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Police Recover Over N142bn, $11.45m in Crackdown on Financial Crimes

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Law enforcement authorities have intensified efforts to combat financial crimes as 1,088 suspects were arrested and N142,261,254,228.80 and $11,450,000 recovered in separate operations carried out in 2024.

The Nigeria Police Force (NPF) disclosed this in a statement made available to the press on Tuesday when it discussed the progress made in tackling money laundering, cyber fraud, and terrorism financing.

The Force Public Relations Officer, Olumuyiwa Adejobi, said the arrests and asset recoveries were part of Nigeria’s response to its placement on the Financial Action Task Force (FATF) grey list.

“In February 2023, Nigeria was placed on the Financial Action Task Force grey list, designating the country as a high-risk jurisdiction for money laundering and terrorism financing.

“In response to this critical situation, the Nigeria Police Force has been actively tackling these issues through the establishment of specialised units such as the Special Anti-Fraud Unit, the National Cybercrime Centre, and the newly launched Anti-Money Laundering Unit.”

Over the past year, these units have driven significant enforcement actions, securing 152 convictions in addition to the 1,088 arrests.

The National Cybercrime Centre was instrumental in 751 cybercrime-related arrests and the unit has helped in recovering N8.82bn, $84,000, and 115,237.91 USDT from illicit transactions.

A major highlight was the arrest of criminals behind the Flutterwave cyberattack and the subsequent arrest of 179 suspects linked to the laundering of over N11 billion.

“A notable achievement includes Operation Butterfly Net, addressing a cyberattack on Flutterwave, which led to the arrest of 179 individuals involved in laundering over N11bn.”

The police have reinforced financial crime investigations by establishing Anti-Money Laundering and Countering the Financing of Terrorism Sections.

According to Adejobi, the training of over 2,000 officers in money laundering and terrorism financing investigations underscores the commitment to improving Nigeria’s global standing in financial crime enforcement.

“In addition to the proactive efforts of the NPF, the establishment of the Anti-Money Laundering and Countering the Financing of Terrorism Sections has bolstered the framework surrounding financial investigations.”

“The training of over 2,000 officers across various units in money laundering and terrorism financing investigations is reflective of the Force’s commitment to improving Nigeria’s global standing in combating financial crimes.”

The crackdown comes as Nigeria seeks to address FATF concerns and strengthen its financial regulatory compliance.

Experts note that maintaining rigorous anti-money laundering measures and ensuring convictions for financial crimes will be key to improving the country’s financial reputation globally.

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