Using Big Data Analytics to Tackle Money Laundry in Nigerian Governmental Organizations: Prospects and Challenges

• In Event: STS and Computational Knowledge Production in Policing and Criminal Justice - II

Abstract

Nigeria has been described as the giant of Africa having the largest GDP in Africa. However, the growth of this great economy has been stunted by corruption, particularly amongst the political leaders and public office holders. Money laundry has cost Nigeria. It was reported that Nigeria losses about $600 million annually and lost $25 Billion between 20011 and 2004. This menace has adversely affected investments in Nigeria as there was a 44.84% decline The loss has not only been financial but also loss of reputation as many foreigners are unwilling to transact with any Nigerian and has also adversely affected our economy. Nigerian Money Laundering (Prohibition) Act 2011 makes it illegal to send a above N5million naira however, these criminals circumvent this law by using trade-based money laundry by buying items with the laundered money in order to sell in Nigeria. Big Data has been proven to effectively prevent such frauds by observation of patterns and behaviors. Using the Mohammed and Ahmed Proposed Model of indicators, this study intends the x-ray the prospects and challenges of utilizing Big Data Analytics to tackle money laundry and other related financial crimes in Nigerian Government institutions

Author

• Rufai Rahim Abubakar, National Centre for Technology Management