News

ANTI-MONEY LAUNDERING, TERRORISM FINANCING: NIGERIA PLANS TO EXIST THE GREY LIST

Published

2 months ago

January 18, 2025

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

The Nigerian government, through the efforts of the National Information Technology Development Agency, (NITDA) and the Nigerian Financial Intelligence Unit, (NFIU) have kick-started an initiative that would ensure the exclusion of the country from the Action Task Force (FATF) Grey List by May 2025.

This initiative was a directive of the President to the request of the NFIU to develop and implement an Anti-Money Laundering/Counter Financial Terrorism/Counter Proliferation of Firearms Data Management Framework and Platform in collaboration with NITDA. At the inaugural technical session to kick start the process at the NITDA Headquarters in Abuja yesterday, the NITDA Director General, Kashifu Inuwa, CCIE disclosed that the technical session meeting would mark a “remarkable mile in the country’s journey to exit from the From the Financial Action Task Force Grey List the nation has been enlisted into since February 2013.

He said the enlistment of the country into the Grey List was occasioned by seven issues among which are the rising capital inflows into the country, the shortcomings in combating money laundering, the shortcomings in combating arms financing and the shortcomings in combating terrorism financing.

According to him other factors include “the nation’s deficiencies in anti-money laundering regime, counter-terrorism financing regime and counter arms proliferation financing regime.”

He noted that the desire of the President to combat corruption and financial crime through innovation and technology necessitated his directive to NITDA to work with NIFU to build a system that would help NFIU to better manage financial data and compliance in the country. He said, “Today we are kick starting a meeting to start that project that will take us out of the Grey List and build that robust system. The main objective of the system is to help us with global compliance; to help Nigeria position itself as a key player in the global effort to combat financial terrorism and other crimes.

This will help us to create visibility in Nigeria as well as improve our global reputation and relationship in the financial market.” While maintaining that the initiative will help in improving national security because of its capability to see any financial transaction inflow into the country, NITDA boss maintained that it will also help to “track any illicit flow as well as empower us to highlight or identify criminal network in our financial sector.”

Inuwa averred that the system will strengthen the nation’s law enforcement and the economy because it will tame crime in the economy which will encourage investment into the country.

In her remarks, the NFIU Chief Executive Officer, Barrister Hafsat Abubakar Bakari described the project as a “game changer” because it will not only help the country to exit the grey list as directed by the president but improve the Data Integration Management System for Anti-Money Laundering and Combating the Financing of Terrorism, (AMLCFT.) While acknowledging the introduction of technology in the way things are now being done at the NFIU, she called on Nigerians to support the initiative of not only the exiting of the grey list but to sustain the gains that the country has made from it. She said, “The Grey List is not just a one-off project, it is a continuous project. The next cycle of evaluation will be done in the year 2027 and we do not want a situation where we exit from the Grey List and another evaluation is conducted by the FITF, and we find ourselves back on the grey list again.”

Barrister Bakari added that “this is why we have decided that the use of technology will give credibility to every statistic that we have, not just to our domestic stakeholders, but also to our international partners. Everything should be done in real time and accessible, credible, and factual, and that is the project that we are doing today.” While expressing her gratitude to NITDA and the Director General for their contributions to the project and other national service, she noted that she believes in local content initiative and that was why the NFIU made submission to Mr. President that NITDA should drive the process which he “graciously approved.” “So, congratulations, NITDA, for the confidence that the NFIU has in you, and for the confidence that Mr. President has in you to drive this project,” she noted.

The Chairman, House Committee on Information and Communication technology and Cyber Security, Honourable Adedeji Olajide who also graced the event assured both NITDA and NFIU of legislative support in their quest to secure the country against illicit financial flow and other vices.

While acknowledging that it was a welcome development to see the executive and the legislator working together to achieve common goals in our country Honourable Olajide said “You can be sure of it that you have all of the legislative support to get whatever you need done, and we will make sure there are no stumbling blocks in your way.” He said it has become imperative to “change the narrative” and position Nigeria to its rightful place among the comity of nation, adding that he understood all the benefits and values the introduction of technology will bring to NFIU operations.

