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Interpol Raises Alarm, Says Hundreds of Dollars Leave Nigeria Every Hour
The International Police Organisation’s investigation has shown that every hour, hundreds of thousands of dollars are being laundered out of Nigeria across the world.
This disclosure was made in Abuja on Monday by Garba Umar, Interpol vice president for Africa, while declaring open a four-day training workshop for Nigerian law enforcement agencies at the Economic and Financial Crimes Commission (EFCC) Academy, Abuja.
According to Umar, money laundering across Africa and the entire world has assumed a monstrous dimension and Interpol has designed Silver Notices to combat the menace.
“Evidence has shown that every hour, hundreds of thousands of dollars are flowing out of Nigeria to the region and across the world, laundered before it reaches the pockets of criminals to enjoy the profits of their crimes, while the hardworking and honest Nigerians pay the price of crime”
“With every successful laundering of criminal money, our country becomes more prone to crime. More drugs, more fraud, more corruption and more violence. Every time criminal money is successfully laundered, our financial institutions take an additional blow,” he said.
He stressed that hard times awaited money launderers as the Silver Notices would make illicit funds more difficult to launder in any part of the world.
Speaking on the theme of the Workshop: Strengthening Capacity and Coordination against Financial Crimes, Umar pointed out that financial crimes had become transnational and law enforcement agencies needed regular training for their workforce to be ahead of fraudsters
He urged participants at the workshop to make it a duty to discuss and learn about transnational crimes affecting their regions, identify possible solutions through a review of policing capabilities to support the country, and facilitate direct and in-person interaction amongst law enforcement networks across the country.
“In essence, this Workshop will allow us to re-examine the challenges of fighting transnational crimes in the country, reassess our strategies, and reaffirm our determination and unity as a country to provide security to our citizens and by extension the global community,” he said.
Umar charged all participants at the workshop to take collaboration with other law enforcement agencies seriously, to advance their investigations and ensure that criminals do not get to enjoy the fruits of their labour.
“The only way we can move forward as a country is by working together and identifying common problems, jointly devising solutions, and taking coordinated and cohesive action. And now is the time that we need to go far, by going together, he said.
Ola Olukoyede, executive chairman of the EFCC, in his goodwill message, also harped on the need for enhanced collaboration in tackling financial crimes.
He particularly stressed that the complex nature of corruption across the world could only be broken by the might of collaborative actions by every stakeholder. “The daunting nature of the fight against corruption in Nigeria and the world at large deserve serious collaboration among organizations saddled with the responsibility of fighting corruption”, he said.
Olukoyede, who spoke through Francis Usani, director, Fraud Risk Assessment and Control, FRAC, of the EFCC, appraised the pivotal role of the EFCC in tackling corrupt practices, especially its impressive records of convictions and recoveries, and expressed optimism that with the new emphasis on the preventive framework in tackling financial crimes by the commission, greater progress would be made.
“Our records of convictions and recoveries stand us out, but we will not rest on our oars, we are committed to doing more and in this commitment, the EFCC is re-strategising its operations with a focus on prevention knowing that it is easier and cheaper to prevent corruption from happening than investigating and prosecuting corruption,” he said.
In his remark, Kazuyoshi Matsunaga, ambassador extraordinary and plenipotentiary of Japan to Nigeria, described the workshop as an important joint initiative between Japan and Nigeria to combat financial crimes.
He explained that in the contemporary globalised world, financial crimes transcended borders and required international cooperation among law enforcement agencies to combat them.
“I am delighted that INTERPOL and the Japanese National Police Agency are an integral part of this project, contributing their expertise. A remarkable collaboration took place three years ago when Japanese and Nigerian law enforcement agencies successfully returned a fund to a Japanese fraud victim, earning immense gratitude. Strengthening our partnership through this project will benefit not only Nigerians but people around the world, including the Japanese,” he said.
Hafsat Bakare, director general and chief executive officer of the Nigerian Financial Intelligence Unit, NFIU, spoke about the imperative of strengthening capacity and coordination against financial crimes, pointing out that “ financial intelligence and financial analysis techniques are key to tackling economic crimes”.
“The NFIU, she said, was sensitive to the interconnected nature of the criminal justice system, the threat of organised crime, and cybercrimes being fought by law enforcement agencies.
She expressed optimism that the training law enforcement officers would receive at the Workshop would “ sustain efforts being made to ensure that Nigeria exits the Grey List of the Financial Action Task Force possibly by mid-2025.”
