NITDA plans data overhaul to address FATF grey listing, NFIU

The National Information Technology Development Agency has announced plans to overhaul the Nigeria Financial Intelligence Unit’s data management system.

The initiative aims to address critical financial challenges and advance the country’s digital transformation efforts.

The technology agency disclosed this in a statement on Friday, stating that the project, known as Project Exit, is designed to strengthen Nigeria’s compliance with international financial regulations.

It targets deficiencies identified in the Mutual Evaluation Report, which highlighted gaps in data availability and analysis that hinder Nigeria’s ability to combat money laundering and terrorism financing effectively.

These shortcomings contributed to Nigeria’s placement on the Financial Action Task Force Grey List—a designation that harms the country’s global financial reputation and restricts access to international markets.

In response, President Bola Tinubu approved NITDA’s leadership role in enhancing Nigeria’s Anti-Money Laundering, Counter Financing of Terrorism, and Counter Proliferation Financing data management framework.

“The project aims to achieve FATF compliance, enabling Nigeria’s removal from the Grey List and restoring international confidence.

“It will enhance the NFIU’s operational capacity through automation, intelligence integration, and scalability while establishing a sustainable framework for future FATF evaluations and other international assessments, “the statement read.

By leveraging advanced technology, the collaboration between NITDA and NFIU aims to bridge the gaps identified in the MER, positioning Nigeria as a global leader in financial intelligence and regulatory compliance.

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