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The Nigerian Financial Intelligence Unit has vowed to disrupt the financial channels used by terrorists and other criminal elements in the country.
The agency stated that disrupting the financial channels of terrorists would weaken their ability to perpetrate further criminal activities.
The Director-General of the NFIU, Hafsat Bakari, stated this in Abuja on Tuesday during the GIABA workshop on the investigation and prosecution of terrorism financing cases.
She said, “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 are a continuing threat to national security. Without funds and finances that enable their activities, terrorists and terrorist organisations would not be able to carry out the dastardly acts they do. Funds, supplies, and other material assistance are, therefore, central to terrorists’ ability to operate. And 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.”
Offering solutions, the NFIU boss explained that by analysing transaction patterns, identifying suspicious activities, and tracing funds across borders, it would be easier to uncover the sponsors and facilitators of terrorism.
She said, “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 to 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, it requires specialised skills, deep and effective collaboration between agencies, and effective coordination with international partners.”
On his part, the Minister of Interior, Olubunmi Tunji-Ojo, said curbing identity fraud in Nigeria and other countries in Africa would help reduce terrorism and other criminal activities. According to him, the identities of everyone in Nigeria must be visible to eradicate identity fraud. He said, “There are two things I think we must get right. Number one that we must get right is what I call individual and corporate identity management. The identity of everybody in Nigeria must be seen. Identity fraud must be nil. It must be impossible for one person to be able to open different accounts or for one person to have an account in this name and have insurance in another name. Because in the financial circle, a lot of people, insurance and other things are avenues where people even launder some of these funds. That is the truth. It doesn’t mean it should be the banking sector. Banking sector, you don’t know. Even on the stock market, the capital market, and across the board, we must make sure that if you are James Kelly in any way, you are James Kelly everywhere. We must be able to understand that.”
The minister also emphasised that equal attention must be given to corporate identity to know the owners of companies in the country. Tunji-Ojo pointed out that identifying companies and individuals would assist the country in forecasting trends, enabling the government to stay ahead of criminals. “It is very important. Not until we are able to get that, that we will be able to be ahead, we will be able to forecast trends. If you cannot forecast trends, if you cannot project, if you cannot be able to predict, believe me, you will always be reactive. And that is what has happened in Africa. Terrorists will attack, and then we go after them. Terrorists should be doing the hard work of thinking what the government is thinking. Not the government just sitting and saying, ‘oh, we are running after these people’. So, individual and corporate identity management solutions are very key.”
Tunji-Ojo also called for an end to the era of an individual having access to two different countries with different names. He said, “The era where someone carries a Nigerian passport with one name, goes to The Gambia, and gets a passport with another name—opens an account in Nigeria with one name and another account in another country with a different name—should be over. That’s what ECOWAS and GIABA are meant for. Let’s call a spade a spade.”
