U.K. Partnering CBN, NFIU To Track Illicit Financial Flow – High Commissioner
The United Kingdom is collaborating with Nigerian agencies, including the Central Bank of Nigeria and the Nigerian Financial Intelligence Unit, to track illicit financial flows.
The British High Commissioner to Nigeria, Richard Montgomery, said this at a policy conversation on the state of anti-corruption in Nigeria, organised by Agora Policy in Abuja on Tuesday.
Montgomery reaffirmed the UK’s commitment to working with Nigerian authorities in tackling corruption, an issue he described as corrosive to society, exacerbating poverty, increasing the cost of doing business, and eroding trust between governments and their people.
He pointed to the partnership between the UK’s National Crime Agency and Nigerian agencies, such as the Economic and Financial Crimes Commission and the NFIU, in efforts to track illicit financial flows and recover corrupt assets, especially where they touch UK jurisdiction
“We have a productive relationship under the present leadership with the Central Bank of Nigeria and the Nigerian Financial Intelligence Unit on tracking illicit flows. We try to go up after illicit financial flows and corrupt assets where they touch from UK jurisdiction,” he said.
The High Commissioner also mentioned the progress made in building beneficial ownership registers in collaboration with Nigerian partners.
He highlighted the importance of identifying the true owners of companies, which would enable law enforcement and regulatory agencies to better combat corruption and financial crimes.
Montgomery also touched on the UK’s support for Nigeria’s Extractive Industries Transparency Initiative, aimed at improving transparency in the oil and extractive sectors.
He noted that while there has been progress in providing better information on licensing, revenue, and expenditure, more needs to be done to attract further investment and ensure full transparency in the sector.
He further recognised the UK’s financial sector’s involvement in global financial secrecy but assured that the government was committed to tackling financial crime both domestically and internationally.
While the UK is keen to support Nigeria’s anti-corruption efforts, Montgomery emphasised that real change must come from Nigerian leaders and institutions.
Also speaking at the event, World Bank County Director for Nigeria, Dr Ndiamé Diop, noted that inaccurate data at the Federal Government level is a major hurdle in preventing the timely and automatic generation of fiscal data.
The World Bank Country director was represented, Deborah Isser, who is a Lead Governance Specialist at the bank.
In a keynote address, Prof Adele Jinadu, a Professor of Political Science, said anything short of a holistic approach when addressing corruption in Nigeria would amount to a waste of time.
While giving a goodwill message, the Chairman of the Economic and Financial Crimes Commission, Ola Olukoyede, who was represented by Mrs. Adejoke Liman, Director of the Policy and Research department, referred to corruption as a huge enterprise with the theft of public resources across all levels of government, a development he said was a great concern for the agency.
He stressed that the anti-graft commission had taken a conscious decision to use the fight against corruption to stimulate the economy and support critical social investment initiatives.
In her welcome address, the Board Chair of Agora Policy, Ms. Ojobo Atuluku, noted that anti-corruption should not fall off the radar with a change in government