Isaac Oginni, director of Interpol Financial Crime and Anti-Corruption Centre (IFCACC), said the only way to disrupt organised crimes was by denying fraudsters the financial profit behind their criminal enterprise. Besides, financial intelligence could also be utilised well when investigators recognise its value and use it to build a financial profile around suspects.
He challenged participants and stakeholders at the workshop to collectively work together and fight money laundering.
“Each agency represents a different shape of the puzzle with our different strengths and mandates. Each piece of the puzzle forms part of the bigger picture, and even one missing piece will prevent the whole picture from being developed,” he said.
“Today, we will commence the first phase of the Interpol/JICA workshop, a capacity-building project that aims to strengthen Nigeria’s safety through enhancing law enforcement’s capacity to combat financial crime, as well as through increased national cross-agency collaboration and cooperation,” he said.
The four-day workshop, the first of its kind and hosted by the EFCC was organised by INTERPOL and the Japan International Cooperation Agency, JICA.
It drew participants from the Police, EFCC, NFIU, Nigeria Immigration Service, and the Nigeria Customs Service.
Yola Electricity Distribution Company (YEDC) has alerted its customers to a fraudulent message circulating on social media, falsely claiming that electricity consumers can receive an additional 20 per cent bonus units when recharging their prepaid meters through unofficial channels.
In a statement issued by the company’s management on Monday, YEDC described the claim as false and urged customers to disregard the misleading information, stressing that it did not originate from the company.
According to the statement, YEDC does not offer bonus electricity units through individuals, agents, personal bank accounts, phone numbers, or social media contacts.
The company advised customers to purchase electricity tokens only through approved cashless payment platforms, including the YEDC Pay App, OPay, Interswitch, and other authorised vending channels, or to visit the nearest YEDC office for assistance.
YEDC also cautioned customers against sharing their meter details or personal information, or making payments to unauthorised persons claiming to represent the company.
The company further urged customers to rely exclusively on information disseminated through its official communication channels to avoid falling victim to fraud.
The management thanked customers for their continued cooperation and reaffirmed its commitment to serving them.
Central Bank of Nigeria (CBN) has disclosed that two foreign currency accounts opened in connection with the controversial Presidential Foreign Investment Promotion Council (PFIPC) have remained inactive since their creation, with no funds deposited and no transactions recorded.
The revelation emerged on Monday during the ongoing investigation by the House of Representatives Ad-hoc Committee probing the circumstances surrounding the establishment and operations of the council.
Lawmakers are investigating allegations that the PFIPC was created and operated without a valid legal framework and outside the established procedures required for government agencies and institutions.
Appearing before the committee, representatives of both the Central Bank of Nigeria and the Office of the Head of the Civil Service of the Federation (OHCSF) distanced their institutions from the establishment of the council.
The Office of the Head of the Civil Service of the Federation stated that it neither created the council nor possessed the constitutional authority to establish federal agencies.
Representing the office, officials explained that the OHCSF is only responsible for approving administrative structures of government agencies after all necessary requirements have been fulfilled.
According to the office, records showed that the council submitted a request on August 6, 2025, seeking approval for its organisational structure.
However, the application was not approved because the required supporting documents were not attached.
The committee heard that despite the rejection of the request, officials linked to the Presidential Economic Advisory Council (PEAC)/PFIPC later appeared during the 2025 manpower budget defence exercise and sought approval for staffing and recruitment arrangements.
The office disclosed that the council informed government officials that its activities were being carried out largely through personnel seconded or deployed from other institutions.
Lawmakers were told that the council requested approval for a total of 314 positions. The figure consisted of 14 existing officers and an additional 300 proposed positions.
The Office of the Head of the Civil Service further revealed that concerns later arose regarding documents presented by the council as evidence of its legal backing.
Officials told the committee that upon examination, the documents failed to display essential features expected of an enabling law or valid legal instrument establishing a government body.
Mrs. Didi Esther Walson-Jack, head of the Civil Service of the Federation, also rejected claims that her office deployed civil servants to work for the council.
She maintained that the office did not assign personnel to the body and did not provide office accommodation for its operations.
According to her, matters relating to the creation, supervision and oversight of government agencies fall under the responsibilities of other relevant institutions, including the Office of the Secretary to the Government of the Federation.
The Central Bank of Nigeria also provided details regarding accounts linked to the council.Nigerian current events
Hamisu Abdullahi, director at the apex bank, who represented the CBN Governor before the committee, explained that the bank opened two foreign currency accounts following a formal request from the Office of the Accountant-General of the Federation.
