Fagbemi: Money Laundering Remains Significant Threat to Economic Stability in West Africa
Alex Enumah in Abuja
The 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 Africa sub region in general.
He sounded the warning on Tuesday at the national Anti Money Laundering and Counter Financing of Terrorism (AML/CFT) Media Outreach Programme, in Abuja.
The outreach, which was organized by the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA), had in attendance representatives from the Nigeria Financial Intelligence Unit (NFIU), Independent Corrupt Practices and other related offences Commission (ICPC) as well as journalists in Abuja.
In his opening address, Fagbemi, who was represented by Mr Olubunmi Ikupolati, observed that the menace of money laundering and terrorism financing requires a concerted effort to be eradicated.
“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,” he said.
He claimed that over the years, the Federal Government has 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.
While he assured the audience that the government would continue to align with global standards and best practices, he however, stressed that beyond laws and enforcement mechanisms, public awareness and understanding are indispensable in winning this fight.
“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.
“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,” he added.
In his opening remarks, the Director General of GIABA, Mr Edwin Harris Jr, stated that the media remains a veritable channel of increasing awareness among the populace, hence the need for collaboration.
Represented by Mr Timothy Melaye, the DG disclosed that GIABA has been working and building partnerships with media groups and individual journalists to bring to public awareness the negative consequences of ML/TF.
“Since 2009, GIABA has engaged the media through sensitization 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 said.
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, the Chief Executive Officer of the Nigerian Financial Intelligence Unit (NFIU), Hajia Hafsat Bakari, stated that engagement with the media is not merely a routine event, but a strategic partnership.
“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.
“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,” she said.
