ABUJA, NIGERIA — The Nigerian Financial Intelligence Unit has announced plans to establish a new framework for enhanced financial intelligence sharing between the public and private sectors, as part of efforts to strengthen Nigeria’s fight against money laundering, terrorism financing, and other illicit financial flows.
The Director and Chief Executive Officer of the NFIU, Hafsat Abubakar Bakari, disclosed the plan on Wednesday during a stakeholder engagement in Abuja, where she outlined the agency’s strategic priorities for 2026 and beyond. She said the new framework would formalise the mechanisms for information exchange among financial institutions, law enforcement agencies, and regulatory bodies, ensuring that intelligence is shared in a timely and actionable manner.
“The fight against illicit financial flows requires a whole-of-society approach. No single agency can do it alone. We must work together, and that requires a robust framework for intelligence sharing,” Bakari stated. “This new framework will strengthen collaboration between the public and private sectors and ensure that we are all working from the same playbook.”
The NFIU boss explained that the framework would include the establishment of a secure digital platform for real-time information sharing, capacity building for stakeholders, and the development of standard operating procedures for intelligence handling. She also disclosed that the agency would be working with the Central Bank of Nigeria, the Securities and Exchange Commission, and other regulators to ensure that financial institutions comply with reporting requirements.
Nigeria has faced significant challenges in combating money laundering and terrorism financing, with the Financial Action Task Force grey-listing the country in February 2023. The country was removed from the grey list in January 2026, following significant improvements in its anti-money laundering and counter-terrorism financing regime. The NFIU played a key role in that process, working with other agencies to strengthen the legal and institutional frameworks.
Bakari noted that the exit from the grey list was not the end of the journey, adding that the NFIU was committed to sustaining the momentum and deepening reforms. She said the agency had recorded significant successes in recent months, including the recovery of funds linked to illicit financial activities and the prosecution of individuals involved in money laundering.
“We are not resting on our laurels. The exit from the grey list is a milestone, but we must continue to strengthen our systems and ensure that Nigeria remains compliant with international standards,” she said.
Stakeholders at the engagement, including representatives of banks, fintech companies, and civil society organisations, welcomed the proposed framework and pledged their support. They, however, called for greater transparency in the sharing of intelligence and for the protection of whistleblowers. The NFIU said it would engage with all stakeholders to ensure that the framework is inclusive, practical, and effective.
The new framework is expected to be rolled out in phases, beginning with a pilot programme in the financial sector. The NFIU said it would also collaborate with international partners, including the Egmont Group and the Financial Action Task Force, to ensure that the framework aligns with global best practices. For now, the agency is focused on building the systems and relationships needed to make the framework a reality.
