The Nigerian Financial Intelligence Unit (NFIU) has detected a total of 60,000 suspicious transactions in 2023 alone.
Tbis was revealed by the Director/ Chief Executive Officer of the agency,
Hafsat Bakari, during a summit between the NFIU and other law enforcement agencies in Abuja on Thursday.
She said “In 2023, the NFIU received over 60.000 suspicious transaction and activity reports.
“Aligned to this is the use of new technologies, which provide a layer of anonymity and complexity to transactions.
“From crypto-currency to agency banking, the link between the owner of the funds and the transact ion itself is becoming more opaque.”
Ms Bakari said the volume of data that the NFIU receives and analyses is huge and will only continue to grow in the future as financial inclusion, decentralised finance, and other emerging technologies shift transactions into the electronic space.
“We also recognise that the modern crime environment, particularly for the most serious offences, is dynamic, fast-paced, and often transnational in nature.
“All of us also understand that for the vast majority of criminal offences, whether fraud, corruption, or indeed terrorism, money is at the centre. Whether as a proceed of the act or as an enabler of the act.
“Consequently, the only truly sustainable approach to crime prevention and disruption is identifying where these funds are and denying criminal actors access to them.
“We can only achieve this if we have efficient and effective systems for conducting financial analysis, and this Ladies and gentlemen, is the ultimate goal of the NFIU, to provide you in a timely manner with credible, reliable, and actionable financial intelligence.
“However, returning to the dynamism of the criminal environment, there are several challenges which we must overcome if we are to produce this intelligence on a consistent basis.
Mrs Bakari proposed strategic priorities, including enhancing technology utilisation across agencies and creating fusion cells for joint investigations targeting high-risk offences.
The NFIU chief also stressed the importance of international collaboration in combating transnational crimes.