The Nigerian Financial Intelligence Unit (NFIU) is working with banks, fintech companies, regulators and other financial-sector players to establish a joint platform for sharing intelligence and combating illicit financial activities.
The proposed Joint Financial Intelligence Collaboration (JFIC) is expected to bring public and private institutions together to identify emerging financial threats, exchange intelligence and disrupt networks involved in financial crimes.
The initiative was discussed at a stakeholder engagement convened by the NFIU with support from the British High Commission in Nigeria and the Convention for Business Integrity (CBi).
Participants included regulators, commercial banks, insurance companies, fintech firms, virtual asset service providers, technology companies and other stakeholders, who examined how the proposed collaboration could be structured and implemented.
Speaking at the meeting, NFIU Chief Executive Officer, Hafsat Bakari, represented by the unit’s General Counsel, Felix Obiamalu, said the process had moved beyond preliminary discussions to the development of a practical framework.
“We have moved from dialogue to design, to commitment and implementation,” Bakari said.
“The objective is no longer simply to discuss the concept. It is to jointly determine what this partnership should look like, how it should operate, what value it should create and how it can be sustained over time.”
The NFIU said the JFIC would create a structured channel for financial institutions and government agencies to share relevant intelligence and respond more effectively to evolving threats.
Jehanzeb Khan, Illicit Financial Flows Officer at the Foreign, Commonwealth and Development Office, representing the British High Commission, stressed the importance of closer public-private cooperation in tackling illicit financial flows.
Also speaking, CBi Managing Director, Olusoji Apampa, said the engagement was designed to ensure that private-sector stakeholders played a meaningful role in shaping the proposed framework.
According to him, involving industry players from the design stage would help ensure that the initiative reflects operational realities and enjoys wider ownership among stakeholders.
Former Egmont Group Chair and former Director of South Africa’s Financial Intelligence Centre, Xolisile Khanyile, described private-sector involvement in the fight against financial crime as a national responsibility.
“Trust, shared ownership and collaboration are the foundations of every successful public-private partnership,” Khanyile said.
She urged Nigeria to adopt a practical and phased strategy in implementing the framework, noting that the initiative was particularly timely given the country’s position within the global anti-money laundering and counter-terrorism financing system.
