NFIU, OGFZA Partner To Attract FDI, Boost Global Investor Confidence
In line with the Oil and Gas Free Zones Authority’s (OGFZA) dedication to promoting transparency, boosting investor confidence, and reinforcing Nigeria’s status as a leading investment destination, Bamanga Usman Jada, the Managing Director/CEO of OGFZA, together with key members of his management team, paid a visit to Hajiya Hafsat Bakari, the Director/CEO of the Nigerian Financial Intelligence Unit (NFIU), at her office in Abuja.
The visit aimed to explore avenues for collaboration between the two agencies, particularly to improve transparency and compliance within Nigeria’s oil and gas free zones. This strategic partnership is expected to attract high-value investments and significantly contribute to Nigeria’s economic growth.
Under the leadership of Hajiya Hafsat Abubakar Bakari, the NFIU has made strides in curbing revenue leakages, resulting in increased government revenues, an improved international image for Nigeria, and renewed global investor confidence in the country’s economic reforms.
These achievements align with the Renewed Hope Agenda of President Bola Ahmed Tinubu’s administration, which emphasizes transparency, accountability, and sustainable growth.
During the meeting, OGFZA’s Managing Director, Bamanga Usman Jada, praised Hajiya Bakari for her well-deserved appointment and expressed confidence in her ability to elevate the NFIU’s status within the global financial intelligence community.
He emphasized OGFZA’s readiness to collaborate with the NFIU to achieve shared goals, particularly in the areas of anti-money laundering (AML) and counter-terrorism financing (CFT) within the Oil and Gas Free Zones.
Jada highlighted that OGFZA, as the regulatory body overseeing Nigeria’s oil and gas free zones, is committed to ensuring these zones operate with the highest levels of transparency and integrity. The partnership with NFIU is expected to strengthen regulatory oversight and prevent the exploitation of these zones for illicit financial activities.
NFIU Director/CEO Hajiya Bakari affirmed her commitment to a robust partnership with OGFZA, noting that such collaborations are essential for effectively implementing and monitoring key regulations. She outlined plans for joint sensitization and training exercises by both agencies aimed at enhancing compliance with AML and CFT regulations in the Oil and Gas Free Zones. These initiatives will include workshops, seminars, and capacity-building programs designed to educate stakeholders on adhering to global best practices in financial transparency and accountability.
The strategic collaboration between OGFZA and NFIU is also expected to lead to the development of new regulatory guidelines that will further safeguard the integrity of financial transactions within Nigeria’s Oil and Gas Free Zones. By closing loopholes and enhancing due diligence measures, both agencies aim to create a more secure and investor-friendly environment that will attract credible investors to the sector.
The partnership between OGFZA and NFIU is anticipated to yield several positive outcomes. First, it will enhance Nigeria’s Investor Attractiveness Ranking, which has been improving due to ongoing reforms.
The enhanced regulatory environment will also boost Nigeria’s Investment Rating, positioning the country as a top destination for international investors seeking opportunities in the oil and gas sector.
Furthermore, the collaboration will foster greater inter-agency cooperation, leading to more efficient resource utilization, faster response times in addressing financial crimes, and a more coordinated approach to economic development.
By leveraging the expertise and resources of both OGFZA and NFIU, Nigeria stands to benefit from a more transparent, secure, and resilient investment landscape.
One of the key successes of the NFIU has been its ability to minimize money laundering activities through its Crime Record Information System (CRIMS).
This system has played a crucial role in boosting government revenue at both the federal level and across 18 states.
The reduction in illicit financial activities has not only strengthened Nigeria’s fiscal position but also improved the country’s standing in the international community as a responsible and transparent nation.
Hajiya Bakari noted that the NFIU’s achievements in combating financial crimes have had a ripple effect across multiple sectors, including oil and gas, manufacturing, and financial services.
By ensuring that free zones are not exploited for illegal activities, the NFIU has contributed to creating a safer and more attractive business environment for both local and foreign investors.
As the primary regulatory body overseeing operations within Nigeria’s Oil and Gas Free Zones, OGFZA plays a critical role in national economic growth.
The Authority’s mandate includes administering, regulating, and managing activities within these zones, ensuring businesses operate in compliance with national laws and international standards.
OGFZA’s focus on attracting high-quality investments aligns with the government’s broader goal of diversifying the economy and reducing dependency on oil revenues.
Through strategic partnerships, such as the one with NFIU, OGFZA is poised to enhance its regulatory effectiveness and contribute more significantly to Nigeria’s economic transformation.
The Authority’s proactive approach to engaging with government agencies, private sector stakeholders, and international partners underscores its commitment to creating a world-class investment climate within Nigeria’s Oil and Gas Free Zones.
