Business
GIABA Links Cash Use to Money Laundering in West Africa
GIABA money laundering risks rise from excessive cash use; agency urges electronic payments to fight transnational crimes in West Africa
The Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA) has identified the excessive use of cash as a major driver of money laundering and other financial crimes across Nigeria and the wider West African region.
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GIABA is a specialised agency of the Economic Community of West African States (ECOWAS).
Speaking at the Joint GIABA–ECOWAS Gender Development Centre (EGDC) Regional Forum on Women and Transnational Organised Crimes in Lagos, Dr. Jeffery Isima, Acting Director of Policy and Research at GIABA, said reliance on cash hampers efforts to track illicit financial flows.
“What we are doing to deal with it is to help the Nigerian government enhance financial inclusion and cashless financing,” Isima said.
“We are helping to ensure that people can carry out large transactions through electronic payments.”
He explained that many individuals involved in financial crimes avoid banks because electronic transactions are traceable, making cash transactions more attractive for laundering illicit funds.
Isima highlighted the broader context of transnational organised crime in West Africa, noting that human trafficking is pervasive, evolving, and deeply harmful.
United Nations Office on Drugs and Crime (UNODC) data shows children account for over 75 per cent of trafficking victims in the sub-region.
Ms. Hafsat Abubakar Bakari, Director/CEO of the Nigerian Financial Intelligence Unit (NFIU), described human trafficking as one of the most lucrative forms of transnational organised crime worldwide, generating over $150 billion annually.
Women and girls represent more than 60 per cent of victims, with sexual exploitation and domestic servitude particularly prevalent in West Africa.
Bakari emphasised that trafficking creates a financial trail, including payments for recruitment, transportation, forged documentation, accommodation, and exploitation.
These proceeds are laundered through banks, mobile money platforms, informal value transfer systems, shell companies, and increasingly, digital and cryptocurrency channels.
“Trafficking cannot be effectively tackled without integrating anti–money laundering and counter-financing tools into national and regional responses,” Bakari said.
She added that structural vulnerabilities such as poverty, unemployment, displacement, porous borders, and entrenched gender inequalities provide fertile ground for traffickers, who increasingly exploit social media and community networks to recruit victims.
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Both speakers stressed the importance of risk-based supervision, intelligence-led interventions, and a shift towards electronic payments to combat the financial mechanisms underpinning transnational organised crimes.
Business
Kola Karim’s Shoreline Group Signs $300 million Deal With Accor to Develop Nigeria’s First National Hotel Platform
Kola Karim’s Shoreline Group has signed a letter of intent with Accor, a world leading hospitality group to establish Nigeria’s first national hotel platform.
The signing took place during the Africa Forward Summit 2026 hosted jointly by Kenya and France in Nairobi.
This ambitious partnership is set to make a significant contribution to the evolving Nigerian hospitality landscape with a substantial investment from Shoreline of $300 million, leveraging Accor’s renowned brand portfolio and expertise.
As gathered the strategic collaboration aims to develop a hotel network across Nigeria, encompassing 10 hotels across eight cities and over 1,200 rooms by 2030.
These properties will span various segments, from midscale to luxury, catering to diverse travelers and contributing significantly to the nation’s tourism growth. The project also includes the establishment of a dedicated hospitality training Academy to nurture local talent and create approximately 1,000 direct jobs.
Mr. Sébastien Bazin, Chairman and CEO of Accor, stated: “We are thrilled to partner with Shoreline Group to unlock the immense potential of Nigeria’s hospitality sector. This partnership is a testament to our belief in Nigeria’s dynamic future.
“By combining Shoreline’s deep understanding of the local market with Accor’s global expertise and diverse brand portfolio, we are poised to create an unparalleled hospitality offering that will set new benchmarks for quality and service.
“Crucially, the establishment of the Accor Academy is integral to this vision, enabling us to deliver immediate talent development for the Shoreline hotel portfolio, demonstrate our long-term commitment to Nigeria through dedicated training facilities, and solidify Accor’s position as the employer and educator of choice in West Africa.”
The Agbaoye of Ibadanland and Chairman of Shoreline Group, Karim, commenting on the development said: “This partnership is central to Shoreline’s strategy of building institutional-quality infrastructure platforms across Africa.
“We anticipate hospitality infrastructure becoming increasingly vital for capital movement and development, particularly in Nigeria where high-quality room supply is underserved. Our choice to partner with Accor highlights our focus on operational excellence and long-term value.
“The hospitality academy is crucial, alongside physical hotels, for developing local talent to sustain international standards. It will support our portfolio and enhance Nigeria’s hospitality workforce.
“This investment aligns with Shoreline’s broader focus on strategic assets in energy, infrastructure, and industrial development. We view hospitality as a natural extension: real infrastructure supporting economic activity, local capability, and national growth.”
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