UK and Nigeria Unite Against Financial Crime in Historic Agreement

The UK and Nigeria have signed a landmark agreement to combat financial crime, enhancing intelligence sharing and joint operations against transnational fraud. Key pillars include collaboration between national agencies and training initiatives for prosecutors. This comes as both nations face rising financial crime, with the UK reporting millions in fraud cases.

In a significant move to combat financial crimes across borders, the United Kingdom and Nigeria have established a pioneering agreement aimed at tackling transnational fraud. The Memorandum of Understanding (MoU) was signed recently by UK Minister for Fraud, Lord Jonathan Hanson, along with Nigeria’s Attorney General and Minister of Justice, Lateef Fagbemi, and the National Security Adviser, Nuhu Ribadu.

The British High Commission released a statement detailing the agreement’s objectives, which include enhancing intelligence sharing, promoting joint investigations, and coordinating law enforcement efforts against intricate global fraud networks. Lord Hanson shared that this agreement is pivotal against financial crime that has a global reach, asserting that “More than 70 percent of fraud affecting the UK involves international actors. This new agreement with Nigeria strengthens our ability to stop fraud before it starts.”

Central elements of the agreement encompass collaboration between the UK’s National Crime Agency (NCA) and Nigeria’s Office of the National Security Adviser (ONSA). Moreover, it aims to facilitate joint enforcement operations and bolster regulatory collaboration across various sectors such as finance, telecommunications, and digital services.

In a further commitment to this partnership, joint training initiatives will be launched, starting with specialized support for Nigerian prosecutors provided by the UK’s Serious Fraud Office. There are also plans for shared research to address emerging threats, particularly the use of technology and artificial intelligence in fraudulent activities.

Nuhu Ribadu, Nigeria’s National Security Adviser, acknowledged the agreement’s importance in reinforcing security collaborations between the two nations. He stated, “We are building on past cooperation to confront evolving threats with renewed urgency—disrupting enablers, supporting victims, and ensuring perpetrators are held accountable.”

This latest agreement draws on the foundation established by the UK-Nigeria Fraud Dialogue initiated in November 2024. It comes at a critical juncture as both nations confront rising incidents of financial crime, with the UK’s Crime Survey for England and Wales indicating that fraud remains the most widespread crime, with over 4.1 million cases in 2024 alone, inflicting losses estimated at £6.8 billion.

Emphasizing the need for international cooperation, Nick Sharp, the NCA’s Director of Fraud, remarked, “Fraud is borderless. By sharing intelligence and executing joint operations, we will strengthen our global defences and bring fraudsters to justice wherever they are.”

The recent agreement between the UK and Nigeria marks a crucial step in the international fight against financial crime. By enhancing collaboration through intelligence sharing, joint investigations, and training initiatives, both countries aim to disrupt sophisticated fraud networks that defy borders. This partnership is a robust response to the growing prevalence of fraud, underscoring a commitment to victim support and accountability for perpetrators. It reflects a proactive approach to an ever-evolving threat in a digital age.

Original Source: guardian.ng