NFIU, patners seek financial intelligence sharing collaboration framework

The Nigerian Financial Intelligence Unit (NFIU) has collaborated with private and public sector stakeholders to develop a new framework for financial intelligence sharing. This significant step aims to bolster the integrity and resilience of Nigeria's financial system, as highlighted in a statement. The high-level engagement, organized with the support of the British High Commission and the Convention for Business Integrity (CBi), gathered a diverse group of stakeholders including regulators, banks, insurance companies, fintechs, Virtual Asset Service Providers (VASPs), technology firms, and other entities.

The Joint Financial Intelligence Collaboration (JFIC) seeks to foster a trusted platform for more effective collaboration between public and private sector institutions in identifying emerging threats, disrupting illicit financial networks, and strengthening Nigeria's financial system. NFIU CEO Hajia Hafsat Abubakar Bakari, represented by General Counsel Mr. Felix Obiamalu, emphasized the shift from dialogue to design and commitment, stating that the objective now is to jointly determine the partnership's structure, operation, value creation, and sustainability.

British High Commission Illicit Financial Flows Officer Mr. Jehanzeb Khan, alongside Convention for Business Integrity Managing Director Mr. Olusoji Apampa, underscored the importance of public-private collaboration in tackling illicit financial flows. Former Chair of Egmont Group and former Director of South Africa's Financial Intelligence Centre, Ms. Xolisile Khanyile, delivered the keynote presentation, emphasizing the need for a practical, phased approach to implementation.

She stressed that trust, shared ownership, and collaboration are crucial for successful public-private partnerships. The engagement concluded with strong support for the proposed framework and a shared commitment to advancing a partnership that can enhance financial intelligence, improve threat detection, and strengthen Nigeria's response to sophisticated financial crimes.

Participants unanimously agreed that no single institution can combat today's financial crimes alone; effective action requires collaboration between government and industry in sharing insights, identifying risks early, and building collective resilience against illicit financial activity.