Police Arrest 179 Individuals for Laundering Over ₦11 Billion

Nigeria Police Intensify Efforts Against Financial Crimes to Lift FATF Grey List

The Nigeria Police Force (NPF) has ramped up efforts to combat financial crimes, particularly money laundering and terrorism financing, in order to help lift Nigeria from the Financial Action Task Force (FATF) grey list. The country was placed on the list in February 2023, which flagged it as a high-risk jurisdiction for financial crimes.

In response to this challenge, the NPF established specialized units such as the Special Anti-Fraud Unit (SFU), the National Cybercrime Centre, and the newly launched Anti-Money Laundering Unit. These units have been working together to improve Nigeria’s compliance with international financial standards.

According to the statement, over the past year, these efforts have resulted in the arrest of 1,088 suspects, 152 convictions, and the recovery of substantial funds amounting to $11,450,000 and ₦142,261,254,228.80. A major achievement was Operation Butterfly Net, which targeted cybercriminals involved in laundering over ₦11 billion. The operation led to the arrest of 179 individuals involved in the crime.

The National Cybercrime Centre has been crucial in addressing digital financial crimes, leading to the arrest of 751 cybercrime suspects and the recovery of over ₦8.8 billion and various cryptocurrencies.

In addition to operational progress, the NPF has also made strides in training officers. Over 2,000 officers across various units have been trained in money laundering and terrorism financing investigations, further strengthening the country’s capabilities.

The NPF continues to submit quarterly reports on Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) to the Nigerian Financial Intelligence Unit (NFIU), showing improvement in Nigeria’s ratings under the FATF regime.

The police urged the collaboration of relevant ministries, departments, and agencies (MDAs) to support the effort to lift Nigeria from the FATF grey list. Despite challenges, the police remain committed to protecting the integrity of Nigeria’s financial system and ensuring the country’s compliance with global financial standards.

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