He said, “Nigeria is going to take its rightful place as the giant of Africa. We are going to lead the way in cutting-edge technologies to make sure that Nigeria has all of the right people, the right processes, and the right technology to move the country to the next level which is also in line with the agenda of Mr. President Ahmed Bola, who is also a technology person.”

The objective of the AML/CFT/CPF Data Management Framework/Platform are; to achieve FATF compliance, to enable Nigeria’s removal from the Grey List and restore international confidence, to enhance NFIU’s operational capacity through automation, intelligence integration, and scalability, establish a robust and sustainable framework to ensure long-term operational and financial independence and to position Nigeria as a global leader in financial intelligence and AML/CFT practices, setting benchmarks for other nations The development and implementation of this platform are imperative to addressing the identified gaps, strengthening Nigeria’s financial integrity, and securing its place as a trusted partner in the global financial ecosystem.

Related Topics:FGN Hadiza Balarabe nitda

Up Next

Loan controversy: Onasanya’s lawyer condemns media trial, demands summons in court as Judge adjourns case to February 13

Don't Miss

Court Jails Six for Internet Fraud in Ilorin

News

ASR AFRICA HOLDS GROUNDBREAKING CEREMONY FOR A N250 MILLION ABDUL SAMAD RABIU MEDICAL SCIENCE LABOURATORY FOR CRESCENT UNIVERSITY

Published

2 weeks ago

February 26, 2025

august24admin

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

ASR Africa has commenced the construction of a N250 Million medical science laboratory for Crescent University, Abeokuta in Ogun State.

From Right: Mr. G. T. Ogunmefun (University Acting Bursar); Barr. A. M. Ajiobla, SAN (Proprietor); Prof. Ibraheem Gbajabiamila (Vice- Chancellor); Dr. Ubon Udoh (MD/CEO, ASR Africa); Barr. Z. A. Ajibola (Registrar) and Prof. M. K. Momodu (Dean, College of Law) at the ground breaking ceremony of the Medical Science Laboratory for Crescent University, Abeokuta.

August24news.com gathered that the laboratory will enhance the capacity of the institution in meeting the National Development Plans and Transformational Agenda (NDTA) of the Federal Government of Nigeria, whilst filling the gap created by laboratory scientists who have left the country recently.

Speaking at the ceremony, the Vice Chancellor of the University, Prof. Ibraheem Gbajabiamila, expressed gratitude for the institution’s nomination by ASR Africa under its Tertiary Education Grant Scheme (TEGs).

He applauded ASR Africa for the award of the grant and noted that the project is the university’s topmost priority, considering its drive to expand its College of Health Sciences programs.

In his response, the MD CEO of ASR Africa, Dr Ubon Udoh, commended the management of the university for their academic achievements and systematic growth which is evident by the addition of three new colleges recently.

These colleges include the College of Environmental Sciences (COES), Bola Ajibola College of Law (BACOLAW) and the College of Health Sciences (COHES). Dr Udoh reiterated the commitment of ASR Africa in ensuring a timely completion of the project.

The N250 Million grant will provide fixtures and fittings for the medical science laboratory which features a 300 sitting capacity auditorium, offices for Head of Departments and lecturers, lecture /seminar rooms.

It will also cater as laboratories facility for Medical Laboratory Science, Medical Biology, Hematology, Pharmacology/Therapeutics and Chemical Pathology.

The ASR Africa Tertiary Education Grant Scheme is targeted at supporting quality education within the tertiary education system in Nigeria and so far over 30 tertiary institutions in Nigeria have benefitted from this grant which ranges from N250 million to N 2 billion.

ABOUT ASR AFRICA
The brainchild of African Industrialist, Philanthropist and Chairman of BUA Group, Abdul Samad Rabiu, the Abdul Samad Rabiu Africa Initiative (ASR Africa) was established in 2021 to provide sustainable, impact-based, homegrown solutions to developmental issues affecting Health, Education and Social Development within Africa.

