Mkpoikana Udoma
Port Harcourt — The Nigeria Customs Service, NCS, has intensified efforts to protect Nigeria’s economy and financial system from illicit trade activities, calling for stronger collaboration between regulatory agencies and financial institutions in combating Trade-Based Money Laundering, TBML, and Terrorism Financing, TBTF.
Speaking at a sensitisation lecture at the Sterling Academy Hub in Abuja, Assistant Comptroller of Customs, Safiyanu Salihu, warned that trade-based crimes are becoming increasingly sophisticated, posing serious risks to national stability and economic development.
“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,” Salihu said.
The lecture, themed “Emerging Threats or Trends of Trade-Based Money Laundering, Trade-Based Terrorism Financing, and Trade-Based Proliferation Financing,” brought together customs officers, financial compliance experts, and stakeholders from the banking sector.
Salihu explained that the NCS was stepping up efforts to sensitise financial institutions and corporate players about the red flags and vulnerabilities associated with trade-based crimes.
According to him, the import-export value chain remains one of the most exploited channels for illicit financial flows in developing economies.
“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 added.
In her presentation, Assistant Comptroller Bridget Baiye of the NCS provided practical insights into how trade-based crimes are perpetrated, including the use of falsified invoices, fake bills of lading, and doctored certificates of origin to disguise illegal transactions.
“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,” Baiye cautioned.
The Nigeria Customs Service reiterated its commitment to continuous capacity building, noting that sustained partnerships with financial institutions like Sterling Bank remain critical in curbing illicit financial flows and safeguarding Nigeria’s trade ecosystem.
Representing Sterling Bank, Orlando Umoren, Group Head of Regulatory and Financial Crimes Compliance, praised the Customs Service for its leadership in fostering knowledge exchange and institutional synergy.
“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,” Umoren stated.
“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.”
Umoren further urged participants to apply the knowledge gained during the session to strengthen compliance and trade transparency across institutions.
“We must move beyond awareness to application, ensuring that the lessons learned here today translate into stronger compliance practices tomorrow,” he concluded.
The session ended with an interactive segment where participants exchanged ideas on practical approaches to improving due diligence and promoting trade integrity.
