The United Kingdom and Nigeria have solidified a landmark agreement to combat financial crime and transnational fraud.The duo signed a Memorandum of Understanding (MoU) and a coordinated Action Plan through the UK Minister for Fraud, Lord Jonathan Hanson; Nigeria’s Attorney General and Minister of Justice, Lateef Fagbemi, and National Security Adviser, Nuhu Ribadu.

The British High Commission, in a statement, said the agreement would bolster intelligence sharing, facilitate joint investigations, and enable coordinated law enforcement actions targeting sophisticated fraud networks that operate across borders.Hanson described the deal as a significant step forward in tackling the global threat of financial crime.

“More than 70 per cent of fraud affecting the UK involves international actors. This new agreement with Nigeria strengthens our ability to stop fraud before it starts, bring perpetrators to justice, and protect citizens in both countries.”

Key pillars of the agreement include collaboration between the UK’s National Crime Agency (NCA) and Nigeria’s Office of the National Security Adviser (ONSA), joint enforcement operations, and enhanced regulatory cooperation across finance, telecoms, and digital sectors.

The partnership will also launch joint training initiatives, starting with specialised support for Nigerian prosecutors from the UK’s Serious Fraud Office, as well as shared research projects into emerging threats, including the misuse of technology and AI in fraud schemes.

National Security Adviser, Nuhu Ribadu welcomed the accord as a reinforcement of bilateral security ties. “We are building on past cooperation to confront evolving threats with renewed urgency—disrupting enablers, supporting victims, and ensuring perpetrators are held accountable,” he said.

The agreement builds on the foundation laid by the UK-Nigeria Fraud Dialogue, launched in November 2024, and comes as both nations grapple with rising financial crime.

According to the UK’s Crime Survey for England and Wales, fraud remains the most prevalent offense, with over 4.1 million cases reported in 2024, costing victims an estimated £6.8 billion.

Director of Fraud at the NCA, Nick Sharp, stressed the necessity of international collaboration, saying, “Fraud is borderless.” By sharing intelligence and executing joint operations, we will strengthen our global defences and bring fraudsters to justice wherever they are.”