Professor Aisha Sani Maikudi, the acting Vice Chancellor of the University of Abuja (UniAbuja), has called for intensified efforts to combat money laundering and terrorism financing in Nigeria.
Prof. Maikudi made the call while declaring open a Public Lecture on exchange programme between University of Abuja and University of California, San Francisco at the UniAbuja’s campus on Wednesday.
Speaking on the lecture’s theme, “Combating Money Laundering and Terrorism Financing in Developing Economies,” Prof. Maikudi highlighted the devastating impact of these illicit activities on the country. She urged legal professionals to play a pivotal role in addressing these challenges.
“Money laundering and terrorism financing are global issues that profoundly affect our national security, economic stability, and societal well-being. These activities not only foster crime and corruption but also undermine our legal and financial systems,” Prof. Maikudi stated. “Lawyers are crucial in this battle. As gatekeepers of justice, we must ensure the rule of law prevails through rigorous legal practices, ethical standards, and a commitment to transparency and accountability.”
Prof. Maikudi also noted that the lecture provided an invaluable opportunity to deepen understanding of the complexities surrounding these issues. She encouraged participants to explore legal frameworks, regulatory measures, and best practices to enhance the fight against money laundering and terrorism financing.
“This lecture is a platform for learning, discussion, and collaboration. Here, we can share insights and strategies to strengthen our collective response to these challenges,” she said.
In a goodwill message, Mrs. Hafsat Bakari Abubakar, CEO of the Nigerian Financial Intelligence Unit (NFIU), reaffirmed the NFIU’s commitment to protecting Nigeria’s financial system from abuse.
Represented by the General Counsel, NFIU, Felix Obiamalu, she praised UniAbuja’s efforts and called for deeper collaboration to strengthen the university’s law faculty in understanding money laundering, terrorism financing, and related offences.
“We recognize the establishment of a specialized program (‘Law Clinic’) at the Faculty of Law, aimed at providing hands-on legal education and experiential learning. This initiative trains problem-solving lawyers with expertise in the Anti-Money Laundering and Terrorist Financing Regime,” Abubakar said.
On his part, Mr. Ola Olukoyede, Executive Chairman of the Economic and Financial Crimes Commission (EFCC), also reiterated the commission’s commitment to battling money laundering and terrorism financing.
Represented by EFCC’s Director of Legal Services, Tahir Sylvanus, SAN, he assured that the EFCC is fully equipped to contribute to the fight against all economic crimes.
Also speaking at the event, the Guest Speaker, Demarris Evans, Deputy District Attorney of Alameda County, California, pointed out that money laundering and corruption are not confined to developing countries but are also prevalent in developed nations like the United States.
She cited numerous corruption cases in the U.S. and stressed the importance of transparency initiatives, new legislation, whistleblower protection, and investigative journalism to address these issues.
Dr. Sam Chukwuka Onyeka, the Lead Speaker, highlighted the ongoing impact of money laundering and terrorism financing in Nigeria, referencing recent terrorist attacks in Gwoza, Borno State.
Onyeka, who said the Nigerian academic community also lost five lecturers within a week because of terrorists attacks, said there is need to redouble efforts to curtail terrorism financing and money laundering in the country.
While saying Nigeria has made significant progress by enacting relevant laws according to the Financial Action Task Force (FATF) stipulations to address the menance, Onyeka, said banks have a major role to play in ensuring the activities of money launders are thwarted.
“If the banks want money laundering to end, it will end because all the money goes to the banks.
“We want the bank to help us. The regulators also need to be trained and retained to be ahead of the banks,” Onyeka said.
Earlier, in his opening remarks, Prof. Abdulrasheed Yusuf, Dean of the Faculty of Law at UniAbuja, expressed his pleasure at hosting the event and urged participants to leverage the discussions to enhance their knowledge in combating money laundering and terrorism financing.
The event, which attracted officials from the Nigerian Bar Association in the Federal Capital Territory, the U.S. Embassy in Abuja, and other dignitaries, also witnessed a panel discussion.