NIGERIA: Nigerian Police Arrest Over 1,000 Financial Crime Suspects, Recover $11.45M And ₦142.26B in 2024

By Ameenat Hamzat, Lagos, Nigeria 

The Nigerian Police Force has announced the arrest of over 1,000 suspects involved in various financial crimes across the country in separate operations across in 2024.

The force also recovered $11.45 million and ₦142.26 billion in the process.

In a statement released on Tuesday, the Force Public Relations Officer, Olumuyiwa Adejobi, highlighted the development to be a part of the ongoing efforts to address Nigeria’s designation on the Financial Action Task Force (FATF) grey list.

Adejobi explained that Nigeria’s inclusion in the FATF grey list in February 2023, placed the country under scrutiny for money laundering and terrorism financing risks.

He stated: “In response to this critical designation, the Nigeria Police Force has intensified its fight against financial crimes through specialized units such as the Special Fraud Unit (SFU), the National Cybercrime Centre, and the newly established Anti-Money Laundering Unit.”

Adejobi also revealed that the units not only made substantial arrests but also secured 152 convictions and the recovery of $11.45 million and ₦142.26 billion, bolstering the country’s efforts to combat illicit financial activities.

He highlighted the achievements of each unit and how their efforts have strengthened financial investigations in Nigeria.

He added: “One notable achievement under the Centre’s operations was ‘Operation Butterfly Net,’ which addressed a cyberattack on Flutterwave. This operation led to the arrest of 179 suspects involved in laundering over ₦11 billion.”

He emphasised the critical role played by the National Cybercrime Centre, which was responsible for 751 cybercrime-related arrests and the recovery of ₦8.82 billion, $84,000, and 115,237.91 USDT.

“One of the Centre’s key successes was ‘Operation Butterfly Net,’ which tackled a cyberattack on Flutterwave, leading to the arrest of 179 individuals involved in laundering over ₦11 billion,” Adejobi explained.

Adejobi also pointed out the establishment of the Anti-Money Laundering and Countering the Financing of Terrorism Sections, noting it as a major step in strengthening the country’s financial investigations.

“To date, more than 2,000 officers from various units have received specialized training in money laundering and terrorism financing investigations, underscoring the Force’s commitment to enhancing Nigeria’s position in the global fight against financial crimes,” he added.