The National Information Technology Development Agency (NITDA) has partnered with the Nigeria Financial Intelligence Unit (NFIU) to implement Project Exit, an initiative aimed at upgrading the NFIU’s data management system and compliance platform.
“This initiative stems from the findings of the Mutual Evaluation Report (MER) of Nigeria, which highlighted significant deficiencies in data availability and statistical analysis.” NITDA says. “These gaps hinder a comprehensive understanding of the nation’s Money Laundering (ML) and Terrorism Financing (TF) risks and the effectiveness of its Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) framework.“
National Information Technology Development Agency (NITDA).
According to NITDA, this move seeks to address gaps in Nigeria’s Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT) framework, while advancing the nation’s digital transformation.
“This initiative stems from the findings of the Mutual Evaluation Report (MER) of Nigeria, which highlighted significant deficiencies in data availability and statistical analysis.” NITDA says. “These gaps hinder a comprehensive understanding of the nation’s Money Laundering (ML) and Terrorism Financing (TF) risks and the effectiveness of its Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) framework.“
In 2023, Nigeria was placed on the Financial Action Task Force (FATF) Grey List due to rising capital inflows and shortcomings in combating money laundering, terrorism, and arms financing. The FATF, an independent intergovernmental body, promotes policies to protect the global financial system from financial crimes.
Placement on the grey list signals to the financial community that a country is not doing enough to fight financial crime while encouraging improvements in its AML and CFT frameworks.
NITDA says that Nigeria’s inclusion on the list has impacted its global reputation, economic stability, and access to international financial markets.
In response, President Bola Ahmed Tinubu approved NITDA’s leadership in enhancing the AML/CFT/CPF (Counter Proliferation Financing) data management framework.
What is Project Exit?
According to NITDA, the objectives of Project Exit include:
1. Achieving FATF compliance to facilitate Nigeria’s removal from the Grey List.
2. Strengthening the NFIU’s operational capacity through automation and intelligence integration.
3. Establishing a sustainable data management framework for future FATF evaluations.
4. Positioning Nigeria as a global leader in AML/CFT practices.
Key stakeholders at the meeting included Adedeji Olajide, Chairman of the House Committee on ICT and Cybersecurity; Kashifu Inuwa, Director-General of NITDA; Barrister Hafsat Abubakar Bakari, CEO of NFIU; and senior officials from both agencies.
Project Exit aims to leverage advanced technology to improve Nigeria’s financial intelligence infrastructure, strengthen its compliance with international standards, and restore global confidence in its financial systems, according to NITDA.
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