Nigeria has reinforced its position on the global stage in the fight against financial crime, securing the prestigious Stolen Asset Recovery (StAR) Initiative Award at the 32nd Egmont Group Plenary of Heads of Financial Intelligence Units held in Baku, Azerbaijan.
The highly coveted award—jointly driven by the United Nations Office on Drugs and Crime (UNODC), the World Bank, and the Egmont Group—recognises exceptional cases that demonstrate innovation, cross-border collaboration, operational efficiency, and measurable success in combating money laundering and complex financial crimes.
The event was attended by top global financial intelligence leaders, including the newly appointed President of the Financial Action Task Force (FATF), Mr. Giles Thompson.
Nigeria’s winning case showcased the strategic use of timely financial intelligence, rigorous analytical processes, and seamless inter-agency cooperation that culminated in successful investigations and recovery of illicit assets. The Nigerian Financial Intelligence Unit (NFIU) played a pivotal role by providing critical intelligence that supported enforcement actions led by the Economic and Financial Crimes Commission (EFCC).
According to the Egmont Group, the StAR Award celebrates impactful use of financial intelligence in disrupting illicit financial networks and strengthening cooperation among Financial Intelligence Units (FIUs) across its network of over 186 jurisdictions.
Reacting to the recognition, the Chief Executive Officer of the NFIU, Hafsat Abubakar Bakari, described the award as a defining moment for Nigeria’s financial intelligence system. She noted that the honour validates the country’s growing capacity to generate, analyse, and deploy intelligence effectively in tackling financial crimes.
“This recognition reflects the strength of Nigeria’s financial intelligence architecture and demonstrates what can be achieved when intelligence is properly harnessed and translated into operational outcomes,” Bakari said.
She also commended the Executive Chairman of the EFCC, Mr. Ola Olukoyede, and personnel of the Commission for their unwavering commitment to inter-agency collaboration.
“The partnership between the NFIU and EFCC continues to deliver results that resonate globally. It proves that institutional synergy remains a powerful tool in combating financial crime,” she added.
Bakari further applauded NFIU staff and reporting entities for their consistent delivery of timely financial data, which remains the backbone of effective intelligence gathering and analysis.
Industry stakeholders say the recognition underscores the growing importance of collaboration in modern financial crime investigations, especially in an era where illicit funds are rapidly transferred across jurisdictions using advanced technological channels.
The award comes amid ongoing reforms aimed at strengthening Nigeria’s financial system, improving compliance with global anti-money laundering standards, and boosting investor confidence.
Beyond the NFIU and EFCC, the honour also reflects the collective efforts of a wider ecosystem—including law enforcement agencies, regulators, prosecutors, financial institutions, and international partners—whose coordinated actions are crucial in tackling complex cross-border financial crimes.
While celebrating the achievement, Bakari emphasised that it also places a greater responsibility on Nigeria to sustain and deepen its efforts.
“As financial crimes become more sophisticated and technology-driven, we must continue to invest in intelligence-led strategies to ensure Nigeria remains at the forefront of protecting the integrity of the global financial system,” she said.
