NFIU Pledges to Cutoff Funding to Terrorist Groups in Nigeria

NFIU to close funding to terrorist groups in Nigeria

The Nigerian Financial Intelligence Unit (NFIU) has promised to block all financial avenues terrorists and other criminal entities in Nigeria use to access funding.

The Director-General of the NFIU, Hafsat Bakari, stated this in Abuja on Tuesday.

While speaking at the GIABA workshop on the investigation and prosecution of terrorism financing cases, Bakari noted that the move will help check the rate of crime in the country and handicap these criminal elements.

“Nigeria has faced an acute threat of terrorism for over a decade, particularly from groups such as Boko Haram, the Islamic State West Africa Province, and other amorphous groups.

“These extremist organisations have destabilised communities, wasted innocent lives, and continue to pose a threat to national security.

“Without the funds and finances that enable their activities, terrorists and terrorist organisations would not be able to carry out their heinous acts.

“Funds, supplies, and other material assistance are therefore central to terrorists’ ability to operate. That is why this workshop by GIABA is critical.

“Disrupting the financial channels terrorists use is crucial to weakening their ability to function. This workshop could not be more timely or relevant as we seek to sharpen our collective response to this menace,” Bakari said.

She explained that sponsors of terrorism in Nigeria could easily be uncovered through the cross-border tracking of funds, and monitoring patterns in suspicious transactions.

“At the NFIU, we recognise that to successfully disrupt terrorist activities and ultimately dismantle terrorist organisations, efforts must be geared towards not only apprehending the individuals who commit acts of terror but also tracing and cutting off the funds that fuel their activities.

“Financial investigations are pivotal to this process. By analysing patterns of transactions, identifying suspicious activities, and tracing funds across borders, we can uncover the sponsors and facilitators of terrorism.

“However, financial investigations are complex. Terrorism evolves and typologies are constantly shifting. To keep track and disrupt them requires specialised skills, deep and effective collaboration between agencies, and effective coordination with international partners,” the NFIU Boss stated.