Nigeria Arrests Over 1,000 Financial Crime Suspects in Bid to Avoid High-Risk Terrorism Financing Status

In a sweeping crackdown on financial crimes, Nigerian authorities have arrested 1,088 suspects linked to money laundering, cyber fraud, and terrorism financing in 2024 alone. The operations have also led to the recovery of over $11.45 million and N142.26 billion, the Nigeria Police Force disclosed on Tuesday.

The announcement, made by Force Public Relations Officer, Olumuyiwa Adejobi, underscores Nigeria’s intensified efforts to clean up its financial system and address its placement on the Financial Action Task Force (FATF) grey list—a designation that marks the country as high-risk for money laundering and terrorism financing.

Nigeria was placed on the FATF grey list in February 2023, signaling concerns over weak anti-money laundering measures. Since then, law enforcement agencies have ramped up efforts to tighten financial regulations and prosecute offenders.

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“In response to this critical situation, the Nigeria Police Force has strengthened its fight against financial crimes,” Adejobi stated. “Specialised units like the Special Anti-Fraud Unit, the National Cybercrime Centre, and the newly launched Anti-Money Laundering Unit have been pivotal in achieving these results.”

Over the past year, these units have secured 152 convictions while recovering vast sums of illicit funds.

Among the most high-profile operations was “Operation Butterfly Net,” which targeted a cyberattack on Flutterwave, Africa’s leading fintech company. The attack, which resulted in over N11 billion in fraudulent transactions, led to the arrest of 179 suspects involved in laundering stolen funds.

The National Cybercrime Centre played a leading role in cracking down on digital fraud, arresting 751 suspects and recovering N8.82 billion, $84,000, and 115,237.91 USDT (Tether cryptocurrency).

Beyond arrests and recoveries, the government is focusing on long-term reforms. Over 2,000 officers have received specialized training in money laundering and terrorism financing investigations, reinforcing Nigeria’s commitment to strengthening its financial security framework.