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.
