Police Arrest 179 Individuals in Connection with Over ₦11 Billion Laundering Scheme

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The Nigeria Police Force (NPF) has intensified its fight against financial and money laundering crimes to ensure Nigeria’s removal from the Financial Action Task Force (FATF) grey list, resulting in the arrest of 179 individuals involved in laundering over ₦11 billion. The Force disclosed this in a statement, highlighting that Nigeria was placed on the FATF grey list in February 2023 due to concerns over money laundering and terrorism financing risks. In response, the NPF has ramped up efforts through specialized units such as the Special Anti-Fraud Unit (SFU), the National Cybercrime Centre, and the newly established Anti-Money Laundering Unit. Over the past year, these units have made significant progress, leading to 1,088 arrests, 152 convictions, and the recovery of over $11 million and ₦142.26 billion. A notable operation, Operation Butterfly Net, tackled a cyberattack on Flutterwave and led to the arrest of 179 individuals involved in laundering ₦11 billion. In addition, the NPF has strengthened financial investigations with the creation of Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Sections and the training of over 2,000 officers. This proactive approach has also contributed to improved FATF ratings for Nigeria. The police urge all relevant ministries, departments, and agencies to collaborate in this effort, emphasizing that Nigeria is committed to meeting FATF’s international standards in fighting financial crimes. The NPF remains dedicated to safeguarding the country’s financial system and rebuilding trust in its institutions.

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