News

Seplat Energy Clinches ‘Deal of the Year’ at New Telegraph Award

Published

2 weeks ago

February 26, 2025

august24admin

Seplat Energy Clinches ‘Deal of the Year’ at New Telegraph Award

AJAGBE ADEYEMI TESLIM

News

Olusunle, Now Fellow Nigerian Mining & Geosciences Society (FNMGS)

Published

2 weeks ago

February 26, 2025

august24admin

…As Society Celebrates 64 Years of Existence

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

A research Director of the National Agency for Science and Engineering Infrastructure (NASENI), Engr. Dr. Samuel Olugbenga O. Olusunle has been conferred with the prestigious Fellow of Nigerian Mining and Geosciences Society (FNMGS), one of the oldest professional bodies in the history of Nigeria.

NASENI Research Director, Engr. Dr Samuel Olugbenga O. Olusunle, FNMGS, (right) receiving the Conferment Award plaque and Certificate from Prof. Akinade Sadrach Olatunji, the President of the Nigerian Mining and Geosciences Society(NMGS)(left) during the Awards Night which took place at the Chida International Hotels Abuja on Wednesday 19 February 2025.

The Nigeria’s late sage, Pan Africanist and President during the First Nigerian Republic Dr. Nnamdi Azikiwe was the first patron of the Nigerian Mining and Geosciences Society.

The Society yesterday in Abuja concluded its 60^th Annual International Conference and Exhibition (AICE), and it was time for the body to honour and recognize its members who had contributed tremendously not only to the growth and development of the Mining and Geosciences profession in the country, but the accomplishments of the honourees having direct bearing on the general socio-economic development of the country.

The event which was held between 16^th to 19^th February 2025 at the Chida International Hotel Abuja, came to a climax with Awards Night and recognition. Dr. Olusunle and 42 other members were honoured with the prestigious fellow category, which is the highest election attainable in society.

This conferment has added new appellation to Engr.Dr. Olusunle’s name as FNMGS. In 1977, the Nigerian Mining and Geosciences Society (NMGS) succeeded the Nigerian Mining Geological and Metallurgical Society (NMGMS) which was founded on 15th January 1961 and officially inaugurated on 17th December, 1962.

The society is an international professional organization. Its Objectives include: Advancement and practice of Mining, Earth sciences and Metallurgy, Acquisition, preservation and dissemination of mining geoscientific and metallurgical knowledge, publication of an interdisciplinary learned journal of Mining and Geology (JMG), the CRUST, periodicals and specialized books including annual books of abstracts and programmes of the society’s conferences and activities and upholding the ethics and safeguarding the interests of the professionals covered by the society.

The society also has statutory representation in the council of the Nigerian Mining Engineers and Geoscientists (COMEG) established by the Federal republic of Nigeria Decree No. 40 of 1990. The categories of membership are Fellow, Corporate, Graduate, Students, Affiliate, Institutional and Honorary fellow, the highest of all is the Fellow category.

When asked to speak on the significance of the society’s recognition to him and NASENI where he serves as Director Research, a highly elated Olusunle had this to say: “I give God the glory and I am really humbled to be elected FELLOW of NMGS. It should be noted that the mandate of NASENI and the core concerns of NMGS are knittingly related. NASENI has one of its institutes operating within the purview of solid minerals exploitation (SOMMEDI).

NASENI also under wonderful leadership of the EVC/CEO, Khalil S. Halilu, is actively involved in the CNG project of the Federal Government. These and other notable activities/intervention of NASENI are collaborative windows between the agency and NMGS”.

Before he became research director, Dr. Olusunle was former Managing Director, Engineering Materials Development Institute (EMDI) Akure, one of NASENI Development Institutes. Also, he is a FELLOW of the Nigeria Institute of Mechanical Engineers (NIMechE), the Materials Science and Technology Society of Nigeria (MSN), the Nigeria Society of Engineers (NSE), The Nigeria Institute of Management (NIM), The Nigerian Metallurgical Society (NMS)and many others.