Interpol has raised a red flag over Nigeria’s severe financial losses due to rampant money laundering, with billions of dollars hemorrhaging from the country’s economy daily.
Speaking at a crucial workshop for law enforcement agencies at the Economic and Financial Crimes Commission (EFCC) academy in Abuja, Garba Umar, Interpol’s vice-president for Africa, disclosed that “thousands of dollars” are laundered out of Nigeria every hour.
This alarming rate of financial crime is destabilizing the nation’s economy, with illicit funds fueling further fraud, corruption, and violence. Umar warned that each successful laundering operation exacerbates Nigeria’s vulnerability to these vices, eroding trust in its financial institutions.
In response, Interpol plans to launch a new initiative called “Silver Notices” aimed at curbing the global laundering of illicit funds. Umar stressed that financial crimes are inherently transnational, necessitating continuous training for law enforcement to stay ahead of sophisticated fraudsters.
Echoing this sentiment, Ola Olukoyede, chairman of the EFCC, highlighted the critical need for collaborative efforts in combating financial crimes. Represented by Francis Usani, director of fraud risk assessment and control at the EFCC, Olukoyede pointed out that the complexity of corruption demands robust cooperation among anti-corruption agencies.
The workshop serves as a pivotal moment for security agents to reassess strategies and reaffirm their commitment to safeguarding Nigerian citizens and the global community from financial crimes.
Interpol’s stark warning underscores the urgent need for Nigeria’s law enforcement agencies to intensify their efforts in fighting money laundering and restoring financial stability.
