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Rewrite this news article and make it more professional. Title: CAC, NFIU strengthen collaboration against illicit funds. The Corporate Affairs Commission has pledged to strengthen its relationship with the Nigeria Financial Intelligence Unit to ensure Nigeria exits the Financial Action Task Force’s grey list. The Registrar-General and Chief Executive Officer of the CAC, Ishaq Magaji, stated this on Friday while receiving the Director/CEO of the NFIU, Hafsat Bakari, on a courtesy visit to the commission. In a post on its official handle on X, CAC noted that Magaji approved the immediate set-up of a joint committee with the NFIU and a dedicated desk to handle all its matters. Magaji urged the NFIU to ensure optimal utilisation of the Application Programming Interface granted to it by the CAC. He used the forum to call for knowledge sharing and capacity building for the benefit of staff. The CAC boss added that the existing MOU between the two agencies would be reviewed for greater efficiency. Earlier, the Director and Chief Executive Officer of the Nigerian Finance Intelligence Unit, Hafsat Bakari, acknowledged the strong relationship existing between the NFIU and the CAC towards strengthening the fight against money laundering, illicit financial flows, and other serious predicate offences in the country. Bakari said, “As an agency that relies on access to reliable and high-quality data, the NFIU was pleased with the strides made by the CAC in developing a world-class Beneficial Ownership Information Register.” She added that the BOI was critical to the NFIU and law enforcement agencies as they utilise it to trace and identify the beneficiaries of illicit proceeds. Bakari, therefore, called for greater collaboration between both agencies to support the efforts of the Federal Government to ensure Nigeria exits the FATF grey list in the shortest possible time. According to the NFIU boss, CAC’s role is critical, as two of the 15 items on its action plan fall squarely within the remit of the commission.


Nigeria Strengthens Anti-Illicit Finance Measures Through Enhanced CAC-NFIU Collaboration

Benin City, Nigeria – The Corporate Affairs Commission (CAC) and the Nigeria Financial Intelligence Unit (NFIU) have reaffirmed their commitment to combating illicit financial activities. This collaborative effort aims to expedite Nigeria’s removal from the Financial Action Task Force’s (FATF) grey list.

During a recent courtesy visit by NFIU Director/CEO Hafsat Bakari to the CAC, Registrar-General/CEO Ishaq Magaji pledged to strengthen the two agencies’ partnership. This includes the immediate establishment of a joint committee and a dedicated desk at the CAC to handle NFIU-related matters.

Mr. Magaji emphasized the importance of optimal utilization of the Application Programming Interface (API) granted by the CAC to the NFIU. He also proposed knowledge-sharing and capacity-building initiatives to enhance staff expertise. Additionally, a review of the existing Memorandum of Understanding (MOU) between the CAC and NFIU was proposed to ensure greater efficiency in their collaboration.

Ms. Bakari acknowledged the existing strong ties between the NFIU and the CAC in tackling money laundering, illicit financial flows, and other serious offenses. She commended the CAC’s development of a “world-class Beneficial Ownership Information Register,” highlighting its critical role in assisting the NFIU and law enforcement agencies to trace and identify beneficiaries of illicit funds.

Ms. Bakari emphasized the urgency of enhanced collaboration to support the Federal Government’s goal of swift removal from the FATF grey list. She underscored the CAC’s crucial role, as two of the fifteen action plan items for achieving this objective fall directly under the commission’s purview.

This strengthened partnership between the CAC and NFIU signifies a significant step forward in Nigeria’s fight against illicit finance and its efforts to regain a favorable standing with the FATF.

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The Corporate Affairs Commission (CAC) and Nigeria Financial Intelligence Unit (NFIU) join forces to combat financial crimes and expedite Nigeria’s exit from the Financial Action Task Force (FATF) grey list. This collaboration includes establishing a joint committee, knowledge sharing, and improved data access.

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Nigerian Government Seeks World Bank Loans to Address Internal Displacement and Boost Agriculture

The Nigerian government is negotiating with the World Bank to secure over $1 billion in loans aimed at tackling challenges faced by internally displaced persons (IDPs) and their host communities, while also bolstering rural access and agricultural marketing within the country.

Loan for IDPs and Host Communities:

  • Proposed amount: $500 million
  • Project Title: “Solutions for the Internally Displaced and Host Communities Project”
  • Target Areas: Northern Nigeria, particularly states impacted by conflict and violence (Borno, Adamawa, Yobe)
  • Goals:
    • Improve access to basic services and economic opportunities for IDPs and host communities.
    • Foster income generation and social cohesion.
    • Address specific needs of vulnerable populations.
    • Integrate infrastructure development with livelihood opportunities.

Loan for Rural Access and Agricultural Marketing:

  • Proposed amount: $500 million (increased from initial $280 million)
  • Project Title: “Rural Access and Agricultural Marketing Project – Scale Up” (RAAMP-SU)
  • Target Areas: All 36 states of Nigeria
  • Goals:
    • Enhance rural road network infrastructure and management.
    • Improve connectivity between rural communities, markets, schools, and hospitals.
    • Strengthen transport infrastructure for agricultural goods.
    • Establish Rural Access Road Agencies and State Road Funds.
    • Implement Road Asset Management Systems.
    • Promote digital monitoring and skill development for rural road management.
    • Create gender-inclusive opportunities.