Business
EFCC, NTDC To Block Money Laundering Channels
The Nigeria Tourism development Corporation (NTDC) and the Economic and Financial Crime Commission (EFCC) have formed a strong alliance to shut down the channels through which hotels in the country are currently used by corrupt officials to facilitate laundering of embezzled funds.
Both agencies promised to emabark on investigations and ensure that hotels deeply involved in facilitating the siphoning of funds to foreign destinations are made to face the wrath of the law as a step to stem the nefarious act.
While planning tougher security measures around the complex, financial transacations of hotels involving large amounts they threatened to decisively deal with perpetrators of all forms of cross-border financial crimes that hide under the pretext of tourism engagement. The two agencies also, last week, agreed not o allow supposed tourists coming into the country or leaving for other destinations the room for maneuvers through possession of hug sums.
Farida Waziri, chairman of EFCC, while receiving Otunba Olusegun Runsewe director of NTDC, noted that Nigeria is richly endowed in tourism and should be developed to a level that it would serve as a veritable alternative source of revenue for the country. She said every effort would be made to frustrate attempts to injure the economy or further tarnish the image of the country by a few elements under the disguise of tourism.
Waziri lamented that the perception on Nigeria’s image abroad was still on the negative side, especially on the issue of scammers. Consequently, she said that the EFCC had recently created a transaction clearing platform (TCP) to tackle the menace of 419 letters emanating from Nigeria.
“The TCP will perform basic due diligence in respect of business proposals received by foreigners from Nigeria and confirm the authencity of such proposals,” she said. “It will also host the authentic names and contact details of Nigeria institutions that scammers always impersonate just as she formally request the NTDC to also furnish the EFCC with its relevant details which will be hosted on the TCP.”
Runsewe, who told his EFCC counterpart that it was necessary to effectively manage “the country’s tourism profile, said “the time has come for us to repair this country from the menace of 419.”
He also intimidated Farida that since NTDC’s similar collaboration with the Corporate Affairs Commission on the registration of tourism related business, crime rate in that area had reduced drastically.
The facility will be disbursed through participating Microfinance Institutions (MFIs), which will in turn extend the loans to their customers, particularly SMEs, as they directly interface with businesses at the grassroots level.
The Executive Director of COMCIN, Mr. Micheal Ogbaa who represented the Chairman, Dr. Iredele Oyedele (FCA, FCCA), said the initiative is designed to strengthen micro-lending institutions and expand access to finance for grassroots entrepreneurs, particularly women and youths in the informal sector.
Ogbaa explained that COMCIN does not lend directly to individuals but works through its network of microfinance and cooperative institutions, which in turn provide loans to end users.
“We came together to advocate for the microfinance ecosystem. Commercial banks often exclude people at the grassroots, but our members are positioned to reach them. This facility will empower them to do more,” he said.
He noted that the loan scheme offers low interest rates and flexible repayment plans, making it more accessible to small business owners.
According to him, about 90 percent of beneficiaries are expected to be women, who play a key role in sustaining families and driving economic activities at the local level.
“Our focus is on traders, service providers, and players in the informal sector. These are the real movers of the economy. By supporting them, we are strengthening families and contributing to national development,” he added.
Ogbaa disclosed that eligible SMEs with proven integrity and business track records could access up to N5 million each through participating micro-lending institutions. The rollout has commenced in Lagos and will extend to Abuja, Enugu, and other regions, including the South-West, South-East, and North-East.
He said 12 micro-lending institutions have already benefited from the scheme, while 85 applications are currently being processed under the pilot phase.
“Our target is to reach at least 100,000 SMEs nationwide. We are building a platform that connects funding partners with credible micro-lending institutions, creating a reliable channel for financial inclusion,” Ogbaa said.
He added that COMCIN is also working to attract larger funding pools from development finance institutions and private investors, noting that successful implementation of the pilot phase would boost confidence and unlock more capital for SMEs.
“We have seen encouraging testimonies from early beneficiaries. As we demonstrate transparency and efficiency, more institutions will be willing to channel funds through us,” he said.
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