By Milcah Tanimu
The Chief Executive Officer of the Nigeria Financial Intelligence Unit (NFIU), Hafsat Bakari, has stressed the critical role of the Bank Verification Number (BVN) in Nigeria’s fight against financial crimes. Speaking at the High-Level Roundtable on Public-Private Partnerships (PPPs) to Combat Financial Crimes in Abuja, Bakari called the BVN a key tool in the nation’s anti-money laundering and counter-terrorism financing framework.
The event, hosted by the NFIU and the London Stock Exchange Group (LSEG), brought together various stakeholders to discuss strategies for tackling financial crimes. Bakari credited the BVN initiative, launched by the Central Bank of Nigeria (CBN) and commercial banks, with improving financial transaction transparency. It has also reduced identity fraud.
“The BVN provides every bank customer with a unique biometric identifier. It links all their accounts, enhancing monitoring and reducing fraudulent activities,” Bakari said.
She emphasized that financial crimes are global and often exploit regulatory gaps. Bakari urged stronger collaboration among stakeholders to share intelligence and develop aligned strategies. She noted that Public-Private Partnerships (PPPs) offer a platform for pooling resources and sharing insights to combat financial crimes.
Nigeria’s Minister of Interior, Olubunmi Ojo, also spoke, highlighting the need for clean investments. He stressed that PPPs must be vetted by the NFIU to ensure funds are used appropriately.
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