As part of its commitment to strengthening transparency, attracting high-value investments and solidifying Nigeria's position as a premier investment destination, the Oil and Gas Free Zones Authority (OGFZA) has initiated a strategic partnership with the Nigerian Financial Intelligence Unit (NFIU)..
The collaboration was formalized when the Managing Director/CEO of OGFZA, Bamanga Usman Jada, and key members of his management team visited the Director/CEO of the Nigerian Financial Intelligence Unit (NFIU), Hajiya Hafsat Abubakar Bakari, on August 13, 2024, at her office in Abuja.
The purpose of the visit was to explore avenues of collaboration between both agencies, particularly in improving the transparency and compliance levels within Nigeria's Oil and Gas Free Zones. This strategic partnership is expected to further attract high-value investments into the country and contribute significantly to Nigeria's overall economic growth.
"This partnership is a significant step towards creating a more secure and investor-friendly environment within our free zones," said OGFZA Managing Director Bamanga Usman Jada. "By working closely with the NFIU, we aim to prevent the exploitation of these zones for illicit financial activities and strengthen our regulatory oversight."
The NFIU, as Nigeria's central authority for combating financial crimes, plays a pivotal role in safeguarding the country's financial system. Under the leadership of Hajiya Hafsat Abubakar Bakari, the agency has achieved remarkable success in blocking revenue leakages and improving Nigeria's international reputation.
Sign up for free AllAfrica Newsletters
Get the latest in African news delivered straight to your inbox
"We are committed to supporting OGFZA in its efforts to create a transparent and compliant free zone ecosystem," said NFIU Director/CEO Hajiya Hafsat Abubakar Bakari. "By combining our expertise, we can effectively address the challenges posed by money laundering and terrorism financing within this sector."
The partnership between OGFZA and NFIU encompasses a wide range of initiatives, including joint sensitization and training programs for stakeholders, the development of new regulatory guidelines, and the enhanced utilization of the NFIU's Crime Record Information System (CRIMS).
By strengthening collaboration and sharing resources, the two agencies aim to improve Nigeria's Investor Attractiveness Ranking, increase the country's Investment Rating, and foster a more secure and resilient investment landscape.
The NFIU's success in combating financial crimes has had a positive impact on various sectors of the Nigerian economy, including oil and gas. By ensuring that free zones operate within the bounds of the law, the NFIU contributes to creating a more attractive business environment for both domestic and foreign investors.
OGFZA, as the regulatory authority for Nigeria's oil and gas free zones, is committed to attracting high-quality investments and supporting the country's economic diversification efforts. Through partnerships like this one, OGFZA aims to enhance its regulatory effectiveness and create a world-class investment climate within the free zones.
The collaboration between OGFZA and NFIU marks a significant milestone in Nigeria's fight against financial crime and its pursuit of a transparent and investor-friendly business environment. Both agencies are optimistic about the positive impact of this partnership on the country's economic growth and development.
