OGFZA promises partnership with NFIU to enhance investment

The Managing Director of the Oil and Gas Free Zones Authority, Bamanga Jada, has expressed readiness to partner with the Nigerian Financial Intelligence Unit in enhancing Nigeria’s investment attractiveness and global investor confidence.

Jada made this known during a recent visit to the Director of the NFIU, Hafsat Bakari, alongside key members of his management team at her office in Abuja.

According to a statement signed by the DGM/Head Corporate Communications, Golda Ukomadu, and obtained by our correspondent on Saturday, the visit was in line with OGFZA’s commitment to strengthening transparency, fostering investor confidence, and bolstering Nigeria’s global reputation as a premier investment destination.

It added that the purpose of the visit was also to explore avenues of collaboration between both agencies, particularly in improving the transparency and compliance levels within Nigeria’s Oil and Gas Free Zones.

“This strategic partnership is expected to further attract high-value investments into the country and contribute significantly to Nigeria’s overall economic growth”, the statement partly read.

The NFIU is Nigeria’s central coordinating body for the receipt, analysis, and dissemination of financial intelligence reports relating to money laundering, terrorism financing, and other relevant financial crimes.

The statemebt added, “Under the leadership of Hafsat Bakari, the NFIU has made significant strides in blocking revenue leakages, which have led to increased government revenues, an improved international image for Nigeria, and renewed global investor confidence in the country’s economic reforms. These accomplishments align with the Renewed Hope Agenda of President Bola Ahmed Tinubu’s administration, which emphasizes transparency, accountability, and sustainable economic growth.

“During the meeting, OGFZA’s Managing Director, Bamanga Jada, commended Bakari for her well-deserved appointment and expressed confidence in her ability to elevate the NFIU’s status within the global financial intelligence community. Jada emphasized OGFZA’s readiness to work closely with the NFIU to achieve shared objectives, particularly in the areas of anti-money laundering and counter-terrorism financing within the Oil and Gas Free Zones.”

Speaking further, he explained that “OGFZA, as a regulatory agency responsible for overseeing the activities within Nigeria’s oil and gas-free zones, is fully committed to ensuring that these zones operate with the highest level of transparency and integrity. The collaboration with NFIU is expected to strengthen regulatory oversight and prevent the exploitation of these zones for illicit financial activities.”

In her remarks, Bakari assured the delegation of her commitment to a robust partnership with OGFZA, noting that “Such collaborations are essential for the effective implementation and monitoring of critical regulations. She outlined plans for joint sensitisation and training exercises by both agencies, aimed at enhancing compliance with AML and CFT regulations within the Oil and Gas Free Zones. These initiatives will include workshops, seminars, and capacity-building programs designed to educate stakeholders on the importance of 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 more credible investors into the sector.

“The partnership between OGFZA and NFIU is anticipated to yield several positive outcomes. First, it will contribute to improving Nigeria’s Investor Attractiveness Ranking, which has been on an upward trajectory due to ongoing reforms. The enhanced regulatory environment will also increase the Investment Rating of Nigeria, 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, quicker 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.”

Bakari noted that the NFIU’s achievements in combating financial crimes have had a ripple effect across multiple sectors of the economy, 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”, she concluded.