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NFIU Seeks Advanced Technology to Combat Financial Crimes in Nigeria
The Nigerian Financial Intelligence Unit (NFIU) is ramping up efforts to combat financial crimes through advanced technology and enhanced collaboration as part of its drive to remove Nigeria from the Financial Action Task Force (FATF) grey list.
Speaking at a high-level conference organized in partnership with the London Stock Exchange Group (LSEG) Risk Intelligence, in Lagos on Thursday, NFIU’s General Counsel, Felix Obiamalu, revealed that the agency had established a special unit, “Emerging Technologies and Innovations sector” dedicated to integrating cutting-edge tools into its operations.
Obiamalu explained that the NFIU was automating processes and developing software to monitor and track financial crimes. “Criminals continuously exploit gaps in the system, but we are upgrading our capabilities and working with global software developers to stay ahead,” he said.
“The LSEG Risk Intelligence also have sophisticated technology tools that we can also leverage on to combat these financial crimes. That is the essence of such collaborations as the fight cannot be won in isolation,” he added, highlighting the role of partnerships in addressing the nation’s anti-money laundering and counter-financing of terrorism (AML/CFT) challenges.
Since being greylisted in February 2023 due to deficiencies identified during FATF’s mutual evaluation process, Obiamalu stressed that relevant stakeholders were working relentlessly.
“This conference is part of efforts to improve interagency cooperation, enhance information sharing, and ultimately build a sustainable AML/CFT framework,” he said, noting that the focus is not only on exiting the grey list but also on creating a system that can effectively address future challenges.
Che Sidanius, the Global Head of Financial Crime at the London Stock Exchange Group, highlighted the broader economic implications of Nigeria’s greylisting. “Being greylisted has a significant impact on foreign direct investment and how Nigeria is perceived internationally.
However, the commitment from both the government and private sector to address these challenges is clear, and that is the first and most critical step,” Sidanius remarked. He emphasized the need for capacity building, robust data utilization, and actionable strategies to strengthen existing frameworks.
The Chief Executive Officer of the NFIU, Hafsat Bakari, earlier in her address stressed that a coordinated approach is vital for success. “No single organization, public or private, can tackle the myriad financial crime challenges we face in isolation. Only through structured cooperation can we succeed,” she said.
Bakari pointed to the Bank Verification Number (BVN) initiative, partnership between the Central Bank of Nigeria (CBN) and commercial banks among other measures as an effective example of PPPs bolstering Nigeria’s AML/CFT framework.
“We, at the NFIU, recognize that gatekeepers in the financial and designated non-financial sectors are often the first to become aware of emerging trends and typologies. They have a wealth of intelligence and information that can contribute to more effective law enforcement responses across a variety of predicate crimes.
“It is therefore critical that we ensure a properly joined up approach, and this is reflected as a priority in our National AML/CFT/CPF Strategy. Therefore, our gathering today could not have come at a better time,” she added.
Adedapo Segun, chief financial officer (CFO), Nigerian National Petroleum Company Limited (NNPC), has explained why there is a missing sum of N210 trillion in the company’s audited financial statement spanning from 2017 to 2023.
According to Segun, the missing funds are cash calls requested by joint venture (JV) partners and settlement to the JVs.
He spokeat a session of the Senate Committee on Public Accounts chaired by Aliyu Wadada.
Segun was responding to an alarm raised by the committee over missing N210 trillion in NNPCL’s audited financial statement.
Recall that Wadada issued a one-week ultimatum to NNPCL to account for the missing N210 trillion.
Reacting, Segun said, “The N103 trillion and N107 trillion are made up of joint venture cash calls that have been requested by the JV operators and JV cash call payments made by NNPCL, which are yet to be reconciled because governance procedures were not done at that time.
“That is why you see the description reflecting those two items would be washed out because they are two sides of the same transaction, which is the cash calls by JV partners and the settlement by NNPCL.”
However, Habu Sadeik, a financial analyst, in a post on X on Thursday, said Segun’s response was unsatisfactory.
Saidik faulted NNPCL’s response about the fund discrepancies, noting that something is not right with the audited financial statement.
“Forget about the senators’ lack of knowledge.
“The CFO’s response is not satisfactory. Are you saying that cash calls worth hundreds of trillions are just appearing on your FS only in 2024 without 31 disclosure?
