On July 29, 2024, INTERPOL’s Vice President for Africa, Garba Baba Umar, disclosed that “hundreds of thousands of dollars” are being laundered out of Nigeria every hour.
This revelation came during the opening of a four-day workshop for Nigerian law enforcement agencies at the EFCC Academy in Abuja. Umar highlighted the alarming scale of money laundering, noting that it has become a significant issue not only in Nigeria but across Africa and globally.
INTERPOL’s report underscores the severity of the problem, indicating that illicit financial flows are not only substantial but also have detrimental effects on both Nigeria’s economy and its security landscape.
The laundering of these funds typically involves transferring money to other African countries and beyond, where it is hidden or integrated into legitimate financial systems before being used by criminals.
Umar pointed out that the successful laundering of criminal money exacerbates various social and economic issues in Nigeria, including increased drug trafficking, fraud, corruption, and violence.
He emphasized that each successful laundering operation weakens Nigeria’s financial institutions and increases the country’s susceptibility to crime.
To combat this issue, INTERPOL has introduced “Silver Notices Against Money Laundering,” a new initiative aimed at addressing the global challenge of money laundering and illicit financial flows.
This measure is part of a broader strategy to enhance international cooperation and coordination among security agencies to effectively tackle money laundering and its associated impacts.
Umar’s statements reflect the urgent need for collaborative efforts among national and international security agencies to address the complex and widespread problem of money laundering, which continues to undermine economic stability and security in Nigeria and beyond.