The first chairman of the Economic and Financial Crimes Commission, Nuhu Ribadu, has alleged that a lot of investments being done in the country were from funds earned through illegal activities.
He also identified illicit financial activities such as terrorism financing and money laundering as some of the major challenge affecting the country’s quest for development.
Ribadu said, “Everything that is wrong about Nigeria has to do with dirty money. If you can follow it, get it back and punish these people, then you have cured the problem of Nigeria. When I look around, I see a lot of investments done with dirty money."
Ribadu spoke at the 2nd Anti-money laundering/combating financial terrorism stakeholders’ consultative workshop organised by Association of Certified Anti-Money Laundering Specialist in Abuja.
He said, Government needs help in identifying and arresting these people. Though it may seem like a daunting task, with professionals like ACAMS, Nigeria is poised to achieve this.”
Ribadu said there was a need for collaboration between relevant stakeholders to fight money laundering and curb terrorism financing.
He recalled that "In 2003, Nigeria was on the blacklist of most developed countries especially the US for money laundering."
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