News Posted on

NITDA, NFIU Collaborate on AML/CFT Data Management System Upgrade

Author admin 0 210

 

In a critical step toward addressing Nigeria’s financial challenges and advancing its digital transformation agenda, the National Information Technology Development Agency (NITDA) met with the Nigeria Financial Intelligence Unit (NFIU) to present plans for the development and implementation of Project Exit: Upgrade of NFIU Data Management System and Compliance Platform.

This initiative stems from the findings of the Mutual Evaluation Report (MER) of Nigeria, which highlighted significant deficiencies in data availability and statistical analysis. These gaps hinder a comprehensive understanding of the nation’s Money Laundering (ML) and Terrorism Financing (TF) risks and the effectiveness of its Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) framework. As a result, Nigeria was placed on the Financial Action Task Force (FATF) Grey List—a designation with far-reaching implications for the country’s global reputation, economic stability, and access to international financial markets.

In response, the NFIU sought and received President Bola Ahmed Tinubu approval for NITDA to spearhead the enhancement of the existing AML/CFT/CPF Data Management Framework.

The project is designed to achieve the following objectives:

1. Achieve FATF compliance, enabling Nigeria’s removal from the Grey List and restoring international confidence.

2. Enhance NFIU’s operational capacity *in AML/CFT/CPF Data Management* through automation, intelligence integration, and scalability.

3. *Establish a robust and sustainable framework to ensure long-term operation of the data management platform that will support subsequent FATF mutual evaluation and other international assessments.*

4. Position Nigeria as a global leader in financial intelligence and AML/CFT practices, setting benchmarks for other nations.

To bridge the gaps identified in the MER, the collaboration is set to leverage advanced technology to strengthen Nigeria’s financial intelligence infrastructure and also improve its standing in global financial systems.

In attendance were Chairman House Committee on Information and Communications Technology and Cybersecurity, Hon. Adedeji Olajide, Director General of NITDA, Kashifu Inuwa Abdullahi; Chief Executive Officer, NFIU, Barrister Hafsat Abubakar Bakari; top management staff of both organisations.

Leave a Comment

Your email address will not be published.

You may also like

Business Economy Finance Fintech Posted on

CBN Governor Cardoso Highlights Nigeria’s Economic Progress, Reform Commitment at IMF/World Bank Spring Meetings

Author admin 0 105
post-image

By Anthony Emeka Nwosu


At the close of the 2025 International Monetary Fund (IMF) and World Bank Spring Meetings in Washington D.C., Central Bank of Nigeria (CBN) Governor Olayemi Cardoso delivered an optimistic and reform-driven message at a media briefing with Nigerian journalists, reaffirming Nigeria’s commitment to macroeconomic stability and inclusive growth.

Addressing the press, Governor Cardoso described the week as one of “highly productive engagements” with global financial leaders, international investors, and members of the Nigerian diaspora. According to him, the CBN delegation leveraged the global forum to spotlight Nigeria’s ongoing economic reforms and to explore strategies to deepen stability, enhance the financial sector, and stimulate broad-based growth.

“Thanks to the steps taken over the past 18 months, we have strengthened our monetary buffers and positioned Nigeria to better…

Read More
Business Culture Economy Posted on

Nnewi-Born Industrialist, Dr. Stella Okoli, Set To Commission ₦35 Billion Pharmaceutical Factory in Ogun State

Author admin 0 61
post-image

 

 

By Ada Lilian Sunday

From the industrious heartland of Nnewi in Anambra State, a town renowned for producing some of Nigeria’s most formidable entrepreneurs, comes yet another monumental achievement that reinforces the legacy of enterprise that defines the region. Dr. Stella Chinyelu Okoli, founder and Group Managing Director of Emzor Pharmaceutical Industries Ltd., is set to unveil a ₦35 billion Active Pharmaceutical Ingredients (API) manufacturing facility in Sagamu, Ogun State — a project that not only highlights her entrepreneurial foresight but also signals a bold step towards Nigeria’s pharmaceutical self-reliance.

Dr. Okoli’s journey is one deeply rooted in the enterprising spirit of Nnewi, often referred to as the “Japan of Africa” for its robust manufacturing culture. As a daughter of the soil, she has not only upheld but also elevated the town’s proud tradition of innovation and industrial excellence. With over four decades of business leadership, she has transformed Emzor from…

Read More
Business Economy Technology Technology Trends Telecoms Posted on

Oluremi Tinubu Commissions Cutting-Edge IT Centre in Honour of Onikepo Akande, Announces Rollout of 10 Additional Centres Nationwide to Drive Tech Inclusion and Economic Growth

Author admin 0 48
post-image

In a historic and forward-looking event, Her Excellency, Senator Oluremi Tinubu, the First Lady of the Federal Republic of Nigeria, officially commissioned a modern Information Technology (IT) Centre named in honour of a distinguished Nigerian icon, Mrs. Onikepo Akande. The facility, situated in a strategic location within the state, is designed to serve as a springboard for digital empowerment, particularly targeting women and young people—two demographic groups that have long been underserved in Nigeria’s rapidly advancing tech ecosystem.

The well-attended ceremony brought together prominent government officials, traditional leaders, members of the diplomatic corps, tech stakeholders, youth groups, and women-led organisations who all gathered to witness the unveiling of what is expected to become a landmark centre for skills acquisition and digital transformation.

