The Nigerian Police Force (NPF) has made significant progress in tackling financial crimes, with the arrest of 1,088 suspects involved in various illicit activities in 2024 alone.
This surge in arrests is part of the country’s concerted effort to combat financial crimes, including money laundering and terrorism financing, particularly following Nigeria’s inclusion on the Financial Action Task Force (FATF) grey list in February 2023.
The efforts have not only led to the apprehension of a large number of suspects but also substantial financial recoveries. According to the Force Public Relations Officer, Olumuyiwa Adejobi, the operations resulted in the recovery of over $11 million and a staggering N142.26 billion. These figures reflect the NPF’s commitment to addressing the country’s vulnerabilities in the global financial system and enhancing Nigeria’s reputation in the fight against financial crimes.
Nigeria’s grey listing by the FATF has been a wake-up call for the country, urging stronger measures to combat financial misconduct. In response, the Nigerian government and the NPF have established specialized units such as the Special Anti-Fraud Unit, the National Cybercrime Centre, and the newly formed Anti-Money Laundering Unit. These units have been instrumental in the arrests and recoveries, highlighting the NPF’s strategic approach to curbing financial crime.
A significant portion of the arrests was made by the National Cybercrime Centre, which alone apprehended 751 suspects involved in cybercrime activities. This unit also played a key role in the recovery of N8.82 billion, $84,000, and 115,237.91 USDT. One of the Centre’s most notable achievements was Operation Butterfly Net, a high-profile operation that targeted a cyberattack on Flutterwave. This operation led to the arrest of 179 individuals, who were found to be laundering over N11 billion.
The NPF has also focused on enhancing its capacity to address money laundering and terrorism financing. This includes the establishment of Anti-Money Laundering and Countering the Financing of Terrorism Sections and the training of over 2,000 officers in financial crime investigations. These initiatives demonstrate the Force’s proactive approach to improving Nigeria’s standing on the international stage and restoring confidence in its financial systems.
With these efforts, the Nigerian government and the NPF aim to demonstrate their commitment to addressing financial crimes and improving the country’s compliance with global financial regulations. As Nigeria works to shed its grey-list status, the progress made by the NPF in 2024 serves as a testament to the nation’s determination to combat illicit financial activities and protect the integrity of its financial ecosystem.
