The Nigeria Police Force (NPF) has arrested 1,088 suspects linked to various financial crimes in a series of operations conducted across the country in 2024. These efforts, aimed at combating money laundering, cybercrime, and other financial offenses, have led to the recovery of a staggering $11,450,000 and N142,261,254,228.80, according to a statement released on Tuesday by the Force Public Relations Officer, Olumuyiwa Adejobi.
The arrests and financial recoveries are part of Nigeria’s intensified response to its placement on the Financial Action Task Force (FATF) grey list, which designates the country as high risk for money laundering and terrorism financing.
Specialised Units Spearheading Financial Crime Investigations
To tackle these economic crimes, the Nigeria Police Force has established several specialised units, including the:
- Special Anti-Fraud Unit
- National Cybercrime Centre
- Anti-Money Laundering Unit (newly launched)
These units have played a pivotal role in tracking illicit financial activities, leading to significant breakthroughs in combating financial crime.
Over 750 Cybercrime Suspects Arrested
Adejobi highlighted that the National Cybercrime Centre has been particularly instrumental in dismantling cyber fraud networks. The unit accounted for 751 cybercrime-related arrests and recovered N8.82 billion, $84,000, and 115,237.91 USDT from illicit transactions.
One of the centre’s most significant achievements was “Operation Butterfly Net”, a high-profile investigation into a cyberattack on Flutterwave, a major African fintech company. The operation led to the arrest of 179 individuals involved in laundering over N11 billion, marking a significant victory against financial cybercriminals.
Strengthening Financial Crime Investigations
Beyond arrests and financial recoveries, the NPF has taken strategic steps to bolster its investigative framework. The establishment of the Anti-Money Laundering and Countering the Financing of Terrorism Sections has reinforced Nigeria’s financial security measures.
Additionally, over 2,000 officers have been trained across various police units in money laundering and terrorism financing investigations, reflecting the government’s commitment to improving Nigeria’s global standing in combating financial crimes.
Nigeria’s Commitment to Exiting FATF Grey List
Nigeria’s presence on the FATF grey list since February 2023 has raised concerns about the country’s financial credibility on the global stage. The government, through the Nigeria Police Force, Economic and Financial Crimes Commission (EFCC), and other security agencies, has intensified efforts to address illicit financial flows and ensure the nation regains international confidence.
As financial crime syndicates evolve, the Nigeria Police Force remains resolute in its fight against fraud, money laundering, and cybercrime. With continued enforcement, specialized training, and inter-agency collaborations, Nigeria is making significant progress in dismantling criminal networks and recovering stolen assets.
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