In her keynote address, the First Lady underscored the importance of digital literacy and innovation in the…

Read More
Announcements Business Economy Posted on

ProvidusBank Launches N50 Billion Commercial Paper Program for Investor Subscription: A Crucial Move for Nigeria’s Economy

Author admin 0 260
post-image

ProvidusBank, one of Nigeria’s leading financial institutions, has announced the launch of a N50 billion commercial paper program, offering investors the opportunity to subscribe to short-term debt securities issued by the bank. The program, which will be available for investor subscriptions, is aimed at raising funds to support the bank’s growth and operations while contributing to the broader stability and growth of Nigeria’s economy.

Key Features of the Commercial Paper Program

The N50 billion commercial paper program is designed to raise funds for general corporate purposes, including working capital needs and the funding of key projects. The program will provide investors with a secure investment avenue while ensuring that ProvidusBank maintains the financial strength necessary to drive its operations and support Nigeria’s economic development.

The commercial paper is being offered with attractive interest rates and…

Read More
Business Culture Economy Posted on

FG, WORLD BANK UNITE TO DIGITALLY EMPOWER YOUNG NIGERIANS AND DRIVE JOB CREATION

Author admin 0 84
post-image

On the sidelines of the World Bank/IMF Spring Meetings and following the institution’s Development Committee session, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, reaffirmed Nigeria’s collaboration with the World Bank to advance a shared agenda focused squarely on creating high-quality jobs for young Nigerians.

“Employment generation must be a central pillar of development,” Mr. Edun told journalists, highlighting that Finance Ministers—who serve as the Bank’s Governors—have collectively made this their top priority. “This aligns seamlessly with President Bola Ahmed Tinubu’s Renewed Hope Agenda, which places job creation at the core of our economic revitalization efforts.”

Mr. Edun underscored the pivotal role of multilateral financial institutions in shaping these global development priorities. “We are scaling up efforts with the World Bank to create sustainable jobs and stimulate inclusive growth,” he said, adding that…

Read More
Business Economy Technology Technology Trends Telecoms Travels Trends Posted on

Capacity Crowds Mark Monumental Opening of GITEX ASIA x Ai Everything Singapore – Cementing New Era For Asia’s Tech Industry 

Author admin 0 55
post-image

 

  • The region’s largest inaugural tech, startup, and digital investments event is officially underway at Marina Bay Sands after action-packed opening day

 

After weeks of increasing anticipation among the regional and international tech communities, the first-ever GITEX ASIA x Ai Everything Singapore began in blistering fashion on Wednesday as capacity crowds enjoyed an action-packed opening day agenda. Organised by Dubai World Trade Centre (DWTC) and KAOUN International in affiliation with GITEX GLOBAL, the Asian inaugural edition of the world’s largest show is running at Marina Bay Sands, Singapore from April 23-25.

Under the theme ‘Advancing Bold Partnerships in Asia‘, the region’s largest inaugural tech, startup, and digital investments event welcomes 700 enterprises and award-winning startups from 20 industry sectors and 70 countries. Alongside 400 global expert speakers and 250 leading investors managing US$200 billion in assets under management (AUM), it stands to present unparalleled access to new markets, capital, talent, relationships, and…

Read More
Business Economy Finance Fintech Posted on

SANEF’s Uche Uzoebo Highlights AI as Next Frontier in Advancement of Financial Inclusion

Author admin 0 215
post-image

With progress made in accelerating financial inclusion to unbanked and underbanked communities in Nigeria, the Shared Agent Network Expansion Facilities Limited (SANEF) has posited Artificial Intelligence (AI) as the next step to advancement in financial services in the country.

Speaking at the just concluded Payments Forum Nigeria (PAFON 2.0), Uche Uzoebo (Mrs.), MD/CEO, SANEF Limited, noted that as technology evolves rapidly within the financial ecosystem, Financial Inclusion must continue to be at the center of the nation’s progress.

According to her, agent banking has been a game-changer in expanding financial inclusion across Nigeria. “By deploying agents in underserved areas, we have brought financial services and banking products such as account opening, cash in, cash out, bill payment, transfers and other services closer to the unbanked and underserved.”

With the Agent Banking model, SANEF has bridged critical gaps by reducing the need for long queues…

Read More
Business Economy Posted on

“You Can Reinvent Yourself in Just Four Years,” Says Moppet Foods CEO Roberta Edu Oyedokun

Author admin 0 82
post-image

Mrs. Roberta Edu Oyedokun, CEO of Moppet Baby Food Firm in Lagos, has shared an inspiring personal revelation about career transformation and self-development. While drafting a professional profile recently, she realized how much her career had evolved in just four years—a testament, she says, to the power of consistency and resilience.

In her reflection, Mrs. Oyedokun highlighted her current achievements: driving Moppet Foods’ expansion into major retail chains, securing government-backed partnerships with Community Health Centers, and forging alliances with NGOs. She also serves as an Ambassador for the Lagos State Health Insurance Scheme, advocating for family health access.

What struck her, however, was the absence of any mention of her previous decade-long experience in engineering, technology, media, and production. “Imagine if I didn’t have a profile before now,” she mused. “Yet, in my 30s, I built this resounding profile in just four years.”

Addressing those who might doubt such rapid transformation, she…

Read More