The Nigeria Customs Service (NCS) has reaffirmed its commitment to protecting Nigeria’s economy and national security through intensified capacity building and inter-agency collaboration. This was demonstrated during a sensitisation lecture held on Tuesday, September 30, 2025, at the Sterling Academy Hub, located in the Sterling Bank Plaza, Abuja.
The lecture, themed “Emerging Threats or Trends of Trade-Based Money Laundering, Trade-Based Terrorism Financing, and Trade-Based Proliferation Financing,” brought together financial sector professionals, regulatory officers, and trade experts to address evolving risks in international trade and border management.
Delivering the lead presentation, Assistant Comptroller Safiyanu Salihu of the Nigeria Customs Service provided a detailed analysis of trade-based financial crimes, highlighting the vulnerabilities, methods, and red flags associated with Trade-Based Money Laundering (TBML), Trade-Based Terrorism Financing (TBTF), and Trade-Based Proliferation Financing (TBPF).
AC Salihu warned that trade-based crimes have become increasingly sophisticated, posing serious threats to economic stability and national security.
“Trade-based money laundering and terrorism financing are not abstract threats; they directly undermine our economy and national security. Awareness, vigilance, and collaboration among stakeholders are crucial,” he stressed.
He underscored the critical role of financial institutions in detecting and preventing illicit trade practices.
“Banks and financial institutions are the first line of defence. By diligently reviewing trade documents, they can identify red flags early and prevent illegal financial flows from going undetected,” he added.
Also speaking at the event, Assistant Comptroller Bridget Baiye of the NCS provided practical insights on identifying falsified invoices and trade documents commonly used in financial crimes.
“Fake invoices often contain subtle discrepancies that differ from originals. Paying attention to these small details can make all the difference in detecting fraudulent transactions,” she explained.
Representing Sterling Bank, Orlando Umoren, Group Head of Regulatory and Financial Crimes Compliance, commended the Nigeria Customs Service for its technical expertise and sustained collaboration in combating financial crimes.
“This training reinforces the fact that combating financial crimes is not the responsibility of one agency alone. It requires partnership, knowledge sharing, and continuous capacity building. At Sterling, we remain committed to implementing robust internal controls and fostering collaborations that strengthen our collective fight against illicit financial activities,” Umoren stated.
In his closing remarks, Umoren urged participants to translate the knowledge gained into tangible compliance outcomes.
“We must move beyond awareness to application, ensuring that the lessons learned today translate into stronger compliance practices tomorrow,” he concluded.
The session ended with an engaging interactive segment where participants discussed real-world scenarios, shared experiences, and explored collaborative strategies to enhance trade transparency and curb illicit financial flows in Nigeria’s trade ecosystem.
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