In a strategic move to tackle Nigeria’s financial challenges and drive its digital transformation, the National Information Technology Development Agency (NITDA) has partnered with the Nigeria Financial Intelligence Unit (NFIU) on Project Exit: an initiative to upgrade NFIU’s Data Management System and Compliance Platform.
NITDA shared this development on their official X handle, highlighting its importance in improving Nigeria’s financial intelligence infrastructure.
The project was inspired by findings from the Mutual Evaluation Report (MER) of Nigeria, which exposed major gaps in data availability and statistical analysis.
These deficiencies hinder an accurate assessment of Money Laundering (ML) and Terrorism Financing (TF) risks, as well as the effectiveness of the country’s Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) framework.
Consequently, Nigeria was placed on the Financial Action Task Force (FATF) Grey List, which affects its global reputation and access to international financial markets.
With approval from President Bola Ahmed Tinubu, NITDA is leading efforts to enhance the existing AML/CFT Data Management Framework.
The initiative aims to remove Nigeria from the FATF Grey List, strengthen the NFIU’s operational capacity through automation and intelligence integration, and position the country as a global leader in financial intelligence.
Key stakeholders, including Hon. Adedeji Olajide, Chairman of the House Committee on ICT and Cybersecurity; NITDA DG Kashifu Inuwa; and NFIU CEO Barrister Hafsat Abubakar Bakari, attended the high-level meeting to discuss the framework’s implementation. The collaboration is set to bridge the gaps identified in the MER and elevate Nigeria’s financial intelligence on a global scale.
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