A lot of investments being done in Nigeria are from funds earned through illegal activities, former Chairman of the Economic and Financial Crimes Commission, Mr. Nuhu Ribadu, has said.
According to Ribadu, illicit financial activities such as terrorism financing and money laundering as a major challenge affecting the country’s quest for development.
Speaking in Abuja at the 2nd Anti-money laundering/combating financial terrorism stakeholders’ consultative workshop organised by the Association of Certified Anti-Money Laundering Specialist on Wednesday, the former chief of the anti-gift chief said Nigeria Was yet to maximise its potential owing to terrorism financing and other money laundering activities.
He said that Nigeria th situation was making the country to lose huge funds.
“Everything that is wrong about Nigeria has to do with dirty money. If you can follow it, get it back and punish these people, then you have cured the problem of Nigeria,” he said.
“When I look around, I see a lot of investments done with dirty money. Government needs help in identifying and arresting these people. Though it may seem like a daunting task, with professionals like ACAMS, Nigeria is poised to achieve this.”
Ribadu emphases the need for relevant stakeholders to build up synergy in the fight against money laundering and curbing terrorism financing.
He called for the building of a strong anti-graft institution to spearhead the fight against money laundering.
He said, “In 2003, Nigeria was on the blacklist of most developed countries especially the US for money laundering.”
He said that restructuring of the Nigerian banking sector has helped to build up confidence in the Nigerian economic space.
