13 May NLRC, NFIU Strengthen Collaboration Against Terrorism Financing, Money Laundering

NLRC, NFIU Strengthen Collaboration Against Terrorism Financing, Money Laundering

In a move to curb money laundering and terrorism financing within the gaming industry, the Director General of the National Lottery Regulatory Commission Mr. Lanre Gbajabiamila(OON) and his Management team paid a courtesy visit to the Chief Executive Officer of the Nigerian Financial Intelligence Unit in Abuja as part of measures to seek partnership for enhanced security and transparency in the Nigerian Gaming Sector. Speaking during the visit, Mr. Gbajabiamila appreciated the NFIU CEO, Hafshat Abubakar Bakari for the warm reception, expressing his delight for the existing synergy between both agencies.

NLRC DG, Lanre Gbajabiamila (OON) receiving a souvenir from the NFIU CEO, Half-sheet Abubakar Bakari, during a courtesy visit to the NFIU

“I am deeply committed to fostering partnerships and strong collaborations with the NFIU to enhance the effectiveness of the respective agencies in combating money laundering and terrorism financing and increasing revenue generation to the Federal Government”.

“The NFIU, being at the forefront of the fight against financial crimes and ensuring transparency in financial transactions, presents a valuable ally in our quest for a fair and regulated lottery industry,” Gbajabiamila said.

Speaking further, he stated that with the already existing Memorandum of Understanding (MOU) between both agencies, the NLRC would leverage the intelligence and analytical capabilities of the NFIU to identify and mitigate risks associated with lottery operations.

On the issues of responsible gaming, the DG stressed that the existing relationship would enable both agencies come up with initiatives that would promote responsible gaming practices in the country. “By sharing best practices and implementing robust regulatory frameworks, we can safeguard players’ and stakeholders’ interests and ensure that lottery remains a source of entertainment and good causes,” he added. Mr. Gbajabiamila further affirmed his belief that by forging closer ties between the National Lottery Regulatory Commission and the Nigerian Financial Intelligence Unit, a more secure, transparent, and inclusive environment would ensue for the lottery industry in Nigeria. He anticipated further avenues of cooperation and collaboration between both agencies.

In her response, the NFIU CEO Hafsat Abubakar Bakari reiterated that the NFIU and the NLRC had had a very cordial relationship over the past few years, stating that “As part of the NFIU’s efforts to combat money laundering and terrorist financing, we have collaborated very closely with the NLRC to ensure that the operators in the gaming sector are effectively supervised and comply with all applicable laws, particularly those relating to market entry controls, customer due diligence and other measures to ensure that they are not used as a vehicle to launder illicit proceeds of criminal activity,” she noted.

She highlighted the importance of the joint training and capacity-building initiatives that had been delivered as part of the agreement of the existing MOU, while congratulating the DG on the successful International Gaming Conference organized by the Commission last November.

“Let me say I am impressed about the highly successful IGC and the various market engagements that you have organized and in which the NFIU has been privileged to participate to provide a very effective model for how the public and private sectors should collaborate to ensure the integrity of our financial system, and this is a model that the NFIU is keen to explore in other sectors,” she stated.

Hafsat Bakari added that the gaming sector, as one that is of increasing economic importance, particularly in terms of the potential to generate employment and grow government revenue, must remain vigilant about the risks and threats that are inherent especially as the casino and gaming sector was identified in the 2023 National AML/CFT Risk Assessment as having a medium level of vulnerability to money laundering and recent analysis by the NFIU teams has identified the potential use of gaming to facilitate terrorist activities.

She emphasized the need to take necessary precautions to deepen the existing collaboration, identify opportunities to reinforce the capacity of the teams through joint training exercises, to conduct joint inspections of entities that are particularly vulnerable and also to ensure that data and information move seamlessly between both organizations.

DG NLRC, Lanre Gbajabiamila (3rd left-front row) and NFIU CEO, Hafshat Abubakar Bakari (3rd right-front row) pose with management staff of both agencies, during the visit to the NFIU office

The Associate Director Investigation and Intelligence Directorate, Biola Shotunde stated that the NFIU had supported the Commission in tracking down illegal and non-compliant operators in terms of remittances to the NLTF, as well as partnering with the Commission on some special projects with the National Assembly. She said NFUI remained open to supporting the NLRC’s operations, especially in areas of profiling operators before granting licenses or permit which she noted conforms to world best practices.

She further pledged their support to continue supporting the NLRC in other areas relating to State and Federal regulators dichotomy to ensure responsible gaming in all spheres.

Other highlights from the meeting was a presentation by Mrs. Lucy Onwuka, HOD, Communications Industry Lottery Promos and Adverts (CILPA) on the content of the tripartite MOU signed in 2020, core areas of the collaboration and other key information, as well as the setting up of a joint taskforce (committee) to comprise of members from NLRC, NFIU, EFCC and SCUML.

By Ngozi Aneke