“If it’s a cash call, why hasn’t the disclosure said so?
“Which cash call is over 100 trillion?
“Something is definitely not right, and I hope they retrospectively correct that FS.
“Someone somewhere did a chef’s work,” he wrote on X.
PalmPay, Nigeria’s leading fintech company, has partnered with Globacom to launch the second edition of the “Recharge and Win Bonanza” campaign. The promotion, which runs from June 19th to August 8th, 2025, offers Nigerians the chance to win amazing prizes when they purchase Glo airtime and data via the PalmPay app.
According to a joint statement by PalmPay and Globacom, “A weekly live raffle draw will be held and streamed on PalmPay’s official social media channels throughout the campaign. Customers who make Glo transactions through the PalmPay app will be eligible to win prizes, including the iPhone 15 Pro, Infinix Hot 40, and other exciting items”.
To participate, interested customers can log onto http://bit.ly/PalmPaySms .
The statement added that all transaction above N500 gives participants an extra shot at winning, adding that daily social media challenges will also offer participants a chance to win cash prizes.
Additionally, PalmPay users can enjoy up to 6% cashback when they buy Glo airtime and data through the PalmPay app. As an added bonus, customers who have not subscribed to a Glo data plan in the last 90 days will receive a 100% bonus on their recharge during the campaign period.
Wayne Ruppel, Head of Billers at PalmPay Limited expressed excitement about the partnership, stating that, “This collaboration is a major step in our mission to deliver MORE – more support, more rewards, and more innovation to our customers.
Partnering with Glo, a leader in the telecommunications sector, is a testament to our shared commitment to improving everyday experiences for all Nigerians. We are excited to reward our users and encourage everyone to take full advantage of this exciting opportunity.
Globacom also expressed delight at creating additional value for its subscribers through unique customer-appreciation schemes.
“Our partnership with PalmPay on the “Recharge and Win Bonanza perfectly underscores our commitment to delivering exceptional value and experiences. Over the years, we have always sought innovative ways to enrich the lives of our customers. We, therefore, enjoin our subscribers to utilize the opportunity provided by the bonanza and enjoy the many benefits it offers”, the company stated.
PalmPay and Glo will collaborate throughout the campaign period to deliver exceptional customer experience, reward loyalty, and reinforce their shared mission to make digital transactions more accessible, rewarding, and secure for millions of Nigerians.
Lasaco Assurance Plc, has said it would continue to invest in technologies and systems that delivers tangible value to clients and drive industry innovation.
Mr Abiodun Razzaq, Managing Director of Lasaco Assurance, who stated this at the 2025 customer forum organised by the company for its northern region customers in Abuja, said the forum’s interactive session offered an invaluable platform for open and constructive dialogue.
He said the forum brought together a distinguished assembly of customers, including policyholders, brokers, corporate clients, and industry partners, to engage in a robust dialogue aimed at enhancing service delivery and aligning offerings with the evolving expectations of the Northern market.
In his opening remarks, Regional Manager (Northern Region), Lasaco Assurance, Mr. Kunle Hamza underscored the company’s unwavering dedication to stakeholder engagement as a foundational pillar of its growth strategy. He emphazised that customer insights remain integral to shaping policies, refining service processes, and reinforcing the company’s brand promise.
He provided a compelling overview of Lasaco assurance’s recent performance and strategic priorities. He highlighted the company’s consistent premium income growth, bold digital transformation agenda, and ongoing operational restructuring designed to ensure responsiveness and resilience in a dynamic insurance landscape.
Addressing the customers, Mr. Adedayo Adetokun, Head of Strategy, affirmed that Lasaco assurance was actively developing multiple digital platforms to cater forvarious customer segments—part of a broader digital innovation roadmap that positions the company for future growth. He noted that human capital development was also being prioritised with targeted investments in talent acquisition and training to enhance operational capacity.
In his closing remarks, Mr. Muyiwa Anwoju, General Manager, Sales, expressed the management’s deep appreciation for the feedback received.
He assured participants that all contributions would be meticulously reviewed, categorised, and integrated into the company’s improvement plans. According to Anwoju, this forum marks the beginning of a renewed customer engagement framework, one that would be expanded across other regions in due course.
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