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Interpol Raises Alarm, Says Hundreds of Dollars Leave Nigeria Every Hour
The International Police Organisation’s investigation has shown that every hour, hundreds of thousands of dollars are being laundered out of Nigeria across the world.
This disclosure was made in Abuja on Monday by Garba Umar, Interpol vice president for Africa, while declaring open a four-day training workshop for Nigerian law enforcement agencies at the Economic and Financial Crimes Commission (EFCC) Academy, Abuja.
According to Umar, money laundering across Africa and the entire world has assumed a monstrous dimension and Interpol has designed Silver Notices to combat the menace.
“Evidence has shown that every hour, hundreds of thousands of dollars are flowing out of Nigeria to the region and across the world, laundered before it reaches the pockets of criminals to enjoy the profits of their crimes, while the hardworking and honest Nigerians pay the price of crime”
“With every successful laundering of criminal money, our country becomes more prone to crime. More drugs, more fraud, more corruption and more violence. Every time criminal money is successfully laundered, our financial institutions take an additional blow,” he said.
He stressed that hard times awaited money launderers as the Silver Notices would make illicit funds more difficult to launder in any part of the world.
Speaking on the theme of the Workshop: Strengthening Capacity and Coordination against Financial Crimes, Umar pointed out that financial crimes had become transnational and law enforcement agencies needed regular training for their workforce to be ahead of fraudsters
He urged participants at the workshop to make it a duty to discuss and learn about transnational crimes affecting their regions, identify possible solutions through a review of policing capabilities to support the country, and facilitate direct and in-person interaction amongst law enforcement networks across the country.
“In essence, this Workshop will allow us to re-examine the challenges of fighting transnational crimes in the country, reassess our strategies, and reaffirm our determination and unity as a country to provide security to our citizens and by extension the global community,” he said.
Umar charged all participants at the workshop to take collaboration with other law enforcement agencies seriously, to advance their investigations and ensure that criminals do not get to enjoy the fruits of their labour.
“The only way we can move forward as a country is by working together and identifying common problems, jointly devising solutions, and taking coordinated and cohesive action. And now is the time that we need to go far, by going together, he said.
Ola Olukoyede, executive chairman of the EFCC, in his goodwill message, also harped on the need for enhanced collaboration in tackling financial crimes.
He particularly stressed that the complex nature of corruption across the world could only be broken by the might of collaborative actions by every stakeholder. “The daunting nature of the fight against corruption in Nigeria and the world at large deserve serious collaboration among organizations saddled with the responsibility of fighting corruption”, he said.
Olukoyede, who spoke through Francis Usani, director, Fraud Risk Assessment and Control, FRAC, of the EFCC, appraised the pivotal role of the EFCC in tackling corrupt practices, especially its impressive records of convictions and recoveries, and expressed optimism that with the new emphasis on the preventive framework in tackling financial crimes by the commission, greater progress would be made.
“Our records of convictions and recoveries stand us out, but we will not rest on our oars, we are committed to doing more and in this commitment, the EFCC is re-strategising its operations with a focus on prevention knowing that it is easier and cheaper to prevent corruption from happening than investigating and prosecuting corruption,” he said.
In his remark, Kazuyoshi Matsunaga, ambassador extraordinary and plenipotentiary of Japan to Nigeria, described the workshop as an important joint initiative between Japan and Nigeria to combat financial crimes.
He explained that in the contemporary globalised world, financial crimes transcended borders and required international cooperation among law enforcement agencies to combat them.
“I am delighted that INTERPOL and the Japanese National Police Agency are an integral part of this project, contributing their expertise. A remarkable collaboration took place three years ago when Japanese and Nigerian law enforcement agencies successfully returned a fund to a Japanese fraud victim, earning immense gratitude. Strengthening our partnership through this project will benefit not only Nigerians but people around the world, including the Japanese,” he said.
Hafsat Bakare, director general and chief executive officer of the Nigerian Financial Intelligence Unit, NFIU, spoke about the imperative of strengthening capacity and coordination against financial crimes, pointing out that “ financial intelligence and financial analysis techniques are key to tackling economic crimes”.
“The NFIU, she said, was sensitive to the interconnected nature of the criminal justice system, the threat of organised crime, and cybercrimes being fought by law enforcement agencies.
