Nigeria Customs sounds alarm on sophisticated cross-border trade-based financial crimes

By Ezurike Ugochukwu

In a bid to strengthen Nigeria’s defenses against sophisticated financial crimes, safeguard her economy and national security through capacity-building and inter-agency collaboration, the Nigeria Customs Service (NCS), organized a pivotal lecture in Abuja.

The lecture held on Tuesday 30 September, 2025 at the Sterling Academy Hub, located at the Sterling Bank Plaza in Abuja, themed “Emerging Threats of Trade-Based Money Laundering, Terrorism Financing, and Proliferation Financing” afforded experts opportunity to share invaluable insights on vulnerabilities and red flags associated with illicit activities.

The lecture which had particular focus on Trade-Based Money Laundering (TBML), Trade-Based Terrorism Financing (TBTF), and Trade-Based Proliferation Financing (TBPF), had Assistant Comptroller Safiyanu Salihu of the Nigeria Customs Service as the lead lecturer.

Salihu

Salihu delivered an in-depth presentation on the concepts, vulnerabilities, and red flags associated with trade-based financial crimes, drawing from both national and international experiences.

He emphasised the growing sophistication of trade-based crimes and their potential to erode economic stability and compromise national security.

“Trade-based money laundering and terrorism financing are not abstract threats; they directly undermine our economy and national security. That is why awareness, vigilance, and collaboration among stakeholders are crucial,” he said.

He further emphasised the pivotal role of financial institutions in combating illicit trade practices.

“Banks and financial institutions are the first line of defence. By diligently reviewing transaction documents, they can identify red flags early and prevent illicit flows from going undetected,” he noted.

Baiye

Additionally, Assistant Comptroller Bridget Baiye of the NCS provided practical guidance on identifying fake invoices and falsified trade documents, as well as standard tools used in trade-based financial crimes.

“Fake invoices often contain subtle discrepancies that differ from the originals. Paying attention to these small details can make all the difference in detecting fraudulent trade transactions,” she stated.

Representing Sterling Bank, Orlando Umoren, Group Head of Regulatory and Financial Crimes Compliance, expressed appreciation to the Nigeria Customs Service for its technical expertise and collaboration.

“This training reinforces the fact that combating financial crimes is not the responsibility of one agency alone. It requires collaboration, knowledge sharing, and continuous capacity building. At Sterling, we remain committed to implementing robust internal controls and fostering partnerships with institutions like the Nigeria Customs Service to strengthen our collective fight against illicit financial activities,” he said.

Delivering the closing remarks, Umoren urged participants to apply the knowledge they had acquired.

“We must move beyond awareness to application, ensuring that the lessons learned here today translate into stronger compliance practices tomorrow,’ he concluded.

The session concluded with a super engaging interactive segment, where participants asked thought-provoking questions and had lively discussions on practical approaches to boosting trade transparency and stopping those sly trade-based financial crimes in their tracks.