The Chairman of the Independent Corrupt Practices and Other Related Offences Commission, Dr. Musa Aliyu, has raised concerns over the growing impact of money laundering and terrorist financing on Nigeria’s economy, security, and democratic system.
Aliyu shared this on Tuesday, the 24th of March, 2026, in Abuja at the National Anti-Money Laundering and Countering the Financing of Terrorism Media Outreach organised by the Intergovernmental Action Group Against Money Laundering in West Africa in partnership with the Nigerian Financial Intelligence Unit.
Represented by the commission’s spokesman, John Odeh, he said financial crimes continue to weaken governance, reduce public confidence, and limit resources meant for national development.
“Money laundering and terrorist financing remain among the most destabilising threats to our economic systems, our national security and our democratic institutions. Their corrosive effects erode public trust, undermine governance, distort markets and ultimately deprive citizens of the resources required for sustainable development,” he said.
Aliyu explained that advances in technology have made it easier for criminals to move funds and operate across borders, using digital tools and online platforms.
“The advent of the internet, social media and artificial intelligence has dramatically altered the landscape of financial crime. Criminals now launder proceeds across jurisdictions at the click of a button. They radicalise and fund extremist networks through anonymous online channels,” he said.
He added that these same tools can also support law enforcement efforts, praising the Nigerian Financial Intelligence Unit for using modern systems to monitor suspicious financial activities.
“These same technologies, in the right hands, present extraordinary opportunities for us to be several steps ahead of the crime curve. We do not have to be perpetually on the back foot,” he added.
Aliyu also highlighted the role of the media in exposing financial crimes and promoting accountability.
“The media is rightly regarded as the Fourth Estate of the Realm. It is the media that shines a light on the dark corners where corruption festers. It is the media that gives voice to the voiceless and holds the powerful accountable,” he said.
Also speaking, the Attorney-General of the Federation and Minister of Justice, Prince Lateef Fagbemi, SAN, said the threat extends beyond Nigeria to the West African region and requires joint action.
“Money laundering and terrorist financing remain significant threats to the stability of our economy and that of the West-African sub-region as a whole. The credibility of our institutions and the safety of our citizens are also at stake. These crimes are often complex, transnational, and constantly evolving, requiring a coordinated, informed, and proactive response from all stakeholders,” he said.
The Director-General of GIABA, Mr Edwin Harris Jr., represented by Country Director, Mr Timothy Melaye, described the media as key to raising awareness on financial crimes.
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“The media remains a veritable channel of increasing awareness among the populace. GIABA has been working and building partnerships with media groups and individual journalists to bring to public awareness the negative consequences of money laundering and terrorist financing,” he said.
He said the outreach aims to equip journalists with skills to investigate and report such crimes while strengthening cooperation across the region.
“The workshop will bring together a broad section of the media to identify and track down money laundering and financial terrorism activities within and outside the country, and equip journalists with the right tools to cover and investigate financial crimes,” Harris added.
Aliyu urged journalists to take the lead in reporting financial crimes with accuracy and courage.
“Report on financial crimes with diligence, accuracy and courage. Use every platform at your disposal to educate your audiences, amplify the work of law enforcement agencies and champion the cause of financial integrity,” he said.
The outreach forms part of ongoing efforts to strengthen Nigeria’s response to money laundering and terrorist financing, while improving media capacity to report on such issues.
The programme brought together journalists, regulators, and security agencies to deepen collaboration and improve public awareness on illicit financial activities.