Nigeria launches public-private framework to fight financial crime

Nigeria's financial intelligence agency is working with private sector stakeholders to create a new framework for sharing information to combat financial crime. The Nigerian Financial Intelligence Unit (NFIU) is co-designing the proposed Joint Financial Intelligence Collaboration (JFIC) framework with banks, fintech companies, insurers, and other financial institutions. High-level engagements to develop the framework were held in Abuja and Lagos, organized by the NFIU with support from the British High Commission and the Convention for Business Integrity. The meetings brought together regulators, financial institutions, technology companies, and crypto-asset businesses to discuss practical ways to deepen collaboration. NFIU General Counsel Felix Obiamalu, representing CEO Hafsat Bakari, told participants the process has moved beyond initial discussions. "We have moved from dialogue to design, to commitment and implementation," Obiamalu stated. He said the focus is now on determining how the partnership will operate and the value it will create for participating institutions.