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Terrorist financing tactics and surveillance in Nigeria

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2026-09-08 19:46 UTC → 2026-09-11 04:13 UTC · added ~~removed~~

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 to these sophisticated methods,~~ 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.

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