Attorney-General of the Federation (AGF) and Minister of Justice, Prince Lateef Fagbemi, SAN, has warned that money laundering, including terrorist financing, are significant threats to the stability of Nigeria’s economy and the West African sub-region.
Fagbemi sounded the warning on Tuesday in Abuja at the national Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) Media Outreach.
Chairman of Independent Corrupt Practices and Other Related Offences Commission (ICPC), Dr. Musa Aliyu, also identified money laundering and terrorist financing as major threats to Nigeria’s economy, national security, and democracy.
Aliyu, who was represented at the outreach by ICPC spokesman, John Odeh, said the destructive effect of financial crimes had continued to erode public trust, weaken governance, and deprive citizens of resources needed for development.
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Equally speaking at the event, Minister of Information and National Orientation, Mohammed Idris, said President Bola Tinubu was positioning Nigeria as a responsible player in the global fight against financial crimes by taking deliberate steps to address corruption and illicit financial flows.
Idris, represented by Executive Secretary and Chief Executive Officer of Nigerian Press Council, Dr Dili Ezughah, explained that recent reforms had strengthened the country’s financial intelligence system, improved monitoring of suspicious transactions, and enhanced compliance with global Anti-Money Laundering and Counter-Terrorism Financing standards.
The outreach was organised by Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA). It had in attendance representatives from Nigeria Financial Intelligence Unit (NFIU) and ICPC, as well as journalists.
In his opening address, Fagbemi, represented by Mr. Olubunmi Ikupolati, observed that the menace of money laundering and terrorism financing required a concerted effort to eradicate.
He stated, “Money laundering and terrorist financing remain significant threats to the stability of our economy and that of the West-Africa sub-region as a whole.
“The credibility of our institutions, and the safety of our citizens are also at stake. These crimes are often complex, transnational, and constantly evolving, requiring a coordinated, informed, and proactive response from all stakeholders.”
Fagbemi said over the years, the federal government had demonstrated unwavering commitment to strengthening its AML/CFT framework, through legislative reforms, institutional capacity building, regional and international collaboration, as well as enhanced inter-agency partnership.
He assured that government would continue to align with global standards and best practices.
The AGF stressed that beyond laws and enforcement mechanisms, public awareness and understanding were indispensable in winning the war against money laundering.
He stated, “This is where the media comes in. The objective of this outreach programme is to deepen your understanding of AML/CFT issues, enhance accurate and responsible reporting, and foster a collaborative partnership between government institutions and media practitioners.
“This outreach is, therefore, aimed at equipping you with the necessary knowledge and tools needed to ensure that information disseminated to the public is not only accurate but also impactful.”
Fagbemi said, “We must collectively work to demystify technical concepts, expose illicit financial activities, and promote a culture of transparency and accountability. When the public is well-informed, it becomes more difficult for criminal networks to operate undetected.
“I urge you therefore to take full advantage of this media outreach and engage actively, ask questions, and share insights. Your contributions are vital in amplifying the message and ensuring that our collective efforts yield meaningful results.”
In his opening remarks, Director-General of GIABA, Mr. Edwin Harris Jr, stated that the media was a veritable channel for increasing awareness among the populace, hence, the need for collaboration.
Represented by Mr. Timothy Melaye, Harris disclosed that GIABA had been working and building partnerships with media groups and individual journalists to bring to public awareness the negative consequences of ML/TF.
He stated, “Since 2009, GIABA has engaged the media through sensitisation programs to facilitate their understanding of AML/CFT issues. A significant outcome of the programme is forming a Regional Network of Journalists involved in reporting economic and financial crimes.
“The network is a platform for information sharing and dissemination on the essence of implementing robust AML/CFT measures by GIABA member states.”
He challenged the media to deepen its narrative in identifying and exposing money laundering, adding that the media more importantly, must not allow itself to be used by suspected money launderers and looters of public treasury to truncate the course of justice.
In her welcome address, Chief Executive Officer of Nigerian Financial Intelligence Unit (NFIU), Hajia Hafsat Bakari, stated that engagement with the media was not merely a routine event, but a strategic partnership.
Bakari said, “Across West Africa and indeed the world, money laundering and terrorist financing are no longer abstract legal concepts. They are real threats with real consequences. The funds that move quietly through illicit channels often fuel organised crime, corruption, trafficking networks and violent extremism.”
She added, “When these financial flows go unnoticed or unexplained, they weaken institutions, distort economies and ultimately threaten national stability.
“This is precisely where the media becomes indispensable. Journalists serve as society’s interpreters of complex issues. They translate technical subjects, such as anti-money laundering, counter-terrorism financing and counterproliferation financing, into information that citizens can understand and act upon.”
Idris reiterated the role of key institutions, including NFIU, in improving coordination and enforcement, stressing that stronger collaboration among agencies has increased the ability to detect, investigate, and prevent financial crimes.
He added that reforms in the financial sector, supported by the Central Bank of Nigeria (CBN), were improving transparency and restoring confidence in the economy.
The minister stated, “At the regional level, Nigeria continues to work closely with partners such as the Intergovernmental Action Group Against Money Laundering in West Africa, reinforcing our shared commitment to combating cross-border financial crimes.”
He described the media as a powerful force in shaping national perceptions and driving accountability.
Idris said, “The media is not just an observer in society; it is a powerful force that shapes perception, drives accountability, and influences national direction. Through accurate reporting, investigative journalism, and sustained public enlightenment, the media empowers citizens and strengthens the fight against corruption.”
He stated that the government’s focus on digitalisation and accountability was helping to close gaps that previously allowed corruption to thrive.
However, the minister acknowledged challenges facing the media, including the complexity of financial crime reporting, misinformation, limited resources, and safety concerns.
He said, “These challenges underscore the need for collective action. We must strengthen collaboration between government institutions and the media, invest in capacity building for journalists, and ensure timely access to accurate and credible information.”
He charged journalists to build capacity in specialised reporting areas and maintain high ethical standards, saying the fight against corruption is a shared responsibility.
In his own contribution, the ICPC chairman stated, “Money laundering and terrorist financing remain among the most destabilising threats to our economic systems, our national security and our democratic institutions.
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“Their corrosive effects erode public trust, undermine governance, distort markets and ultimately deprive citizens of the resources required for sustainable development.”
Aliyu said the evolving nature of technology had further complicated the fight against financial crimes, as criminals now exploited digital platforms, artificial intelligence, and social media to conceal illicit funds and finance criminal activities.
He stated, “The advent of the internet, social media and artificial intelligence has dramatically altered the landscape of financial crime. Criminals now launder proceeds across jurisdictions at the click of a button. They radicalise and fund extremist networks through anonymous online channels.”
Aliyu, however, said the same technologies could be deployed by authorities to stay ahead of criminal networks, commending NFIU for adopting advanced tools to track suspicious transactions.
He explained, “These same technologies, in the right hands, present extraordinary opportunities for us to be several steps ahead of the crime curve. We do not have to be perpetually on the back foot.”
Aliyu emphasised the critical role of the media in combating money laundering and terrorist financing, describing journalists as key partners in exposing illicit financial flows and promoting accountability.
He said, “The media is rightly regarded as the Fourth Estate of the Realm. It is the media that shines a light on the dark corners where corruption festers.
“It is the media that gives voice to the voiceless and holds the powerful accountable.”
The outreach was part of efforts to strengthen Nigeria’s Anti-Money Laundering and Countering the Financing of Terrorism framework and improve media understanding of financial crimes.
The programme brought together journalists, regulators and law enforcement agencies to enhance reporting, public awareness, and regional collaboration against illicit financial flows.