The Nigerian government has launched a major initiative, driven by the National Information Technology Development Agency (NITDA) and the Nigerian Financial Intelligence Unit (NFIU), to secure the country’s exclusion from the Financial Action Task Force (FATF) Grey List by May 2025.
This initiative is a direct result of a Presidential directive instructing the NFIU to collaborate with NITDA to develop and implement an Anti-Money Laundering/Counter Financial Terrorism/Counter Proliferation of Firearms (AML/CFT/CPF) Data Management Framework and Platform.
Speaking at the inaugural technical session held at the NITDA Headquarters in Abuja, NITDA Director General Kashifu Inuwa, CCIE, disclosed that the meeting marks a “remarkable mile” in the journey to exit the Grey List, which the nation has been on since February 2013 due to deficiencies in combating money laundering, arms financing, and terrorism financing.
Inuwa stressed that the project’s main objective is to establish a robust system that ensures global compliance, positions Nigeria as a key player in combating financial crime, and improves the nation’s reputation and relationships in the financial market.
The NITDA boss maintained that the new system will improve national security by tracking illicit financial flows and empowering authorities to identify criminal networks within the financial sector. He added that the system will strengthen law enforcement and the economy by taming crime, thereby encouraging investment into the country.
NFIU Chief Executive Officer, Barrister Hafsat Abubakar Bakari, hailed the project as a “game changer.” She stated that the platform will not only help the country exit the Grey List as directed by the President but will also improve the Data Integration Management System for AML/CFT.
Barrister Bakari emphasized the crucial role of technology in ensuring the credibility of every statistic shared with both domestic and international partners, adding, “The Grey List is not just a one-off project, it is a continuous project… we do not want a situation where we exit from the Grey List and another evaluation is conducted by the FATF, and we find ourselves back on the grey list again.”
She expressed confidence in NITDA’s capacity to drive the process, noting that the NFIU specifically requested that the agency lead the project.
The Chairman of the House Committee on Information and Communication Technology and Cyber Security, Honourable Adedeji Olajide, assured both NITDA and NFIU of full legislative support.
Honourable Olajide stated that the initiative is imperative to “change the narrative” and position Nigeria as the giant of Africa in cutting-edge technologies.
The overall objectives of the new AML/CFT/CPF Data Management Platform are to:
- Achieve FATF compliance and enable Nigeria’s removal from the Grey List.
- Restore international confidence in Nigeria’s financial system.
- Enhance NFIU’s operational capacity through automation and intelligence integration.
- Position Nigeria as a global leader in financial intelligence and AML/CFT practices.