Customs Hosts Lecture on Emerging Threats in Cross-Border Trade
The Nigeria Customs Service (NCS) reaffirmed its commitment to protecting Nigeria’s economy and national security through continuous capacity-building and inter-agency collaboration during a sensitisation lecture held on Tuesday, 30 September 2025.
The event, which took place at the Sterling Academy Hub, Sterling Bank Plaza, Abuja, aimed to raise awareness about emerging threats in cross-border trade—particularly Trade-Based Money Laundering (TBML), Trade-Based Terrorism Financing (TBTF), and Trade-Based Proliferation Financing (TBPF).
The lecture, titled “Emerging Threats or Trends of Trade-Based Money Laundering, Trade-Based Terrorism Financing, and Trade-Based Proliferation Financing,” featured Assistant Comptroller Safiyanu Salihu of the NCS as the lead presenter. He delivered a comprehensive session on the nature, vulnerabilities, and warning signs of trade-based financial crimes, citing both local and global case studies.
AC Salihu underscored the increasing complexity of trade-related crimes and their potential impact on economic stability and national security.
“Trade-based money laundering and terrorism financing are not distant threats; they directly weaken our economy and security. Therefore, awareness, vigilance, and cooperation among stakeholders are essential,” he stressed.
He also highlighted the critical role of financial institutions in curbing illegal trade practices.
“Banks serve as the first line of defence. By carefully reviewing transaction documents, they can detect warning signs early and stop illicit financial flows before they spread,” he added.
Assistant Comptroller Bridget Baiye of the NCS complemented the session with a practical segment on detecting falsified trade documents and identifying tools commonly used in trade-based financial crimes.
“Fake invoices often contain minor inconsistencies that can easily go unnoticed. Recognising these small differences is key to uncovering fraudulent trade activities,” she explained.
Representing Sterling Bank, Mr. Orlando Umoren, Group Head of Regulatory and Financial Crimes Compliance, expressed gratitude to the NCS for its expertise and collaborative efforts.
“This training underscores that tackling financial crimes is a shared responsibility. It calls for collaboration, information sharing, and ongoing capacity development. At Sterling Bank, we remain dedicated to maintaining strong internal controls and partnering with institutions like the NCS to strengthen our collective defence against illicit financial flows,” he stated.
In his closing remarks, Umoren encouraged participants to put the lessons learned into practice.
“We must go beyond awareness to implementation, ensuring that today’s insights lead to stronger compliance frameworks tomorrow,” he concluded.
The event ended with an interactive Q&A session, where participants discussed practical strategies to enhance trade transparency and prevent trade-based financial crimes.
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