The Federal Government announced on Thursday the successful seizure of over N45 billion that had been looted from the national treasury.
It further disclosed that a number of individuals and entities linked to terrorist activities have been identified and designated, with funds traced to them also confiscated.
The Attorney-General of the Federation and Minister of Justice, Mr. Lateef Fagbemi, SAN, made the disclosure in his opening address at the 40th Technical Commission/Plenary Meeting of the Inter-Governmental Action Group Against Money Laundering in West Africa, GIABA, held at the State House, Abuja.
GIABA is a specialised institution of the Economic Community of West African States, ECOWAS, saddled with responsibility of facilitating the adoption and implementation of Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT) strategies in West Africa.
During his presentation, the Attorney General of the Federation (AGF), representing Nigeria, expressed that the government led by President Bola Tinubu is resolute in advancing the successes achieved by previous administrations, particularly in the realms of investigating and prosecuting corruption cases.
The AGF said: “In 2022, we increased the budgets for the Economic and Financial Crimes Commission, Independent Corrupt Practices Commission and National Drug Law Enforcement Agency by almost 95%.
“We now have over 1,500 officers dedicated to investigating and prosecuting money laundering across these three agencies alone.
“These sustained investments have seen increased numbers of investigations, prosecutions and convictions consistently since 2021 with 5,118 investigations, 1,509 prosecutions and almost 500 convictions secured resulting in over 45 billion naira of illicit proceeds seized.
“We have also made progress in tackling the financing of terrorism and in particular, I am pleased that we have identified and designated a number of individuals and entities linked to terrorist activity and seized funds linked to them.
“The Nigerian Financial Intelligence Unit (NFIU), has become a global model and achieved the outcomes envisaged by the passage of its enabling legislation in 2018 which established it as an independent, autonomous unit.
“The Unit has significantly expanded the scope of financial intelligence it has access to and provides to other competent authorities.
“The Unit has also put in place a number of innovative technologies including the Crime Records Information Management System (CRIMS) which has transformed our approach to intelligence sharing.
“The measures I have outlined and our future ambitions are underpinned by a rigorous analysis of the money laundering, terrorist financing and proliferation financing risks we face as a country”
Highlighting a multitude of challenges in the West African sub-region, including the perils of illicit financial flows and the existential threats posed by terrorist groups, the Attorney General and Minister of Justice emphasized the crucial necessity for heightened international collaboration. Recognizing the evolving landscape of global risks, technology’s deep integration, and the vulnerability of borders, he advocated for a more tailored approach to address the complexities of the new environment related to money laundering, terrorist financing, and proliferation financing.
Expressing concern that the absence of an equitable and effective system for international cooperation hampers efforts, he urged the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA) to actively pursue its mandate on behalf of member states.
Meanwhile, the Director General of GIABA assured continued technical support to Nigeria and underscored the need to restrict the physical movement of criminals and terrorist associates within the sub-region. Emphasizing the urgency for enhanced compliance and deterrence, he outlined plans for the Secretariat to collaborate with member states on comprehensive assets recovery, spanning freezing, seizure, confiscation, management, and disposal to deny criminals the use of proceeds from their illicit activities.
Advocating for the incorporation of asset recovery as a crucial deterrent tool within GIABA’s mandate, the Director General proposed initiating discussions with member states and stakeholders to establish a regional sanction regime. This regime aims to impede the movement of proceeds of crimes within the community and restrict the physical movement of criminals and terrorist associates in the region. He also stressed the importance of implementing secondary sanctions within the financial system, akin to OFAC and the EU, and proposed the establishment of an ECOWAS sanction to curtail movement and facilitate the recovery of proceeds of crimes.
The event was attended by dignitaries such as the Vice-President of the Financial Action Task Force, the representative of the President of the ECOWAS Commission, and the Director of the Nigerian Financial Intelligence Unit.
