The International Police Organisation (INTERPOL), has revealed that hundreds of thousands of dollars leave the shores of Nigeria every hour.
Interpol Vice President for Africa, Garba Umar, disclosed this 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 said: “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.”
Against this backdrop, Mr Umar revealed that the agency has introduced Silver Notices that would make laundering of illicit funds significantly more difficult worldwide.
According to him, the successful laundering of criminal money leads to more drugs, fraud, corruption, and violence, thereby weakening financial institutions.
Highlighting the theme of the workshop: “Strengthening Capacity and Coordination against Financial Crimes,”
Mr. Umar 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.
Mr. Umar therefore called for greater collaboration among law enforcement agencies to ensure criminals do not profit from their illicit activities.
Agencies collaboration
Agreeing, EFCC Executive Chairman, Ola Olukoyede, emphasised the importance of collaboration in fighting financial crimes.
Olukoyede, represented by Director, Fraud Risk Assessment and Control, Francis Usani, 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 on prevention, knowing it is easier and cheaper than investigating and prosecuting corruption,” he said.
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.
Japanese Ambassador to Nigeria, Kazuyoshi Matsunaga, described the workshop as a significant joint initiative between Japan and Nigeria to combat financial crimes.
He also underscored the importance of international cooperation in tackling border-transcending financial crimes.
“This collaboration benefits not only Nigerians but people worldwide, including the Japanese,” he said, and recalled a successful joint operation three years ago that returned funds to a Japanese fraud victim.
Also speaking, the Director-General/CEO, the Nigerian Financial Intelligence Unit (NFIU), Hafsat Bakare, 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.
Similarly, Director, Interpol Financial Crime and Anti-Corruption Centre (IFCACC), Isaac Oginni, stressed 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, and organised by INTERPOL and the Japan International Cooperation Agency (JICA), also had participants from the Police, NFIU, Nigeria Immigration Service (NIS), and Nigeria Customs Service (NCS).
