E-Financial
NFIU to Sanction Banks over Money Laundering
Nigerian Financial Intelligence Unit (NFIU), yesterday, threatened to sanction financial institutions in the country, following their non-compliance with certain anti-money laundering provisions.
Ms. Juliet Ibekaku, Director, NFIU and GIABA National Correspondent of Nigeria, said it has received a number of reports from financial institutions in the country, and that the reports are not impressive.
She spoke at a regional training for financial and regulatory institutions on the revised Financial Action Task Force recommendations, organised by the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA).
According to Ibekaku, who was represented by Mr. Daniel Iseye of the Financial Institution Training Centre (FITC) this calls for urgent improvement as the NFIU will not hesitate to recommend sanctions within the provisions of extant laws.
He noted that meting appropriate sanctions to defaulting institutions is the only way to ensure deterrence and to protect Nigeria’s financial system.
She emphasised the need for Nigeria’s financial system to be safeguarded from criminals, so as to attract the much needed foreign direct investments that will help grow the economy.
She said, “All hands must be on deck to ensure that the Anti-Money Laundering and Combating the Financing of Terrorism, AML/CFT, programme in Nigeria is evaluated favourably both in terms of policy frameworks and effectiveness – given that effectiveness is now a cardinal principle in FATF mutual evaluation process.
“The Nigerian Financial Intelligence Unit will continue to render full support for initiatives and programmes designed to enhance best practices and increase capacity in the area of AML/CFT in Nigeria.”
Also speaking, Mr. Shehu Abdullahi, director General, GIABA, represented by Mr. Buno Nduka, director, Programmes and Projects, disclosed that financial institutions in Nigeria and other West African nations are performing poorly with regards to compliance to AML/CFT standards, adding that this is adversely affecting efforts to tackle money laundering and financing of terrorism activities in the region.
E-Financial
SERAP Drags CBN to Court over ATM Fee Hike
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Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Central Bank of Nigeria (CBN) over the failure to reverse the increase in Automated Teller Machine (ATM) transaction fees.
The CBN had recently announced that ATM withdrawals made at a machine owned by a bank but outside its branch premises will now attract a charge of N100 per N20,000 withdrawn.
ATM withdrawals at shopping centres, airports or standalone cash points, will incur a N100 fee plus a surcharge of up to N500 per N20,000 withdrawal.
This was contained in a signed by Kolawole Oluwadare, deputy director, SERAP, saying the increase creates a two-tiered financial system that discriminates against poor Nigerians who may not be able to afford it.
In the suit number FHC/L/CS/344/2025 filed last Friday at the Federal High Court, Lagos, SERAP is asking the court to determine “whether the decision by the CBN to increase ATM transaction fees is not arbitrary, unfair, unreasonable, and contrary to the provisions of the Federal Competition and Consumer Protection Act 2018.”
SERAP is asking the court for “a declaration that the decision by the CBN to increase ATM transaction fees is arbitrary, unfair, unreasonable and contrary to the provisions of sections 1(c) and (d), 104, 105 and 127(1) of the Federal Competition and Consumer Protection Act 2018, which is binding on the CBN.”
SERAP is seeking “an order of interim injunction restraining the CBN, its officers, agents, associates or any other persons acting on its directive or instructions from enforcing and giving effect to the decision, pending the hearing and determination of the motion on notice for an order of interlocutory injunction filed in this suit.”
In the suit, SERAP is arguing that: “The increase cannot be justified under the Nigerian Constitution 1999 [as amended], the CBN Act, Federal Competition and Consumer Protection Act, and the country’s international human rights obligations.”
SERAP is also arguing that, “The increase creates a two-tiered financial system that discriminates against poor Nigerians who may not be able to afford or pay the increased ATM fees.”
According to SERAP, “The patently unlawful, unfair, unreasonable and unjust increase in ATM transaction fees also inherently contributes to violations of the human rights of socially and economically Nigerians.”
The suit filed on behalf of SERAP by its lawyers Oluwadare and Andrew Nwankwo, read in part: “The CBN is compromising its stated mission to advance the management of the country’s economy, and ultimately, sustainable development.”
“The CBN is also failing to comply with the Nigerian Constitution, the Federal Competition and Consumer Protection Act and the country’s international human rights obligations in the exercise of its statutory powers and functions.”
“The increase in ATM transaction fees ought to have been shouldered by wealthy banks and their shareholders, not the general public.”
“CBN policies should not be skewed against poor Nigerians and heavily in favour of banks that continue to declare trillions of naira in profits mostly at the expense of their customers. The increase in ATM transaction fees would inflict misery on poor Nigerians and contribute to human rights abuses.”
“Imposing exorbitant ATM transaction fees on socially and economically vulnerable Nigerians at a time several Nigerian banks are declaring trillions of naira in profits yearly is manifestly unfair, unreasonable and unjust.”
E-Financial
Flutterwave Visits Tinubu, Seeks Support to List on NGX
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Flutterwave, leading financial technology (fintech) company, has sought the support of President Bola Tinubu as it plans to list its shares on the Nigerian Exchange (NGX) Limited.
