NFIU pushes banks, fintechs to share intelligence under new AML framework

The Nigerian Financial Intelligence Unit (NFIU) has called on banks, insurance companies, fintech firms, Virtual Asset Service Providers (VASPs), and other financial sector stakeholders to support a new Public-Private Partnership (PPP) framework aimed at strengthening Nigeria’s fight against money laundering, terrorist financing, and illicit financial flows.

The initiative was highlighted during a high-level Private Sector Engagement held in Lagos with support from the British High Commission and the Convention for Business Integrity (CBi), according to a statement posted on the NFIU’s official X account.

The engagement brought together regulators, financial institutions, technology firms, fintech operators, insurers, and crypto-related businesses to explore practical ways of deepening collaboration between the public and private sectors in combating financial crime.

What they are saying

Representing the Chief Executive Officer of the NFIU, Hajia Hafsat Abubakar Bakari, the agency’s General Counsel, Felix Obiamalu, urged participants to actively contribute to the development of the proposed Joint Financial Intelligence Collaboration (JFIC) framework.

According to him, the initiative is designed to improve information sharing and intelligence exchange between government agencies and private-sector operators, thereby enhancing the country’s ability to detect and disrupt financial crimes.

• “There is a need to collaborate to help shape the proposed Joint Financial Intelligence Collaboration (JFIC), a framework designed to enhance information sharing between the public and private sectors,” Obiamalu stated.

The event also featured a keynote presentation by Xolisile Khanyile, former Chair of the Egmont Group, who emphasized that trust, shared ownership, and effective collaboration are critical to building successful financial intelligence partnerships.

Participants expressed strong support for the initiative, reaffirming their commitment to collective action aimed at protecting the integrity of Nigeria’s financial system and strengthening the country’s Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) framework.

Get up to speed

The push for stronger public-private cooperation comes shortly after the NFIU deployed its indigenous financial intelligence software, Ilivro, to the Financial Intelligence Unit of Guinea-Bissau, known as CENTIF Guinea-Bissau.

According to the NFIU, the platform provides a secure system for the electronic receipt, analysis, and dissemination of financial intelligence, supporting the entire intelligence cycle from reporting to operational action.

The agency also provided technical assistance and hands-on training to ensure the successful integration and utilization of the platform.

President of CENTIF Guinea-Bissau, Justino Sá, welcomed the deployment, noting that access to a modern analytical platform would significantly improve the institution’s operational capacity and support its broader development objectives.

The NFIU said the initiative demonstrates its commitment to strengthening international cooperation through practical solutions that enhance the capabilities of partner institutions and improve the effectiveness of financial intelligence systems across Africa.

What you should know

The NFIU serves as Nigeria’s central financial intelligence agency and is domiciled within the Central Bank of Nigeria (CBN).

• The agency is responsible for receiving reports from financial institutions and designated non-financial businesses, analysing transaction data, and generating intelligence for law enforcement and regulatory agencies.
• In its 2025 Annual Report, the NFIU highlighted persistent threats to the integrity of Nigeria’s financial system, alongside increasing scrutiny of financial transactions by regulators and enforcement agencies.

According to the report, tax-related crimes and fraud accounted for more than 50% of all financial crime intelligence reports disseminated to law enforcement and regulatory authorities during the year, underscoring the need for stronger collaboration between public institutions and private-sector operators in combating illicit financial activities.