The European Union (EU), in collaboration with the International Institute for Democracy and Electoral Assistance (International IDEA) and the Nigerian Bar Association (NBA), has launched an initiative aimed at removing Nigeria from the global grey list of high-risk countries for money laundering and terrorism financing.
At a two-day sensitisation event in Abuja, Dr. Emmanuel Uche, Programme Manager of the EU-funded Rule of Law and Anti-Corruption Programme (RoLAC-Phase II) at International IDEA, emphasized the urgent need for Nigeria to address financial risks flagged by the Global Financial Action Task Force (FATF).
Uche highlighted the negative consequences of Nigeria’s designation as a high-risk jurisdiction, citing financial restrictions that impact international transactions.
“Many Nigerians experience difficulties using their debit cards for online international payments. This is because global financial institutions lack confidence in Nigeria’s financial system, fearing exposure to risks associated with money laundering, terrorism financing, and the proliferation of small arms,” he explained.
He added that Nigeria must implement key recommendations to strengthen anti-money laundering (AML) measures and enhance financial transparency to restore global trust.
NBA President, Afam Osigwe (SAN), stressed the critical role of lawyers in ensuring compliance with professional ethics.
“We aim to build public confidence in the legal profession by ensuring our members adhere to the highest ethical standards,” he said.
“Those who violate Rules of Professional Conduct will face disciplinary action, reinforcing our commitment to upholding integrity in legal practice.”
Head of Programme at RoLAC II, Danladi Plang, underscored the importance of transparency and accountability in sustaining democracy. He noted that legal professionals play a pivotal role in shaping reforms and protecting the rule of law.
“Issues such as fraud, legal loopholes, intimidation, and misrepresentation undermine trust in the legal system. The profession must address these challenges to preserve its credibility,” he stated.
To tackle misconduct, Plang revealed that the Attorney General of the Federation has reviewed the 2007 Rules of Professional Conduct to address ethical concerns and strengthen disciplinary measures for erring lawyers.
The two-day sensitisation event in Abuja serves as a Training of Trainers (ToT) workshop, with 130 NBA branch chairpersons and leaders of the Young Lawyers’ Forum in attendance. The initiative aims to equip legal professionals with the tools to combat financial crimes and promote ethical conduct within the justice system.
This collaboration between EU, International IDEA, and the NBA marks a strategic effort to restore Nigeria’s financial credibility, ensuring compliance with global anti-money laundering standards and fostering international confidence in the country’s financial sector.
