Hundreds Of Thousands Of Dollars Are Laundered Out of Nigeria Daily – INTERPOL 

The International Police Organisation (INTERPOL) has disclosed that hundreds of thousands of dollars are laundered out of Nigeria regularly. Garba Baba Umar, INTERPOL’s Vice President for Africa, announced this during a Monday workshop for Nigerian law enforcement agencies at the EFCC Academy in Abuja.

Umar warned that money laundering has reached alarming levels, necessitating a collaborative effort among security agencies in Nigeria and beyond. He stated that the newly launched “Silver Notices Against Money Laundering” initiative aims to combat this issue and make it more difficult for illicit funds to be laundered globally.

“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. Hundreds of thousands of dollars flow out of Nigeria every hour, enriching criminals while honest citizens pay the price,” Umar said.

He warned that successful money laundering increases crime rates, including drug trafficking, fraud, and corruption, further weakening Nigeria’s financial institutions.

Umar called for regular training to keep agencies ahead of fraudsters and urged participants to collaborate effectively to disrupt criminal activities. Ola Olukoyede, Executive Chairman of the EFCC,  also echoed the need for enhanced cooperation among organizations fighting corruption. He stressed that the complex nature of corruption requires a united front from all stakeholders. The workshop was a joint initiative between Japan and Nigeria.

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