Uyai-Abasi Etido
The Federal Government has revealed those linked to financing terrorism in Nigeria.
According to the 2022 National Inherent Risk Assessment of Terrorism Financing in Nigeria report, the Federal government mentioned foreign Non-Governmental Organisations, banks, financial technology firms and Point of Sale terminal operators.
The report was aimed at assessing the level of terrorism financing risks the nation was exposed to and to establish that there are 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 report reads 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.”