Hundreds of Thousands of Dollars Laundered Out of Nigeria Every Hour — Interpol

Interpol has found that hundreds of thousands of dollars are being laundered out of Nigeria every hour. This announcement was made on Monday by Interpol Vice President for Africa, Garba Umar, during a four-day training workshop for Nigerian law enforcement agencies at the Economic and Financial Crimes Commission (EFCC) Academy in Abuja.

Umar said that money laundering is getting worse across Africa and worldwide. To fight this, Interpol has introduced Silver Notices.

“Every hour, a huge amount of money is being laundered out of Nigeria. Criminals use this money, while honest Nigerians suffer,” Umar said.

He explained that successful money laundering leads to more crime, including drugs, fraud, corruption, and violence. “Every time criminal money is laundered, our financial institutions are harmed,” he added.

The workshop, titled “Strengthening Capacity and Coordination against Financial Crimes,” focused on the international nature of financial crimes.

Umar stressed the importance of regular training to stay ahead of criminals. He encouraged participants to discuss and learn about international crimes, find solutions, and improve cooperation among law enforcement agencies.

“This workshop will help us look at the challenges of fighting international crimes, rethink our strategies, and commit to providing security to our citizens and the global community,” Umar stated.

He emphasized the need for cooperation among law enforcement agencies to ensure criminals do not benefit from their actions.

EFCC’s Commitment to Fighting Financial Crimes in Nigeria

EFCC Executive Chairman, Ola Olukoyede, in his message, highlighted the need for better collaboration to tackle financial crimes. He noted that corruption is complex and can only be fought through collective actions by all stakeholders.

Represented by Francis Usani, Director of Fraud Risk Assessment and Control at the EFCC, Olukoyede mentioned the EFCC’s success in convictions and recoveries and expressed hope that the commission’s focus on prevention would lead to more progress.

Japanese Ambassador to Nigeria, Kazuyoshi Matsunaga, said the workshop is an important joint effort between Japan and Nigeria to fight financial crimes.

He stressed the need for international cooperation among law enforcement agencies, recalling a successful collaboration three years ago that returned stolen funds to a Japanese victim.

Hafsat Bakare, Director General and CEO of the Nigerian Financial Intelligence Unit (NFIU), spoke about the importance of strengthening capacity and coordination against financial crimes.

She emphasized the role of financial intelligence in fighting economic crimes and expressed hope that the training would help Nigeria exit the Financial Action Task Force’s Grey List by mid-2025.

Isaac Oginni, Director of Interpol’s Financial Crime and Anti-Corruption Centre (IFCACC), stressed the need to stop organized crime by cutting off their financial profits.

He called for teamwork among different agencies, each bringing their strengths to fight money laundering effectively.

The workshop, organized by Interpol and the Japan International Cooperation Agency (JICA), included participants from the Police, EFCC, NFIU, Nigeria Immigration Service, and Nigeria Customs Service.