Powerful New Alliance: UK Partners With CBN And NFIU To Tackle Corruption And Financial Crimes

Powerful New Alliance: UK Partners With CBN And NFIU To Tackle Corruption And Financial Crimes

The United Kingdom is ramping up its collaboration with Nigerian agencies, including the Central Bank of Nigeria (CBN) and the Nigerian Financial Intelligence Unit (NFIU), in a bid to crack down on illicit financial flows. The announcement was made by Richard Montgomery,…READ MORE…

the British High Commissioner to Nigeria, during a policy discussion in Abuja focused on Nigeria’s anti-corruption efforts.

Montgomery reiterated the UK’s dedication to supporting Nigeria’s fight against corruption, emphasizing the detrimental effects corruption has on poverty, business costs, and public trust. He highlighted ongoing efforts between the UK’s National Crime Agency (NCA) and Nigerian authorities such as the Economic and Financial Crimes Commission (EFCC) and the NFIU, aimed at tracking and recovering illicit assets tied to the UK.

Key to the UK’s partnership with Nigeria is the development of beneficial ownership registers, which aim to identify the true owners of companies and ensure greater transparency in the financial sector. This initiative is designed to help law enforcement agencies better tackle financial crimes.

Montgomery also praised Nigeria’s progress in enhancing transparency within the oil and extractive sectors, acknowledging the work of the Extractive Industries Transparency Initiative (NEITI) in improving the tracking of licensing and revenue. However, he called for more work to be done to ensure the sector attracts more investments and becomes fully transparent.

On the broader international scale, Montgomery emphasized the UK’s commitment to addressing financial secrecy, noting that while the UK supports Nigeria’s anti-corruption efforts, the most significant change must come from within Nigeria’s own institutions and leadership.

Dr. Ndiamé Diop, the World Bank Country Director for Nigeria, also contributed to the discussion, stressing the importance of data-driven transparency in public finance. He noted that lack of accurate data from Nigeria’s federal government hinders the generation of timely fiscal reports, an issue that must be addressed to improve anti-corruption efforts.

During the event, Professor Adele Jinadu, a political science expert, emphasized the need for a holistic approach to tackling corruption in Nigeria, warning that anything less would be a waste of resources. Mrs. Adejoke Liman, Director of the EFCC’s Policy and Research Department, added that the EFCC is committed to stimulating the economy and supporting social investment programs through its anti-corruption efforts.

Finally, Ms. Ojobo Atuluku, Chair of the Board of Agora Policy, stressed the importance of sustained anti-corruption advocacy, urging stakeholders to remain committed to the cause regardless of political transitions.

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