The Nigerian Financial Intelligence Unit (NFIU) and Economic and Financial Crimes Commission (EFCC) were honored at the 32nd Egmont Group Plenary of Heads of Financial Intelligence Units, which took place in Baku, Azerbaijan for their exemplary efforts in combating financial crimes and have earned recognition from the international community for their role in the fight.
The honor is considered to be among the highest distinctions for the financial intelligence service sector internationally.
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The prize honors exceptional cases in which the individual exemplified innovation, effective international cooperation, operational excellence and measurable results in the fight against money laundering and asset concealment, and other invisible crimes involving large amounts of money.
The NFIU’s winning entry showcased the on-going effective partnership with the EFCC, financial intelligence obtained by the NFIU directly assisted EFCC investigations, enabling NFIU to trace, seize and recover proceeds of crime, and disrupting high value criminal financial networks.
The feat has been achieved within a year of Nigeria’s exit in October 25, 2025 from the Financial Action Task Force (FATF) Grey List, which was alleged to be due to financial intelligence units and inter-agency coordination in fighting money laundering, together with the strengthening of anti-money laundering-enforcement initiatives.
The international recognition follows worrisome trends of growing undermining of Nigeria’s efforts to stifle illicit financial flows and terrorism financing by its international community, analysts have said.
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Reacting to the award, NFIU’s Chief Executive Officer (CEO), Hafsat Abubakar Bakari said the CEC’s professionalism and dedication to intelligence-driven investigations were commendable, and that it reflected the importance of institutional cooperation in securing the financial system of Nigeria.
She commended EFCC Chief Olukoyede and the officers of both agencies for the establishment of a viable partnership, capable of delivering a result, backed by the international community.
Financial intelligence units from around the globe make up the Egmont Group, which acts as the lead international forum for sharing intelligence and operating together on anti-money laundering, anti-terrorism financing and other financial crimes.
Nigeria is therefore represented in the elite league of jurisdictions who show a stellar performance in financial intelligence and cross-border asset recovery when they receive the StAR Initiative Award.
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The recognition is expected to add impetus to international confidence in Nigeria’s financial regulatory framework and place an additional pressure on international financial crimes with more collaboration with foreign financial intelligence agencies and law enforcement agencies for recoveries of stolen funds and prosecution of transnational financial crimes.