She expressed optimism that the training law enforcement officers would receive at the Workshop would “ sustain efforts being made to ensure that Nigeria exits the Grey List of the Financial Action Task Force possibly by mid-2025.”
Isaac Oginni, director of Interpol Financial Crime and Anti-Corruption Centre (IFCACC), said the only way to disrupt organised crimes was by denying fraudsters the financial profit behind their criminal enterprise. Besides, financial intelligence could also be utilised well when investigators recognise its value and use it to build a financial profile around suspects.
He challenged participants and stakeholders at the workshop to collectively work together and fight money laundering.
“Each agency represents a different shape of the puzzle with our different strengths and mandates. Each piece of the puzzle forms part of the bigger picture, and even one missing piece will prevent the whole picture from being developed,” he said.
“Today, we will commence the first phase of the Interpol/JICA workshop, a capacity-building project that aims to strengthen Nigeria’s safety through enhancing law enforcement’s capacity to combat financial crime, as well as through increased national cross-agency collaboration and cooperation,” he said.
The four-day workshop, the first of its kind and hosted by the EFCC was organised by INTERPOL and the Japan International Cooperation Agency, JICA.
It drew participants from the Police, EFCC, NFIU, Nigeria Immigration Service, and the Nigeria Customs Service.
U.S. President Donald Trump has stated that a deal for the sale of TikTok’s U.S. operations is expected to be finalized before the April 5 deadline.
U.S. President Donald Trump
The deadline, set by legislation passed in January, mandates TikTok’s Chinese parent company, ByteDance, to divest its U.S. assets or face a nationwide ban due to national security concerns.
Multiple non-Chinese firms have expressed interest in acquiring TikTok’s U.S. operations.
Private equity firm Blackstone is considering a minority investment, potentially joining existing non-Chinese shareholders such as Susquehanna International Group and General Atlantic.
In a strategic move to facilitate the sale, Trump suggested that he might consider a reduction in tariffs on China, acknowledging that Chinese regulatory approval may be required for the deal to proceed.
The White House has been actively involved in negotiations to ensure that TikTok remains operational in the U.S. while addressing national security risks.
With TikTok’s 170 million American users watching closely, the outcome of the sale is expected to have a major impact on the social media landscape and the broader tech industry.
Questions have been mounting over the House of Representatives threat to order the arrest of Mrs. Bisoye Coker-Odusote, director-general, National Identity Management Commission (NIMC), for failure to appear before it to answer charges on refusal to pay for a state-of-the-art software development project executed by a private company, Truid Limited, for NIMC.
Mrs. Bisoye Coker-Odusote, director-general, National Identity Management Commission (NIMC),
The House of Representatives Committee on Public Petitions had invited the NIMC DG, Mrs. Coker-Odusote, to appear before it to explain the commission’s failure to pay for the state-of-the art software development project executed by the private company, Truid Limited for NIMC. However, the NIMC DG has repeatedly failed to honour the committee’s invitation in person.
Honourable Mike Etaba, Committee’s Chairman, who was angered by the NIMC DG, Mrs. Coker-Odusote’s failure to appear before the committee to personally answer charges on the matter after repeated invitations, last month, issued a stern warning to order the Inspector-General of Police, to arrest the NIMC DG, Mrs. Coker-Odusote if she refused to appear before the committee at its next hearing, which was fixed for March 13, 2025.
However, it has been over two weeks after the Committee’s sitting of March 13, 2025; yet, there are no indications that the NIMC DG, Mrs. Coker-Odusote, honoured the committee’s invitation by personally appearing before it. The committee also appears to have failed to order the IGP to arrest her, leading to many raising questions over the seriousness of the committee to execute its threats. Others wonder why the chief executive of a government agency would refuse to personally appear before the House of Representatives to answer charges on a petition regarding the agency’s activities.
During its sitting of February 11, 2025 the House of Representatives Committee on Public Petitions threatened to order the arrest of the Director-General and Chief Executive Officer of Nigerian Identity Management Commission (NIMC), Bisoye Coker-Odusote.
The committee said it would actualise the threat if Mrs. Coker-Odusote failed to come in person to answer charges on her refusal to pay for the state-of-the-art software development project.
Chairman of the committee, Mike Etaba, frowned at the continuous absence of the NIMC director-general despite several invitations.
