Lateef Fagbemi (SAN), the Attorney-General of the Federation and Minister of Justice, has raised alarms about the increasing exploitation of real estate, non-governmental organizations (NGOs), and luxury goods as channels for laundering money and conducting other illegal financial operations within Nigeria.
During a focused one-day roundtable on the Public-Private Partnership (PPP) Framework aimed at tackling financial crimes in Nigeria, Fagbemi highlighted that despite the government’s strengthened anti-money laundering regulations, criminals are continuously finding innovative avenues-particularly through property transactions, charitable organizations, and professional services-to conceal illicit funds.
Represented by Ms. Chika Nnanna, Chief State Counsel at the federal Ministry of Justice, the Attorney-General reaffirmed the government’s unwavering commitment to eradicating unlawful financial flows from the nation’s economy.
At the event, hosted by Pattison Consulting in collaboration with the Nigerian Financial Intelligence Unit (NFIU) and the British High Commission, Fagbemi stated, “Illicit proceeds are increasingly funneled through sectors such as real estate, luxury items, and charitable institutions. If these areas remain unregulated, they risk becoming sanctuaries for dirty money.”
He underscored that conventional approaches to combating financial crimes are no longer adequate, advocating for a robust, integrated public-private partnership strategy to effectively address money laundering, terrorism financing, and the financing of proliferation.
Additionally, the Attorney-General pointed out that safeguarding data privacy presents a significant obstacle to effective intelligence sharing. He stressed the importance of developing legal frameworks that carefully balance the exchange of critical information with the protection of individual privacy rights.
Echoing this perspective, Dr. Vincent Olatunji, National Commissioner of the Nigeria Data Protection Commission (NDPC), through his representative Babatunde Bamigboye, committed the agency’s support to working closely with the NFIU and other relevant parties to protect personal data while facilitating improved intelligence cooperation.
Felix Obiamalu, General Counsel of the NFIU, clarified that the Attorney-General’s comments were not meant to condemn the entire real estate or NGO sectors but rather to emphasize the urgent need for enhanced regulatory oversight.
In her opening remarks, Hafsat Abubakar Bakari, CEO of the NFIU, reminded attendees that Nigeria’s financial system remains under intense international observation. She called on all stakeholders to deepen their collaboration to prevent the country from being relisted on the global Financial Action Task Force (FATF) grey list.