Over 1,000 Suspects Arrested in Financial Crime Crackdown – YEPS News
No fewer than 1,088 individuals linked to various financial crimes have been arrested in separate operations across Nigeria in 2024.
The nationwide crackdown also led to the recovery of $11,450,000 and ₦142,261,254,228.80, according to a statement released on Tuesday by the Force Public Relations Officer, Olumuyiwa Adejobi.
Reported by YEPS News, Adejobi stated that these arrests and asset recoveries are part of Nigeria’s intensified efforts to address its status on the Financial Action Task Force (FATF) grey list.
“In February 2023, Nigeria was placed on the Financial Action Task Force grey list, categorizing the country as a high-risk jurisdiction for money laundering and terrorism financing,” he explained.
“In response, the Nigeria Police Force has reinforced its efforts by establishing specialized units such as the Special Anti-Fraud Unit, the National Cybercrime Centre, and the newly launched Anti-Money Laundering Unit.”
According to Adejobi, these units have made significant strides in tackling financial crimes, leading to 1,088 arrests, 152 convictions, and substantial asset recoveries.
The National Cybercrime Centre has played a key role, accounting for the arrests of 751 cybercrime suspects and recovering ₦8.82 billion, $84,000, and 115,237.91 USDT.
A major highlight of their operations includes the successful crackdown on a cyberattack targeting Flutterwave. YEPS News gathered that this operation, codenamed Butterfly Net, led to the arrest of 179 suspects involved in laundering over ₦11 billion.
Adejobi further noted that the establishment of the Anti-Money Laundering and Countering the Financing of Terrorism Sections has strengthened financial investigations. Over 2,000 officers have received specialized training in money laundering and terrorism financing investigations, reinforcing Nigeria’s commitment to combating financial crimes and improving its global standing.