By Abdulhameed Musa Abdullahi
Financial crime is no longer confined to cash-filled briefcases, secret meetings or conventional bank fraud. Today, criminals exploit technology to move illicit funds, deceive innocent people and conceal their identities. From fake cryptocurrency investment schemes and romance scams to phishing emails, artificial intelligence (AI)-generated impersonation and social media manipulation, the methods have become increasingly sophisticated.
This changing landscape demonstrates that combating financial crime requires more than arrests and prosecutions. It demands stronger institutions, coordinated government action, credible identity systems, skilled professionals and, above all, sustained public awareness.
A recent programme on Human Rights Radio and Television (Berekete Family) illustrated this reality. During the programme, a Bureau De Change (BDC) operator narrated how a friend requested that he receive a large sum of money into his bank account. Although he initially advised against the transfer because of the limitations on his account, approximately N23 million was reportedly sent to him.
Rather than treating the transaction as routine, he recognised possible red flags associated with money laundering. Drawing from public awareness on anti-money laundering, he reportedly insisted that the funds be returned to the originating account and subsequently informed the appropriate authorities.
Whether viewed from a legal, financial or ethical perspective, the incident highlights an important lesson: awareness can prevent innocent individuals from unknowingly becoming instruments of financial crime.
Criminal organisations often exploit trust. Friends, relatives, business associates and even unsuspecting members of the public are sometimes used as “money mules” to transfer or conceal illicit funds. In many cases, those involved may not fully understand the legal consequences until law enforcement agencies begin investigations.
Recognising these evolving threats, President Bola Ahmed Tinubu recently signed the Executive Order on Virtual Assets Coordination, 2026, establishing a coordinated regulatory framework for Nigeria’s rapidly expanding virtual asset ecosystem.
The Executive Order brings together the CBN,the SEC the NRS, the NFIU and the ONSA under a coordinated structure while preserving each institution’s statutory mandate. Within this framework; The CBN oversees payment systems, financial stability and the regulation of relevant virtual asset activities. The SEC regulates virtual assets that qualify as securities and strengthens investor protection. The NRS develops tax compliance measures for the virtual asset ecosystem. The NFIU analyses financial intelligence, identifies suspicious financial transactions and supports investigations into money laundering, terrorism financing and other financial crimes. The ONSA integrates national security considerations into Nigeria’s digital financial ecosystem and coordinates responses to emerging security threats.
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Rather than operating independently, these institutions are expected to share information, coordinate supervision and close regulatory gaps previously exploited by criminals.
Another significant milestone is the enactment of the National Identity Management Commission (NIMC) Act, 2026.
For many years, Nigeria’s identity architecture remained fragmented, with several government databases operating independently. Such fragmentation created opportunities for identity fraud, forged documentation, multiple identities and weaknesses in border management and financial investigations.
The ongoing harmonisation of identity databases is intended to improve interoperability among government institutions, enabling agencies such as the National Identity Management Commission (NIMC), the Nigeria Immigration Service (NIS) and other relevant authorities to verify identities more efficiently and exchange information in support of national security and public administration.
According to the Minister of Interior, the integrated identity system recently enabled security agencies to identify and arrest suspected Boko Haram and ISWAP commanders upon their return from pilgrimage. Regardless of the specific circumstances of that operation, the broader implication remains clear: stronger identity management enhances intelligence gathering, border security, financial investigations and the fight against terrorism.
Artificial Intelligence has further transformed the threat landscape.
While AI continues to create opportunities in education, healthcare, finance and innovation, criminal networks are increasingly exploiting the same technology to generate convincing phishing emails, fake identities, manipulated voices, deepfake videos and fraudulent investment promotions designed to deceive victims.
Similarly, social media platforms, encrypted messaging applications and virtual asset technologies are increasingly being exploited by criminal and terrorist networks for recruitment, fundraising, propaganda, communication and the movement of illicit funds. These technologies are not inherently unlawful; rather, the challenge lies in preventing their misuse while preserving their legitimate economic and social benefits.
Consequently, regulation alone cannot defeat financial crime.
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Professional capacity remains equally important.
The Nigerian Financial Intelligence Unit’s initiative to establish the Nigeria Chapter of the global Women in AML/CFT/CPF Network represents an important investment in human capital. By promoting mentorship, technical exchange, leadership development and cross-sector collaboration, the initiative seeks to strengthen expertise in financial intelligence, compliance, investigations, cybersecurity, law, regulation, corporate governance and risk management.
As financial crime evolves, Nigeria’s professional capacity must evolve alongside it.
Public education must also become a national priority.
Universities, student unions, youth organisations, professional associations, traditional institutions, religious bodies, civil society organisations and the media all have vital roles in educating citizens on cybersecurity, financial integrity and anti-money laundering.
Students should understand the dangers of online investment fraud and romance scams.
POS operators, Bureau De Change operators and small business owners should recognise suspicious financial transactions and understand customer due diligence obligations.
Social media users should recognise impersonation, phishing attempts, fake investment opportunities and identity theft.
Citizens should also appreciate the legal and financial risks associated with permitting third parties to use their bank accounts or digital wallets for unexplained transactions.
Against this background, Cybersecurity Awareness Month in October presents an important opportunity for universities, youth organisations and professional bodies to deepen public engagement on cybersecurity, responsible digital behaviour, financial integrity and anti-money laundering.
Nigeria’s fight against financial crime cannot be won through legislation alone.
It requires coordinated institutions, harmonised identity systems, credible financial intelligence, effective inter-agency collaboration, responsible technological innovation, professional capacity and an informed citizenry.
When government institutions collaborate effectively, when professionals possess the necessary expertise, and when citizens understand how financial criminals operate, opportunities for money laundering, terrorism financing and cyber-enabled financial crime become significantly more limited.
Awareness is more than public education. It is prevention. And prevention remains Nigeria’s strongest and most sustainable defence against financial crime.
Abdulhameed Musa Abdullahi is a former Aspirant, APC National North-West Zonal Youth Leader and former North-West Coordinator, Presidential Support Organization (PSO).