Customs Sensitises Stakeholders on Emerging Threats in Cross-Border Trade
By Alabidun Shuaib AbdulRahman
The Nigeria Customs Service (NCS) has restated its commitment to protecting Nigeria’s economy and national security through sustained collaboration and capacity-building efforts.
This was demonstrated during a sensitisation lecture on emerging threats in cross-border trade, held on Tuesday, at the Sterling Academy Hub, Sterling Bank Plaza, Abuja.
The session, themed “Emerging Threats or Trends of Trade-Based Money Laundering, Trade-Based Terrorism Financing, and Trade-Based Proliferation Financing,” focused on raising awareness about the rising risks of illicit financial flows through international trade channels.
Assistant Comptroller Safiyanu Salihu of the NCS delivered the lead presentation, where he analysed the growing sophistication of trade-based financial crimes and their implications for economic stability and national security.
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“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,” he said.
Salihu also stressed the pivotal role of banks and other financial institutions in detecting suspicious trade transactions early.
“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.
Also speaking, Assistant Comptroller Bridget Baiye of the Service provided practical tips on detecting falsified trade documents and fake invoices, noting that most fraudulent activities often hinge on subtle discrepancies that can easily be overlooked.
“Fake invoices often contain minor errors that differ from genuine ones. Paying attention to these small details can make a big difference in preventing fraud,” she said.
Representing Sterling Bank, the Group Head of Regulatory and Financial Crimes Compliance, Orlando Umoren, commended the Nigeria Customs Service for its collaboration and technical expertise, stressing that combating financial crimes requires joint effort across sectors.
“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. At Sterling, we remain committed to implementing robust internal controls and fostering partnerships with institutions like the Nigeria Customs Service,” he stated.
Umoren, who also gave the closing remarks, urged participants to translate the lessons learned into action.
“We must move beyond awareness to application, ensuring that the knowledge gained today results in stronger compliance and preventive practices,” he said.
The interactive session featured questions and discussions from participants on how to strengthen trade transparency and improve inter-agency coordination in the fight against trade-based financial crimes.
