Nigerian Financial Intelligence Unit launches new intelligence sharing framework

The Nigerian Financial Intelligence Unit (NFIU) has initiated the design of a new Joint Financial Intelligence Collaboration (JFIC) framework. This initiative aims to strengthen financial intelligence sharing between public and private sector institutions to enhance the integrity and resilience of Nigeria’s financial system.

Supported by the British High Commission and the Convention for Business Integrity (CBi), the high-level engagement included regulators, banks, insurance companies, fintechs, technology firms, and Virtual Asset Service Providers (VASPs). The goal is to create a trusted platform to identify emerging threats and disrupt illicit financial networks.

Felix Obiamalu, General Counsel of the NFIU representing CEO Hafsat Abubakar Bakari, stated that the process has transitioned from dialogue to the design and implementation phase. Stakeholders will work together to determine the operational structure and long-term sustainability of the partnership.