In a concerted effort to strengthen Nigeria’s financial system and enhance its global standing, the National Information Technology Development Agency (NITDA) and the Nigeria Financial Intelligence Unit (NFIU) have launched a collaborative initiative, Project Exit, aimed at upgrading NFIU’s Data Management System and Compliance Platform.
This strategic move followed the Mutual Evaluation Report (MER) of Nigeria, which revealed critical gaps in data availability and statistical analysis, impeding the nation’s ability to effectively manage Money Laundering (ML) and Terrorism Financing (TF) risks. These deficiencies led to Nigeria being placed on the Financial Action Task Force (FATF) Grey List, a status that carries significant implications for the country’s economic stability and access to international financial markets.
The project launch was attended by key stakeholders, including Hon. Adedeji Olajide, Chairman of the House Committee on Information and Communications Technology and Cybersecurity; Kashifu Inuwa Abdullahi, Director General of NITDA; Barrister Hafsat Abubakar Bakari, CEO of NFIU; and senior officials from both agencies.
Approved by President Bola Ahmed Tinubu, the project aimed to:
1. Achieve FATF compliance, enabling Nigeria’s removal from the Grey List and restoring international trust.
2. Enhance NFIU’s operational capabilities through the adoption of advanced technology for data management, automation, and intelligence integration.
3. Establish a sustainable framework to support ongoing and future FATF evaluations and other international assessments.
4. Position Nigeria as a global leader in financial intelligence and AML/CFT best practices.
By addressing the gaps identified in the MER, the collaboration between NITDA and NFIU seek to leverage cutting-edge technology to reinforce Nigeria’s financial intelligence infrastructure, improving its global financial system standing.
