Federal Government revealed those financing Terrorism in Nigeria
The federal government has identified those it claims are in charge of funding terrorism in the nation.
The FG named some of those participating in the 2022 National Inherent Risk Assessment of Terrorism Financing in Nigeria study to include:
- Foreign Non-Governmental Organisations,
- Banks,Financial technology firms,Point of Sale terminal operators
The affected NGOs, which include those working in terror-prone areas and involved in humanitarian work, service delivery, and faith-based activities, were identified in the assessment that evaluated the extent of terrorism financing risks to which the country was exposed.
Further, the investigation demonstrated that there are ongoing interactions between designated non-financial businesses and professions, financial institutions, bureaus of change, fintech companies, and terrorist actors who use cash.
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.
‘’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.’’
