The United Kingdom and Nigeria have taken a significant step towards combating fraud and financial crime, formalising their partnership with the signing of a Memorandum of Understanding (MoU) and a joint Action Plan.
The agreement was announced in a statement on Thursday, May 1, following a high-level meeting in Abuja.
The signing was attended by UK Minister for Fraud, Lord Hanson, Nigeria’s Attorney General and Minister of Justice, Lateef Fagbemi, SAN, and the National Security Adviser, Nuhu Ribadu.
The new deal aims to deepen intelligence sharing, joint investigations, and coordinated actions against rising fraud threats that affect both countries.
UK officials have expressed growing concern about the international scale of financial crime. It’s estimated that more than 70 per cent of fraud affecting the UK originates or involves actors based overseas.
The agreement seeks to tackle this by boosting cooperation between both nations’ enforcement and regulatory agencies.
Lord Hanson praised the progress made during his visit, saying, “This new agreement with Nigeria will help us better identify and stop fraud before it happens, crack down on criminals who exploit our systems, and ultimately protect the public.
“My meetings in Abuja have been hugely constructive. I’m proud to have signed this agreement, which sets both our nations firmly on the path to a safer and more resilient future.”
Key areas of the agreement include collaboration between the UK’s National Crime Agency (NCA) and Nigeria’s Office of the National Security Adviser.
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There will also be joint law enforcement operations and tighter coordination across financial, telecom, and digital sectors to close off channels that fraudsters exploit.
Joint training programmes will also be rolled out, starting with support for Nigerian prosecutors from the UK’s Serious Fraud Office.
The partnership will foster shared research on emerging fraud tactics, particularly those involving technology and artificial intelligence.
National Security Adviser Nuhu Ribadu emphasised the need for stronger cooperation, saying, “Building on the foundation of the past successes, we must confront crime with greater seriousness, deepen collaboration across all fronts, addressing enablers, supporting victims, and pursuing perpetrators, and sustain an unyielding commitment to protect our societies.”
The UK’s Crime Survey for England and Wales reported over 4.1 million cases of fraud in 2024 alone, costing individuals more than £6.8 billion.
Authorities also warned of the emotional and psychological toll on victims, especially in cases of sexual extortion driven by financial motives.
Nick Sharp, Deputy Director of Fraud at the NCA, underlined the importance of cross-border cooperation.
“By sharing vital intelligence, conducting joint operations, and working to identify and address vulnerabilities, we will strengthen our collective response – ensuring that criminals are brought to justice, wherever they are,” he said.
This MoU builds on the UK-Nigeria Fraud Dialogue launched in November 2024.
It represents a continued commitment by both nations to tackle financial crime through joint action and aligns with the UK’s broader Fraud Strategy that prioritises global collaboration.