The Nigerian Financial Intelligence Unit (NFIU) has begun moves to establish a joint financial intelligence collaboration framework that will bring regulators, banks, insurance companies, fintechs, Virtual Asset Service Providers, technology firms and other stakeholders together to strengthen the fight against financial crimes.

The proposed framework is designed to improve intelligence-sharing between public and private-sector institutions, help identify emerging financial threats more quickly and disrupt illicit financial networks before they deepen within the financial system.

The initiative was discussed at a high-level stakeholder engagement organised by the NFIU with support from the British High Commission in Nigeria and the Convention for Business Integrity.

According to the NFIU, the engagement marked an important step towards building a structured platform through which relevant government institutions and private-sector operators can share intelligence and coordinate responses to financial crime.

“The initiative seeks to create a trusted platform through which public and private-sector institutions can work together more effectively to identify emerging threats, disrupt illicit financial networks and strengthen the integrity of Nigeria’s financial system,” the NFIU said.

Representing the Chief Executive Officer of the NFIU, Hafsat Abubakar Bakari, the Unit’s General Counsel, Felix Obiamalu, said the process had moved beyond preliminary discussions and was now entering the design and implementation phase.

“We have moved from dialogue to design, to commitment and implementation,” Obiamalu said.

He explained that stakeholders would jointly determine how the partnership should operate, the value it should create and how it can be sustained over time.

“The objective is no longer simply to discuss the concept. It is to jointly determine what this partnership should look like, how it should operate, what value it should create and how it can be sustained over time,” he added.

The proposed arrangement is expected to provide a trusted platform for government agencies and private financial institutions to exchange relevant intelligence more effectively, particularly as criminals increasingly exploit digital payments, emerging technologies, virtual assets and complex financial structures.

Speaking on behalf of the British High Commission, the Illicit Financial Flows Officer at the Foreign, Commonwealth and Development Office, Jehanzeb Khan, reaffirmed the importance of stronger cooperation between government institutions and the private sector in combating illicit financial flows.

The Managing Director of the Convention for Business Integrity, Olusoji Apampa, said the process was deliberately structured to place private-sector institutions at the centre of decision-making.

According to him, that approach would ensure that the eventual framework reflects operational realities and enjoys broad ownership among institutions expected to implement it.

Former Chair of the Egmont Group and former Director of South Africa’s Financial Intelligence Centre, Xolisile Khanyile, who delivered the keynote presentation, urged Nigeria to adopt a practical and phased approach to implementing the framework.

Khanyile said the participation of private-sector institutions in fighting financial crimes should be treated as a national responsibility.

“Trust, shared ownership and collaboration are the foundations of every successful public-private partnership,” she said.

“Given Nigeria’s importance within the global AML/CFT framework, this initiative is both timely and necessary.”

The engagement ended with stakeholders expressing support for the proposed framework and committing to deepen collaboration in financial intelligence-sharing, threat detection and the country’s response to illicit financial activities.

The NFIU said the success of the initiative would depend on sustained cooperation between government and industry, with participating institutions expected to share insights, identify risks early and collectively strengthen Nigeria’s resilience against financial crimes.

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