The Nigerian government says its strategy of targeting and prosecuting terrorist financiers is a critical part of the national security efforts in tackling the menace.
President Bola Tinubu has announced that his administration has successfully prosecuted over 100 individuals involved in financing terrorism over the past two years, as part of its efforts to combat financial crimes and terrorism financing.
Speaking at the National Anti-Money Laundering, Combating Terrorism Financing, and Counter-Proliferation Financing (AML/CFT/CPF) Compliance Summit in Abuja, Tinubu, represented by Secretary to the Government of the Federation (SGF), George Akume, outlined his government’s strategy of targeting the financial backers of groups like Boko Haram and ISWAP.
According to Tinubu, this approach has been instrumental in reducing the ability of these terror organizations to carry out violent attacks.
“The strategy of targeting and prosecuting terrorist financiers is a critical part of our national security efforts,” said Tinubu.
“We have successfully prosecuted over 100 individuals involved in financing Boko Haram and ISWAP in the last two years, taking away the financial resources that fuel their terror activities.” He added.
He further emphasized that denying these groups financial support would help create an environment conducive for the growth of rural areas, and reduce insecurity across Nigeria.
The President also highlighted the importance of following the money in tackling serious criminal activities, noting that this is recognized as a global best practice. Beyond terrorism financing, Tinubu’s administration has focused on targeting the illicit financial proceeds from various forms of organized crime.
Additionally, Tinubu stressed the need for investments in strengthening Nigeria’s law enforcement agencies. He pointed out that substantial resources have been allocated to improving the capacity of the police, the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices and Other Related Offences Commission (ICPC), and the National Drug Law Enforcement Agency (NDLEA), leading to an increase in convictions and more effective action against criminal networks.
In her remarks, the Chief Executive Officer of the Nigerian Financial Intelligence Unit (NFIU), Hajiya Hafsat Bakari, called for a united effort from both public and private sectors to tackle financial crimes.
She emphasized that the fight against financial crimes cannot be won by any one entity alone but requires collective action from political leaders, regulators, financial institutions, law enforcement, and international partners.
“The fight against financial crimes is not one that any single entity can win alone. It requires the collective strength and commitment of our political leaders, regulators, financial institutions, law enforcement and security agencies, and international partners.
“Collaboration must be at the heart of our approach if we are to succeed in mitigating risks and safeguarding our financial system.
Bakari stressed that collaboration is key to ensuring a robust, transparent, and resilient financial system in Nigeria. She noted the importance of a culture of integrity and compliance in the country’s financial sector, which will help Nigeria emerge as a global leader in financial integrity.
“In today’s complex business environment, compliance is not just about adhering to laws, it’s about fostering a culture of integrity that drives long-term success.
“We have the power to shape a future where financial crimes have no place in our society, where compliance is a cornerstone of our national identity, and where Nigeria stands as a global leader in financial integrity,” she added.
She assured that the NFIU has been working diligently with its partners to address these issues and implement necessary reforms.
Olusola Akintonde
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