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Mr Olugbenga Agboola, and President Tinubu
At a meeting with President Tinubu at the weekend, Mr Olugbenga Agboola, chief executive of the firm, said Flutterwave has been a star of Nigeria on the global scene.
According to him, the company has made it easy for citizens to pay for some global services with Naira and provided payment platforms for Nigerians in the diaspora who are willing to send money to families and relatives in the country.
He said Flutterwave, valued at over $3 billion, is a Nigerian export and brand employing over 1,000 Nigerians.
In his response, Mr Tinubu promised to support the firm and other fintechs providing payment infrastructure services for Nigerians and Africans.
He said Nigeria is genuinely open to business, and as President, he is determined to remove all obstacles to allow companies to thrive, commending Flutterwave’s commitment to building capacity in the digital economy sector, especially as it is being made possible by energetic, young Nigerians.
President Tinubu said he was honoured to be the President of a country with such a youthful and resourceful population, saying what Flutterwave provides in the digital world is what Nigeria needs today to grow its economy and make life easier for most of its population.
Also speaking, Mr Wale Edun, minister of Finance and Coordinating minister of the Economy, said Flutterwave has made significant progress since its establishment 10 years ago.
He further said it has created jobs and helped diversify the economy by providing innovative digital platforms and payment services in Nigeria and across Africa.
On his part, Mr Armstrong Ume Takang, chief executive of the Ministry of Finance Incorporated (MOFI), said that as Africa’s biggest economy, Nigeria must demonstrate its economic prowess by strategically positioning products and services by Nigerian companies, such as Flutterwave, in the homes of all Africans.
Mr Inuwa Kashifu Abdullahi, chief executive of the National Information Technology Development Agency (NITDA), noted that Flutterwave spends millions of dollars monthly on hosting services, but that money goes to other countries, suggesting supporting Galaxy Backbone’s hosting services to enable it to handle companies like Flutterwave.
Flutterwave, a leading Fintech company founded by young Nigerians and headquartered in Lagos, operates in the US, Canada, Nigeria, Kenya, Uganda, Ghana, South Africa, and 29 other African countries.
Also present at the meeting with President Tinubu was Ms Oluseun Olufemi-White, chief executive of Alami Capital.
E-Financial
AfDB Partners Interpol to Combat Financial Crime and Strengthen Anti-Corruption Efforts in Africa
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The African Development Bank Group has taken a significant step forward in its fight against corruption and financial crime by signing a Letter of Intent with the International Criminal Police Organization (Interpol) today. The Bank Group is the first multilateral development bank to establish such a collaboration with Interpol.
The Letter of Intent was signed on Wednesday by African Development Bank Group President Dr. Akinwumi Adesina and Interpol Secretary General Valdecy Urquiza, who visited the Bank’s headquarters in Abidjan.
The partnership will enhance collaboration between the Bank’s Office of Integrity and Anti-Corruption and Interpol’s Financial Crime and Anti-Corruption Centre. It will focus on sharing expertise, enhancing investigative capabilities, and developing preventive measures against emerging financial crime threats, including cybercrime, anti-corruption measures, and counter-terrorism financing.
This initiative comes as Africa faces significant challenges of illicit financial flows, estimated at nearly $90 billion annually—a loss of resources that could otherwise be invested in critical development needs including water, sanitation, health, food, and energy infrastructure.
As an institution that deploys approximately $10 billion annually in development financing, with the majority going to government projects, the African Development Bank Group brings crucial insight into regional financial flows and development challenges, Adesina said.
“This partnership demonstrates our commitment to protecting development resources and ensuring they reach their intended beneficiaries,” said Adesina. “As the world’s most transparent financial institution for two consecutive editions [according to Publish What You Fund’s assessment of sovereign portfolios], we maintain zero tolerance for corruption and terrorism financing.
“By joining forces with Interpol, we are strengthening our capacity to help African countries build robust systems against money laundering and financial crime.”
Rapid advancements in digital technology have also led to an increase in internet-enabled financial crimes. According to Interpol’s 2024 Global Financial Fraud Assessment, business email compromise, romance baiting, phishing, and other online frauds pose growing threats to Africa’s digitalized economy.
Secretary General Urquiza, who was elected to his position in November 2024, said, “Corruption and financial crime are among the biggest obstacles to economic and social development in Africa and around the world.
“The evolving nature of financial crime, particularly in the digital environment, requires strong partnerships between law enforcement and financial institutions.
“Interpol’s closer relationship with the African Development Bank Group will help law enforcement agencies and financial institutions across Africa tackle increasingly sophisticated financial crime threats.”
Adesina said the Bank will continue to tackle these challenges by:
-Building capacity and supporting African countries in strengthening transparent and accountable governance and strong institutions capable of driving inclusive and sustainable growth and resilient economies.
– Strengthening Know Your Customer and Due Diligence systems to prevent and to fight fraud and corruption.
– Ensure that the Bank’s resources are used for their intended purposes in a transparent and accountable manner, a practice that has led to the Bank being recognized for two consecutive editions as the most transparent multilateral development bank in the world by Publish What You Fund.
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