Home NEWS Nigerian Govt Closes In On Banks, Foreign NGOs, Others Financing Terrorism

Nigerian Govt Closes In On Banks, Foreign NGOs, Others Financing Terrorism

Some arrested suspected Boko haram members

Nigeria Federal government said it is closing in on some foreign Non-Governmental Organizations (NGOs), unnamed Banks financial technology firms, Point of Sale (POS) terminal operators, among others that have been financing terrorism and banditry in the country.

In the 2022 National Inherent Risk Assessment of Terrorism Financing in Nigeria report which assessed the level of terrorism financing risks in the country, did not name the affected NGOs but said that they are those operating in terror-prone areas and those engaged in humanitarian activities, service provision and faith-based activities.

It was established that there are constant interactions between the use of cash by terrorist actors and financial institutions, bureau de change, fintech firms and Designated Non-Financial Businesses and Professions.

The assessment read in part: “The findings of this report indicate that TF in Nigeria is generally associated with the use of cash. This notwithstanding, field information flowing from law enforcement investigation as well as financial data have revealed constant interactions between the use of cash by terrorist actors and financial institutions, Bureau de Change, fintech firms and Designated Non-Financial Businesses and Professions.

See also:  Anger Building Up In Nigeria Over Scarcity Of Fuel, Naira Notes

“The use of bank accounts in the movement of TF funds has featured prominently in both intelligence and investigations related to TF.

“Financial data have also shown that the illegal currency exchangers comingle transactions in their personal accounts as well as entity accounts held and controlled by them with that of their BDC activities.”

Source: The Punch.

Leave a Reply