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3 clusters · 12 sources · 16 days · First seen · Last updated

Terrorist financing tactics and surveillance in Nigeria

Overview

The Nigerian Financial Intelligence Unit (NFIU) has identified evolving tactics used by terrorist networks to move and conceal illicit funds. These methods include “identity laundering,” where commanders use bank accounts belonging to female relatives, and the use of proxy SIM cards registered to deceased or unrelated individuals to hide transaction beneficiaries. Additionally, groups have been observed using social media platforms to conduct fake charity appeals, collecting international donations and using remittance services to bypass regulations.

In response, the Central Bank of Nigeria (CBN) has designated terrorism financing supervision as a top priority. The CBN is implementing a risk-based supervisory approach involving both on-site and off-site engagements. This oversight focuses on transaction monitoring, risk management, suspicious transaction reporting, and the implementation of targeted financial sanctions to strengthen anti-money laundering and counter-terrorism financing controls.

To further combat these threats, the NFIU has initiated the design of a new Joint Financial Intelligence Collaboration (JFIC) framework. Supported by the British High Commission and the Convention for Business Integrity (CBi), this initiative seeks to strengthen intelligence sharing between public and private sector institutions, including banks, insurance companies, fintechs, and Virtual Asset Service Providers (VASPs). According to NFIU General Counsel Felix Obiamalu, the process has transitioned from dialogue to the design and implementation phase, aiming to create a platform to identify emerging threats and disrupt illicit financial networks.

Entities

Nigerian Financial Intelligence Unit · Nigeria · Felix Obiamalu · Central Bank of Nigeria · Convention for Business Integrity

Timeline

  1. about 23 hours ago

    [BUSINESS] 6 sources
    Nigerian Financial Intelligence Unit launches new intelligence sharing framework

    The Nigerian Financial Intelligence Unit is designing a new Joint Financial Intelligence Collaboration framework to improve public-private sharing of intelligence to combat illicit financial networks.

  2. 4 days ago

    [POLITICS] 4 sources
    Nigeria intensifies surveillance to combat terrorism financing

    Nigeria's NFIU has exposed diverse methods used for terror financing, prompting the Central Bank of Nigeria to intensify surveillance and risk management across the financial sector.

  3. 16 days ago

    [CRIME] 2 sources
    Nigerian Financial Intelligence Unit warns of new terrorist financing tactics

    The Nigerian Financial Intelligence Unit warns that terrorists are using identity laundering, women's bank accounts, and fake social media charity appeals to move and conceal illicit funds.

Sources

dailyreport.ng · dailytrust.com.ng · fellowpress.com · insidebusiness.ng · lagostelevision.com · nairametrics.com · newtelegraphng.com · punchng.com · realnewsmagazine.net · sagagist.com.ng · thisdaylive.com · tribuneonlineng.com

This summary has been updated 1 time: see revision history