In a statement by the Media Head, Public Petitions Committee of the House of Representatives, Chooks Oko, the Chairman of the Committee stated: “If she fails to show up at the next hearing of this case, we’ll have no option than to ask the Inspector-General of Police to bring her.
“How can an official of government treat constituted authority with such levity? We can no longer condone such attitude,” he said.
The News Agency of Nigeria (NAN) reports that the project was installed and deployed to the commission by a private firm, Truid Limited, which was alleging a breach of licence agreement by NIMC.
The statement added that the private company, Truid Limited, which executed the state-of-the-art software development project, is alleging a breach of licence agreement by NIMC, noting that E. R. Opara, counsel to Truid Limited, stated that the contract is premised on an arrangement whereby the Truid Limited funded, developed and deployed the “tokenization system project” without any financial obligation from NIMC.
According to E. R. Opara, counsel to Truid Limited, the agreement is premised on an arrangement that the project would be funded by the firm.
“Truid Ltd was to get returns on her investment through patronage of service providers and the proceeds shared on an agreed ratio. This was to run for an initial period of 10 years, from 2021 when the software was deployed,” Opara said.
According to the petition, things were going smoothly until the appointment of the new DG of NIMC, Mrs. Coker-Odusote, who has been trying to truncate the agreement.
When contacted to comment on whether or not the DG NIMC has personally appeared before the committee, Chairman of the House of Representatives Committee on Public Petitions, Honourable Mike Etaba said: “For now, that matter has been stepped down!”
Honourable Etaba explained further why the matter was stepped down: “We are now taking that case on an Alternative Dispute Resolution (ADR) route. That’s where the matter is now,” he said, adding, “the Committee is silent on it (the matter) until they give us the report of the ADR. That is when we will know what next to do.”
Asked when the ADR resolution he mentioned is meant to be concluded, Honourable Etaba stated: “I can’t say for now how and when the ADR will come up. That’s the situation of the case for now.”
The Lagos State Governor, His Excellency Babajide Sanwo-Olu has commended Africa’s leading e-commerce platform, Jumia Nigeria, for its giant strides and in the growth of the country’s e-commerce sector, as well as its unique contributions to its economic development.
He said that Jumia has earned its place as a major brand, with its growth and trajectory in the country’s e-commerce ecosystem over the years which, he said, has made it a household name. He urged the company to not only strive to maintain its excellent service standards, but to also work towards improving them.
The Governor who was speaking during a courtesy visit by the management of Jumia Nigeria to the State House in Marina on Thursday March 27, reaffirmed the strategic importance of the company in the economic development of Lagos State and Nigeria, especially in job creation.
He restated his administration’s commitment in ensuring that Lagos State remains environmentally friendly for businesses to grow.
“Our administration has always prioritized creating an enabling environment for businesses to thrive. Through various initiatives, we have strengthened the ease of doing business, and fostered innovation to drive economic growth, and we will continue to support businesses and create opportunities that will aid in their growth”, Sanwo-Olu said.
Governor Sanwo-Olu said that the Lagos State Government remains open to collaborations with the private sector to enhance service delivery, infrastructure development, and create opportunities for residents, with the aim of building a resilient and sustainable future.
He said the administration recognises the importance of working with the private sector to achieve its goals of improving the lives of its citizens.
Speaking also, the Chief Executive Officer of Jumia Nigeria, Sunil Natraj, thanked the governor for creating an enabling environment in the state for businesses like Jumia to grow. He stated Jumia’s commitment to contributing towards the growth and development of the state, and the country.
Natraj said the company has made tremendous strides from its early days as a tech start-up in Lagos and has grown to become the number one e-commerce platform in Nigeria, with a presence in nine African countries. He said the company presently employs hundreds of Nigerians directly, and thousands more indirectly as independent sales agents and partners.
He restated Jumia Nigeria’s commitment to providing excellent service, focusing on delivering exceptional value and fostering long-term relationships with its customers around the country.
Among other things, he said the company is actively working to enhance customer experience, aiming to simplify the e-commerce process, making it easier for customers to navigate and shop online.
According to him, Jumia aims to transform everyday life in Africa by making it easier for consumers to access goods and services conveniently and affordably, adding that the company is focused on expanding access to retail across the country.
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