In a significant development, the federal government has revealed those it believes are responsible for financing terrorism in the country. The FG listed some of those involved in the 2022 National Inherent Risk Assessment of Terrorism Financing in Nigeria report, which included:
- Foreign Non-Governmental Organisations
- Banks,
- Financial technology firms
- Point of Sale terminal operators
According to Punch Newspaper, the report, which assessed the level of terrorism financing risks the country faced, identified the affected NGOs as those operating in terror-prone areas and engaged in humanitarian, service, and faith-based activities.
Furthermore, the report established that there are constant interactions between terrorist actors’ use of cash and financial institutions, bureau de change, fintech firms, and Designated Non-Financial Businesses and Professions, according to Vanguard Newspaper.
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.’’