The International Police Organisation (Interpol), on Monday, said that hundreds of thousands of dollars are being laundered out of Nigeria every hour.
“Evidence shows that every hour, hundreds of thousands of dollars flow out of Nigeria, laundered before reaching criminals’ pockets, allowing them to enjoy the profits of their crimes while honest Nigerians bear the brunt”, Garba Umar, Interpol Vice President for Africa, disclosed during the opening of a four-day training workshop for Nigerian law enforcement agencies at the Economic and Financial Crimes Commission (EFCC) Academy in Abuja.
He emphasised that successful laundering of criminal money leads to more drugs, fraud, corruption, and violence, thereby weakening financial institutions.
However, Umar assured that the introduction of Silver Notices would make laundering illicit funds significantly more difficult worldwide.
Highlighting the theme of the workshop, Umar said, “Strengthening Capacity and Coordination against Financial Crimes”.
He urged participants to discuss and learn about transnational crimes, identify solutions, and enhance policing capabilities to support national security and global safety.
“This workshop allows us to re-examine our strategies against transnational crimes, reaffirm our unity, and provide security to our citizens and the global community”, he said.
Umar called for greater collaboration among law enforcement agencies to ensure criminals do not profit from their illicit activities.
Echoing this sentiment, EFCC Executive Chairman Ola Olukoyede, represented by Director of Fraud Risk Assessment and Control, Francis Usani, emphasised the importance of collaboration in fighting financial crimes.
Olukoyede noted that corruption’s complex nature could only be tackled through collective efforts, highlighting the EFCC’s impressive record of convictions and recoveries.
“Our commitment is to prevention, knowing it is easier and cheaper than investigating and prosecuting corruption”, he said.
Japanese Ambassador to Nigeria, Kazuyoshi Matsunaga, lauded the workshop as a significant joint initiative between Japan and Nigeria to combat financial crimes. He underscored the necessity of international cooperation in tackling border-transcending financial crimes.
“This collaboration benefits not only Nigerians but people worldwide, including the Japanese”, Matsunaga said, recalling a successful joint operation three years ago that returned funds to a Japanese fraud victim.
Hafsat Bakare, Director General and CEO of the Nigerian Financial Intelligence Unit (NFIU) stressed the importance of financial intelligence in combating economic crimes.
She expressed optimism that the training would help Nigeria exit the Financial Action Task Force’s Grey List by mid-2025.
Isaac Oginni, Director of Interpol Financial Crime and Anti-Corruption Centre (IFCACC), emphasised the need to deny fraudsters the financial gains of their crimes. He urged participants to utilise financial intelligence effectively and work collectively to fight money laundering.
The workshop, hosted by the EFCC, was organised by INTERPOL and the Japan International Cooperation Agency (JICA). It included participants from the Police, EFCC, NFIU, Nigeria Immigration Service, and Nigeria Customs Service
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