- Interpol reports that Nigeria loses thousands of dollars to laundering every hour
- The inter-governmental organisation introduces Silver Notices to tackle the issue
- Umar warns that tough times await those engaged in money laundering
The International Criminal Police Organisation (Interpol) had disclosed that Nigeria loses thousands of dollars to laundering every hour.
Garba Umar, Interpol's vice president for Africa, revealed this during a workshop on Monday, July 29, at the EFCC academy in Abuja.
Dollars are flown out of Nigeria hourly
Umar said, “Evidence has shown that every hour, hundreds of thousands of dollars are flowing out of Nigeria to the region (Africa) 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,” he added.
Interpol introduces silver notices to tackle the situation
Interpol's vice president for Africa further noted that Interpol has introduced silver notices to tackle the issue, warning that tough times await those engaged in money laundering.
He also stressed that financial crimes span multiple countries, emphasising the need for law enforcement agencies to receive regular training to catch fraudsters.
Cooperation is key to tackling crime
Additionally, Ola Olukoyede, chairman of the EFCC, emphasised in a statement that cooperation is essential in tackling financial crimes. Francis Usani, EFCC's director of fraud risk assessment and control, represented Olukoyede and highlighted that the fight against corruption is complex and requires the assistance of stakeholders.
“Them dey whine us”: Nigerians react to EFCC’s failed attempt to capture Yahaya Bello
Meanwhile, TheRadar earlier reported that the Economic Financial Crimes Commission (EFCC) has asked the INTERPOL to place the former governor of Kogi State on a watchlist.
Yahaya Bello faces 19 counts of money laundering, including misappropriation of about N80.2 billion in public funds. Nigerians reacted to EFCC’s failed attempt to capture him when he was right under their nose.