Thousands of dollars flown out of Nigeria daily by corrupt individuals- INTERPOL

The International Police Organization (INTERPOL) has revealed that hundreds of thousands of dollars are being flown out of Nigeria to other African nations and globally on an hourly basis. Garba Baba Umar, INTERPOL Vice President for Africa, made this statement at the opening of a four-day workshop for Nigerian law enforcement agencies at the EFCC Academy in Abuja.

Umar highlighted that evidence shows significant sums of money are being laundered each hour before reaching the pockets of criminals, leaving honest Nigerians to suffer the consequences of these crimes. He also noted a troubling trend in money laundering across Africa and worldwide.

Umar called for a coordinated response from security agencies in Nigeria and beyond to combat this issue. INTERPOL has introduced “Silver Notices Against Money Laundering” to more effectively tackle money laundering and illicit financial flows, particularly in Africa.

He emphasized that successful money laundering exacerbates crime, including drug trafficking, fraud, corruption, and violence, and places further strain on financial institutions. The new initiative aims to make laundering illicit funds more challenging globally.

During the workshop, themed “Strengthening Capacity and Coordination Against Financial Crimes,” Umar stressed the need for regular training to keep law enforcement agencies ahead of fraudsters. EFCC Chairman Ola Olukoyede, represented by Director Francis Usani, emphasized the importance of enhanced collaboration among organizations in fighting corruption. Olukoyede highlighted that tackling corruption, a major barrier to Nigeria’s development, requires united efforts from all stakeholders.