He told lawmakers that the request was received on July 30, 2025, and instructed the bank to create a United States dollar domiciliary account and a Pound Sterling domiciliary account.
Abdullahi stressed that the CBN only opens accounts for government agencies after receiving official authorisation from the Accountant-General’s office.
However, he disclosed that the accounts never became operational because the council failed to provide authorised signatories required for activation.
As a result, both accounts remained dormant from the day they were opened.
He informed the committee that neither account had received deposits nor processed withdrawals. The accounts also recorded no foreign exchange allocations, remittances, inflows or outflows.Governor election news
According to him, the balances in both accounts remain at zero.
The CBN official further stated that the council did not engage directly with the apex bank regarding the management or operation of the accounts after they were created.
Following the submissions, members of the committee demanded more information as part of efforts to determine the full scope of the council’s activities.
Hon. Abdulmalik Danga, chairman of the committee, directed the Central Bank to submit comprehensive records relating to both the Presidential Foreign Investment Promotion Council and the Presidential Economic Advisory Council.
The committee requested details covering the opening of the accounts, their operational history and any information connected to related banking activities.
Lawmakers also instructed the CBN to work with commercial banks to identify and provide records of any accounts linked to the entities under investigation.
However, the committee is expected to continue its hearings as more government agencies and officials appear before lawmakers to provide explanations on the controversial council and the circumstances surrounding its operations.
STEM Africa Fest, an annual science, technology, engineering and mathematics (STEM) education event designed to expose children to hands-on learning, returned to Lagos, with organisers urging greater integration of practical STEM education into Nigeria’s school curriculum to prepare young people for future careers.
The organisers said the initiative has reached over 25,000 children across Africa in six years, renewing calls for greater integration of practical STEM education into Nigeria’s school curriculum.
The festival, which began in 2021 during the COVID-19 lockdown, has expanded beyond Nigeria to Ghana, Sierra Leone, The Gambia, Zambia, Rwanda and Kenya, promoting experiential learning through science, technology, engineering, arts and mathematics (STEAM). The sixth edition which held in Lagos, attracted about 3,500 children and parents from all over.
Conveners, Titi Adewusi and Jadesola Adedeji, said the initiative was conceived to address the gap between classroom theory and practical learning, giving children opportunities to build, experiment and interact with emerging technologies.
According to Adewusi, this year’s theme, “Building Future Innovators”, reflects the organisers’ vision of nurturing Africa’s next generation of innovators, problem-solvers and creative thinkers.
“Children are learning the theories and we wanted to bring the real thing, hands-on. If you’re teaching a child about 3D printing, we want them to actually experience it. If you’re teaching a child about building robots or AI, we wanted them to experience it,” she said.
Adedeji, said the idea for the festival emerged from a shared desire to make science education more engaging after discussions between the founders several years ago.
She said the maiden edition, held during the pandemic, attracted over 1,000 participants globally, while the first physical edition recorded over 6,000 attendees.
They identified funding, stakeholder mobilisation and expanding the festival to other locations as some of the challenges encountered since its inception. They noted that increasing demand from different states and African countries had prompted them to adopt a partnership model that allows collaborators replicate the programme using an established framework.
They also urged governments at all levels to strengthen support for STEM education by integrating practical learning into school curricula and partnering with private organisations to improve access to science and technology education.
Adewusi said they have developed a STEM curriculum that is being implemented in some schools and expressed readiness to collaborate with the government to expand its adoption in line with the United Nations Sustainable Development Goal on quality education.
Adedeji added that government support should go beyond funding to include curriculum development, teacher training and institutional backing for STEM-focused initiatives.
Representing Access Holdings, Programme Manager for Sustainability, Ikechukwu Iheagwam, said the company’s continued support for the festival aligns with its commitment to advancing education and technology.
He said exposing children to emerging technologies such as artificial intelligence and robotics would better prepare them for the future, adding that private sector participation should complement government efforts in improving STEM education.
Some pupils who attended the festival said the practical sessions strengthened their interest in science and technology.
A student of Court Hill College, Opebi, Jason Lawal, said he participated in activities including a Rubik’s Cube challenge and an artificial intelligence masterclass where participants created short AI-generated animations.
Another student of Greater Ecstasy High School, Iyana-Ipaja, Fatima Namama said attending the festival over the years had deepened her interest in laboratory science and technology. She called for wider integration of STEM education into the school curriculum and more opportunities for pupils to participate in similar learning events.
The organisers said the festival’s impact extends beyond attendance figures, noting that some former participants have returned in recent years as exhibitors in coding and robotics, reflecting its contribution to nurturing future innovators.
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