Benin Republic has now been declared a Drug Trafficking Transit and Consumption Hub in West Africa by the Central Bank of Nigeria.
The financial power house also issued directives to banks in the country to put in place upgraded measures on existing accounts and transactions related to the Benin Republic.
In a circular signed by Asuquo Evelyn, director of banking supervision department, dated April 11 and it was stated that the directive became a necessity following intelligence reports from reliable sources that the Benin Republic is becoming a hub for illegal drug trade in the whole of West Africa.
CBN in its own capacity has already instituted measures to prevent Nigerian banks from being used as conduits for the movement of dirty money, and has instructed other banks to strengthen their know-your-customer (KYC) and customer due diligence (CDD) policies.