The Nigerian Communications Commission (NCC) underscores the pivotal role of information and communication technology (ICT) in the fight against financial crimes, emphasizing real-time surveillance, regulatory compliance, and secure data processing. Executive Vice Chairman, Dr. Aminu Maida, delivered this message during the 11th Anniversary Lecture Series of RealNews Magazine in Lagos, where he was honored with induction into the RealNews Hall of Fame.
Maida, represented by NCC’s Director of Public Affairs, Reuben Muoka, stated that robust ICT systems are crucial in preventing and investigating financial crimes, including insider abuse, money laundering, terrorism financing, embezzlement, and fraud. He highlighted the economic and social impact of such crimes, which pose a threat to the integrity, trustworthiness, stability, and future of entities.
Addressing stakeholders from the Independent Corrupt Practices and Other Related Offenses Commission (ICPC) and the Nigerian Financial Intelligence Unit (NFIU), Maida emphasized the widening scope of financial crimes due to the increasing adoption of digital technologies and their often-transnational nature. He acknowledged the complexities of ICT systems and the corresponding rise in cybercriminal activities.
Maida emphasized the potential of Nigeria’s growing telecoms sector, which generates massive amounts of data daily. Advanced data analytics and artificial intelligence, he explained, enable the identification of suspicious digital patterns indicative of crime. Through partnerships with financial institutions, real-time transaction monitoring becomes possible, facilitating a proactive approach to crime prevention.
In the fight against financial crimes, Maida highlighted the deployment of innovative solutions such as blockchain, instant payments, artificial intelligence, machine learning, data analytics, and regulatory technology. He emphasized the ease of dealing with financial crime and building a long-term strategy through technological tools.
The NCC has taken measures to enhance security, including the establishment of the Computer Security Incident Response Team (CSIRT), the incorporation of biometric authentication in telecom services, strict enforcement of compliance, and enabling digital forensics.
Maida stressed the importance of public education, understanding internet safety, and collaboration to limit risks associated with criminality via technology. He called for increased collaboration, international cooperation, and continued investment in ICT solutions, emphasizing a multidisciplinary and multi-stakeholder strategy to keep pace with emerging criminal methods.
