeria Customs Service.
