The Comptroller-General of the Nigeria Customs Service (NCS), Bashir Adewale Adeniyi, has underscored the agency’s critical role in combating Illicit Financial Flows (IFFs), calling for stronger inter-agency collaboration ahead of Nigeria’s upcoming Financial Action Task Force (FATF) assessment.
Speaking at the opening session of the National Conference on Combating Illicit Financial Flows in Abuja on Tuesday, July 22, 2025, Adeniyi noted that the NCS plays a frontline role in monitoring cross-border movement of cash and negotiable instruments, enforcing mandatory declaration protocols to prevent the smuggling of funds.
“In the last six months, Customs has tightened loose ends at all our borders to ensure that declaration protocols are diligently implemented,” he said, adding that controlling IFFs requires coordinated efforts from all relevant institutions.
Adeniyi stressed that addressing the challenge of IFFs goes beyond the work of any single agency. He called for a whole-of-government approach involving Customs, the Federal Inland Revenue Service (FIRS), the Economic and Financial Crimes Commission (EFCC), and other stakeholders.
Also speaking at the event, the Minister of State for Finance, Doris Anite, emphasised the importance of revenue diversification. She noted that Nigeria’s historic overreliance on oil has made the economy vulnerable, and that current reforms aim to strengthen non-oil revenue sources, particularly taxation.
“We must build a more inclusive and accountable fiscal framework that reduces our dependency on debt and ensures all economic sectors contribute equitably to national growth,” she said.
