The Nigeria Police Force (NPF) says it has arrested 179 individuals involved in a large-scale money laundering operation linked to a cyberattack on Flutterwave, a leading payment processing platform in the country.
The suspects according to NPF are accused of laundering over ₦11 billion, marking a major achievement in the law enforcement agency’s ongoing efforts to combat financial crimes.
This follows Nigeria’s placement on the Financial Action Task Force (FATF) grey list in February 2023, which designated the country as a high-risk jurisdiction for money laundering and terrorism financing.
Image credit : Nigeria Police X handle
“A notable achievement includes Operation Butterfly Net, addressing a cyberattack on Flutterwave, which led to the arrest of 179 individuals involved in laundering over ₦11 billion,” Olumuyiwa Adejobi, Force Public Relations Officer states.
Olumuyiwa Adejobi, Force Public Relations Officer, Nigeria Police Force.
Police: Operation Butterfly Net ‘addressed cyberattack on Flutterwave’
In response, the Police has launched several initiatives, including the establishment of specialised units such as the Special Anti-Fraud Unit (SFU), the National Cybercrime Centre, and the newly launched Anti-Money Laundering Unit.
“A notable achievement includes Operation Butterfly Net, addressing a cyberattack on Flutterwave, which led to the arrest of 179 individuals involved in laundering over ₦11 billion,” Olumuyiwa Adejobi, Force Public Relations Officer states.
Over the past year, the Police specialised units say they have made significant strides in tackling financial crimes, resulting in the arrest of 1,088 suspects, securing 152 convictions, and recovering significant sums of money.
According to Adejobi, the National Cybercrime Centre, in particular, has been instrumental in addressing digital financial crimes, leading to the arrest of 751 cybercrime suspects and the recovery of ₦8,821,001,881.80, $84,000, and 115,237.91 USDT.
“As we move forward, the Nigeria Police Force remains resolute in its commitment to combating money laundering and terrorism financing, ensuring that Nigeria meets international requirements set by the FATF,” the Police spokesman says.
Additionally, Adejobi explains that the NPF has bolstered its efforts by establishing the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Sections. Over 2,000 officers have been trained in financial crime investigations, strengthening the Force’s ability to tackle complex crimes.
He points out that the NPF’s quarterly reports to the Nigerian Financial Intelligence Unit (NFIU) have played a key role in improving Nigeria’s FATF ratings.
“While the fight against financial crime is far from over,” Adejobi says that, “the progress made by the Force in investigations, arrests, and prosecutions demonstrates the determination to protect the integrity of Nigeria’s financial system and restore trust in our financial institutions.”
The NPF continues to urge all relevant ministries, departments, and agencies to collaborate in this critical effort to lift Nigeria from the FATF grey list.
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