UK and Nigeria Unite Against Financial Crime in Landmark Agreement

The UK and Nigeria have signed a Memorandum of Understanding to combat financial crime and transnational fraud. This agreement enhances intelligence sharing and facilitates joint investigations. Key aspects include collaboration between national agencies, joint operations, and training initiatives, responding to the rise in fraud affecting both countries.

The United Kingdom and Nigeria have recently entered into a significant agreement focused on combating financial crime and transnational fraud. This Memorandum of Understanding (MoU) was signed by UK Minister for Fraud, Lord Jonathan Hanson, alongside Nigeria’s Attorney General and Minister of Justice, Lateef Fagbemi, and National Security Adviser, Nuhu Ribadu.

In a statement released by the British High Commission, it was outlined that this agreement aims to enhance intelligence sharing, foster joint investigations, and enable coordinated law enforcement activities against complex fraud networks that operate internationally. Lord Jonathan Hanson remarked on the importance of this development, citing its potential impact on addressing the pressing issue of financial crime.

Hanson noted that “more than 70 percent of fraud affecting the UK involves international actors,” emphasizing the new MoU’s role in preempting fraud and ensuring justice for victims in both nations. The partnership is designed to bolster collaboration between the UK’s National Crime Agency (NCA) and Nigeria’s Office of the National Security Adviser (ONSA).

Among the agreement’s key elements are joint enforcement operations and improved regulatory cooperation, particularly in sectors such as finance, telecommunications, and digital technology. Additionally, the initiative includes plans for joint training programs, starting with specific support aimed at Nigerian prosecutors provided by the UK’s Serious Fraud Office. This would also pave the way for research projects addressing emerging threats in fraud, including the misuse of technology and artificial intelligence.

National Security Adviser, Nuhu Ribadu, expressed his support for the initiative, highlighting that strengthening bilateral security relations is crucial. 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 builds upon earlier efforts, particularly the UK-Nigeria Fraud Dialogue that was initiated in November 2024, as both countries increasingly contend with a surge in financial crime. According to the UK’s Crime Survey for England and Wales, fraud continues to be a significant concern, as evidenced by over 4.1 million reported cases in 2024, leading to an estimated financial loss of £6.8 billion for victims.

Director of Fraud at the NCA, Nick Sharp, underscored the critical need for international cooperation in tackling fraud. He emphasized, “Fraud is borderless.” By sharing intelligence and executing coordinated operations, he argued, both countries can fortify their defenses and ensure that fraudsters are brought to justice, no matter where they are located.

The UK and Nigeria’s newly forged anti-fraud alliance marks a vital step in the fight against financial crime, emphasizing collaboration, intelligence sharing, and joint operations. As the global landscape of fraud becomes increasingly complex, such partnerships could prove critical to tackling challenges and safeguarding both nations’ citizens. With a focus on training and technology, the agreement is positioned as a proactive measure against emerging threats.

Original Source: guardian.ng