Would you like to receive notifications on latest updates of the following headlines?

Terrorism: NFIU vows clampdown on terrorists’ financial frauds

POSTED ON September 18, 2024 •   Metro      BY Benedicta Bassey •   VIEWS 48
Nigerian Financial Intelligence Unit(NFIU)

Following the spate of terrorism attacks in recent times, the Nigerian Financial Intelligence Unit has vowed to disrupt the financial channels used by terrorists and other criminal elements in the country.

According to the agency, this move will weaken their ability to perpetrate further criminal activities.

The Director-General of the NFIU, Hafsat Bakari, spoke in Abuja 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 for 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.”

-Solutions to curb terrorism funding-

Speaking on the need to end terrorism funding, NFIU boss said that analysing transaction patterns, identifying suspicious activities, and tracing funds across borders, would aid access 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.”

Earlier, 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;  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.

"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 called on the companies and individuals to assist in 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 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.”

RECOMMENDED FOR YOU
Katsina Govt. applauds  NAF  strike against bandits, vows to sustain regional stability
BY Abiodun Saheed Omodara November 22, 2024 0

KATSINA – The Katsina State Government has commended the Nigerian Air Force (NAF) for successf...

RECOMMENDED FOR YOU
Illegal detention: Bizman slams N50m suit on NDLEA
BY Benedicta Bassey November 22, 2024 0

NIGERIA — A businessman, Damilare Samuel, has slammed the National Drug Law Enforcement Agency...

RECOMMENDED FOR YOU
Appeal Court invalidates verdict against Rivers LG election
BY Benedicta Bassey November 22, 2024 0

ABUJA, Nigeria —The Court of Appeal, sitting in Abuja has nullified the judgement that prevent...

RECOMMENDED FOR YOU
Man in Police net for defiling, impregnating 15-yr-old daughter
BY Benedicta Bassey November 22, 2024 0

CALABAR, Nigeria —A 48-year-old man, Mallam Adamu Umaru, was paraded by the Zone 6 Police Comm...

RECOMMENDED FOR YOU
Florida Man in detention over alleged bomb plot on New York Stock Exchange
BY Benedicta Bassey November 21, 2024 0

FLORIDA, United States— A Florida man simply identified as Harun Abdul-Malik Yener has been ar...

RECOMMENDED FOR YOU
DHQ confirms report of 5 soldier’s death in Borno
BY Benedicta Bassey November 20, 2024 0

BORNO, Nigeria — The Defence Headquarters on Wednesday has confirmed the report that Boko...

RECOMMENDED FOR YOU
Gov Okpebholo Suspends market Union over prices, extortion allegations
BY Benedicta Bassey November 20, 2024 0

EDO, Nigeria— Edo state Governor, Monday Okpebholo on Wednesday suspended all market Union in...

RECOMMENDED FOR YOU
Abuja Court orders Ministry, NiDCOM to repatriate 270 Nigerians in prison
BY Benedicta Bassey November 20, 2024 0

ABUJA, Nigeria — A Federal High Court sitting in Abuja has ordered the Ministry of Foreign Aff...

OUR CHANNELS:

OTHER ARTICLES ::

25th November, 2024
Tinubu eyes livestock sector reform, investment to curb farmer-herder clashes
BY Abiodun Saheed Omodara November 25, 2024 0

President Bola Tinubu has reaffirmed his administration’s commitment to resolving the farmer-h...


Katsina Govt. applauds  NAF  strike against bandits, vows to sustain regional stability
BY Abiodun Saheed Omodara November 25, 2024 0

KATSINA – The Katsina State Government has commended the Nigerian Air Force (NAF) for successf...


Breaking : Supreme court voids National Lottery Act
BY Abiodun Saheed Omodara November 25, 2024 0

The Supreme Court, on Friday, nullified the National Lottery Act 2005 enacted by the National Assemb...


ECB's renews integration call as trade war looms
BY Abiodun Saheed Omodara November 25, 2024 0

European Central Bank, President Christine Lagarde renewed her call for economic integration across...


China expands Visa-free entry to more countries to boost economy
BY Abiodun Saheed Omodara November 25, 2024 0

On Friday, China announced that it would expand visa-free entry to citizens of nine more countries a...


FAO aims key outcomes at COP16 Saudi Arabia
BY Abiodun Saheed Omodara November 25, 2024 0

The assistant Director-General of the Food and Agriculture Organization (FAO), Dr. Abdul Hakim Elwae...


Illegal detention: Bizman slams N50m suit on NDLEA
BY Benedicta Bassey November 25, 2024 0

NIGERIA — A businessman, Damilare Samuel, has slammed the National Drug Law Enforcement Agency...


Appeal Court invalidates verdict against Rivers LG election
BY Benedicta Bassey November 25, 2024 0

ABUJA, Nigeria —The Court of Appeal, sitting in Abuja has nullified the judgement that prevent...


Man in Police net for defiling, impregnating 15-yr-old daughter
BY Benedicta Bassey November 25, 2024 0

CALABAR, Nigeria —A 48-year-old man, Mallam Adamu Umaru, was paraded by the Zone 6 Police Comm...


Trump picks Pam Bondi as Attorney General following Gaetz withdrawal
BY Benedicta Bassey November 25, 2024 0

WASHINGTON, United States  — US President-elect Donald Trump has nominated Pam Bondi, a v...


Menu