Odimmegwa Johnpeter/Abuja
Nigeria has received commendation from the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) over its early preparations for the 2027 Third Mutual Evaluation Exercise.
The commendation was made during the 45th Plenary of GIABA held in Côte d’Ivoire, where member states acknowledged Nigeria’s proactive approach and sustained commitment to strengthening financial integrity and combating illicit financial flows.
Leading Nigeria’s delegation to the meeting, the Chief Executive Officer of the Nigerian Financial Intelligence Unit (NFIU), Hafsat Abubakar Bakari, reaffirmed the country’s determination to strengthen its Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) framework.
Bakari disclosed that dedicated inter-agency working groups had already been activated to coordinate preparations ahead of the evaluation exercise.
She also revealed that the review of Nigeria’s National Risk Assessment had formally commenced as part of broader efforts to improve the country’s compliance with international financial crime standards.
According to her, Nigeria is currently implementing legislative and institutional reforms aimed at strengthening the effectiveness of its financial intelligence architecture and law enforcement systems.
She stressed that the country remains committed to building a more resilient AML/CFT regime through closer collaboration among regulatory agencies, law enforcement institutions, and other relevant stakeholders.
Bakari noted that early preparation remains critical to ensuring that Nigeria demonstrates measurable progress in tackling money laundering, terrorism financing, and other financial crimes while maintaining confidence in the nation’s financial system.
GIABA, in its remarks during the plenary, described Nigeria’s preparations as a strong indication of the country’s commitment to safeguarding its financial system against illicit financial activities.
The regional body also noted that Nigeria’s efforts would contribute significantly to strengthening regional cooperation against money laundering and terrorist financing within West Africa.
The commendation further reflects growing confidence in Nigeria’s ongoing reforms and its determination to align with global best practices in financial intelligence, regulatory compliance, and anti-corruption measures.
The Third Mutual Evaluation Exercise is expected to assess Nigeria’s compliance with international AML/CFT standards as well as the effectiveness of measures put in place to combat financial crimes and enhance financial transparency.
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