The Nigeria Customs Service (NCS) has once again demonstrated its dedication to protecting Nigeria’s economy and national security through enhanced capacity building and inter-agency collaboration.
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On Tuesday, September 30, 2025, the Service held a sensitization lecture at the Sterling Academy Hub, located in the Sterling Bank Plaza, Abuja, aimed at strengthening the understanding of emerging risks in cross-border trade — particularly Trade-Based Money Laundering (TBML), Trade-Based Terrorism Financing (TBTF), and Trade-Based Proliferation Financing (TBPF).
Themed “Emerging Threats or Trends of Trade-Based Money Laundering, Trade-Based Terrorism Financing, and Trade-Based Proliferation Financing,” the lecture featured Assistant Comptroller Safiyanu Salihu as the lead facilitator. Drawing from both local and global case studies, Salihu gave an insightful presentation on how trade transactions can be exploited for financial crimes and the warning signs institutions should look out for.
“Trade-based money laundering and terrorism financing are not distant threats — they directly endanger our economic stability and national security,” AC Salihu stated. “This is why vigilance, awareness, and collaboration across sectors are essential.”
He further underscored the critical role of financial institutions, describing them as the first line of defence against illicit financial flows.
“Banks must pay close attention to transaction documents and patterns. Early detection of red flags can prevent millions in illegal funds from moving undetected,” he noted.
Also speaking at the session, Assistant Comptroller Bridget Baiye provided hands-on guidance on detecting falsified trade documents and fake invoices — common tools used in trade-based financial crimes.
“Often, fake invoices differ subtly from genuine ones. Spotting these discrepancies can make the difference between enabling or preventing a fraudulent transaction,” 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 partnership.
“Fighting financial crimes is a shared responsibility,” Umoren said. “It requires collaboration, knowledge exchange, and consistent training. At Sterling, we’re committed to strong internal controls and partnerships that enhance transparency and accountability.”
In his closing remarks, Umoren urged participants to apply the insights gained during the session.
“Awareness alone isn’t enough. We must translate today’s lessons into stronger compliance practices and institutional resilience,” he concluded.
The event wrapped up with an interactive session where participants engaged in discussions and shared ideas on practical strategies to enhance trade transparency and strengthen Nigeria’s defence against trade-based financial crimes.
