How NFIU uses AI and machine learning to combat financial crime | Tech | Business

The Nigerian Financial Intelligence Unit (NFIU) has taken a step towards improving its operational efficiency by implementing advanced Artificial Intelligence (AI) and Machine Learning (ML) tools into its technology platforms.

This development is part of a broader initiative aimed at improving the speed and accuracy of the NFIU’s information and data analysis processes.

Hajiya Hafsat Bakari, Director and CEO of the Nigerian Financial Intelligence Unit (NFIU), made this known yesterday during the opening session of the first NFIU Management Staff Retreat in Abuja.

According to her, the use of these advanced technologies is intended to accelerate the operational tasks of the NFIU and thus process intelligence faster and more effectively.

In her speech, Hajiya Bakari stressed that the NFIU is committed to aligning with the Federal Government’s policy of creating a paperless work environment.

She noted that the NFIU has already moved to a more digital workflow and rolled out the Crimes Records Information Management System (CRIMS), which facilitates secure and encrypted information sharing, improving the unit’s ability to manage crime-related data.

“The Unit is already in line with the Federal Government’s policy for a paperless working environment,” she said. “In addition, the Crimes Records Information Management System (CRIMS) has been implemented across more relevant authorities and states of the federation to further support information sharing through a secure and encrypted tool.”

Recognizing the global nature of serious crimes and the fact that the proceeds of crime often transcend borders, Hajiya Bakari noted that the NFIU has strengthened its international partnerships. She explained that these collaborations are crucial to effectively addressing transnational threats and aligning Nigeria’s efforts with global standards in the fight against financial crimes.

“We recognize the myriad threats we face, the dynamic nature of the criminal environment, and the vulnerabilities that exist within our domestic context. That is why we have developed and implemented a robust and innovative organizational structure that aligns our capabilities and resources with the sectors of the economy that are most vulnerable to abuse by money launderers and terrorist financiers,” said Hajiya Bakari.

This new organizational structure enables the NFIU to prioritize responses to the highest-risk predicate crimes, ensuring the unit provides timely, credible, and actionable intelligence to its stakeholders and partners. The strengthened framework also facilitates more effective collaboration with both domestic and international entities, enabling the unit to comprehensively address financial crime.

To support this new structure, the NFIU has embarked on a strategic re-engagement exercise. Hajiya Bakari indicated that management has actively visited various agencies to gather direct feedback on their partnership with the NFIU.

This involvement has led to the formation of several joint task forces and interagency committees, which focus on strengthening cooperation in the fight against criminal activities. The NFIU has also worked extensively with the private sector, using reports from these entities to shape its internal activities.

The Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, who was represented at the retreat, commended the NFIU for its tireless efforts in the fight against money laundering, financing of terrorism (ML/TF) and proliferation financing. He stressed that the initiatives of the NFIU are crucial to ensuring that Nigeria is removed from the grey list of the Financial Action Task Force (FATF) by May 2025.

The Chairman of the National Drug Law Enforcement Agency (NDLEA), Brig Gen Mohamed Buba Marwa (Rtd), also expressed appreciation for the NFIU’s swift responses to requests for information. He revealed that in 2024 alone, the NDLEA received 76 reports from the NFIU, leading to significant recoveries including hotels, properties and bank accounts, as well as several convictions. Marwa lauded the NDLEA’s success in making over 52,000 arrests and destroying cannabis farms across the country, attributing part of these successes to the intelligence provided by the NFIU. He, however, urged the NFIU to further improve its turnaround time for responding to requests, stressing the unit’s critical role in the fight against criminality.

Muhammad Sani Abdullahi, Deputy Governor for Economic Policy at the Central Bank of Nigeria (CBN), noted the importance of a strong regulatory regime to prevent criminals from exploiting the financial system. He noted that despite the progress made, there are still gaps that need to be addressed through continued sensitization, deterrent sanctions and effective supervision. Abdullahi reiterated the CBN’s confidence in the leadership of the NFIU to lead the country to a secure financial future.

Also speaking at the retreat, the Commandant General of the Nigerian Security and Civil Defence Corps (NSCDC), Abubakar Audi, said intelligence from the NFIU had played a significant role in identifying over 5,000 suspects, exposing 300 illegal refineries and securing 100 convictions. Audi commended the efforts of CRIMS for improving the dissemination of information to stakeholders. He, however, called for further improvement of the system and its extension to areas such as the Niger Delta to enhance the operational capabilities of state commands.