UK and Nigeria Partner to Combat Financial Fraud with New Agreement

The UK and Nigeria have entered a landmark agreement aimed at combating financial crime, focusing on enhanced intelligence sharing and joint investigations. Key professionals signed the memorandum to bolster cooperation, reflecting the urgent need to tackle cross-border fraud that affects both nations. Training initiatives and focused research will further support this collaboration as they respond to the rising tide of financial crime.

In a significant move against financial crime, the United Kingdom and Nigeria have formalized an agreement aimed at tackling transnational fraud. The Memorandum of Understanding (MoU) and an accompanying Action Plan were signed by key officials, including the UK Minister for Fraud, Lord Jonathan Hanson, Nigeria’s Attorney General and Minister of Justice, Lateef Fagbemi, and National Security Adviser, Nuhu Ribadu.

According to the British High Commission, this agreement is a crucial step to enhance intelligence sharing, facilitate joint investigations, and coordinate law enforcement actions targeting sophisticated fraud networks that operate internationally. Lord Jonathan Hanson emphasized the importance of this deal, noting that over 70 percent of fraud impacting the UK involves international actors, highlighting the need for effective cooperation.

The partnership will see collaboration between the UK’s National Crime Agency (NCA) and Nigeria’s Office of the National Security Adviser (ONSA). Joint enforcement operations and improved regulatory cooperation across finance, telecommunications, and digital sectors are among the key components of this agreement. This multifaceted approach is designed to proactively disrupt fraud before it escalates further.

Training initiatives will commence under this partnership, with specialized support offered to Nigerian prosecutors from the UK’s Serious Fraud Office. Additionally, the nations will engage in shared research focused on emerging threats, especially concerning the misuse of technology and artificial intelligence in fraudulent activities.

National Security Adviser Nuhu Ribadu welcomed this agreement, viewing it as a strengthening of bilateral security ties between the two countries. He remarked that the collaboration builds on previous efforts, stating, “We are building on past cooperation to confront evolving threats with renewed urgency.“ It appears this partnership will disrupt the network enabling financial crimes and ensure that perpetrators are brought to justice.

This accord reflects efforts stemming from the UK-Nigeria Fraud Dialogue initiated in November 2024. Both countries are currently facing a surge in financial crimes, which highlights the relevance of this agreement. The UK’s Crime Survey for England and Wales indicates that fraud is the most commonly reported offense, with figures exceeding 4.1 million cases in 2024, resulting in an estimated victim cost of £6.8 billion.

Nick Sharp, Director of Fraud at the NCA, noted the need for international collaboration, stating, “Fraud is borderless.” He underscored that through intelligence sharing and joint operations, the efforts to combat fraud could be significantly amplified, serving to enhance global defenses and accountability for wrongdoers across borders.

The UK and Nigeria’s new agreement aims to significantly counteract financial fraud by enhancing cooperation in intelligence sharing and joint operations. The partnership intends to strengthen the capabilities of law enforcement in both nations, amidst rising financial crime. With a clear focus on training and research into emerging threats, this collaborative approach marks a pivotal step in confronting sophisticated fraud networks. As financial crime continues to surge globally, this alliance may set a precedent for international cooperation in combatting such threats.

Original Source: guardian.ng