THE National Security Adviser (NSA), Malam Nuhu Ribadu, has emphasised the need for financial institutions to be in the frontline in the fight against terrorism financing as part of Nigeria’s counter-terrorism efforts.
According to the News Agency of Nigeria (NAN), Ribadu made the call at the third Counter-terrorism and Counter-insurgency seminar organised by the Nigerian Army Resource Centre (NARC), in collaboration with the Office of the National Security Adviser (ONSA), on Wednesday in Abuja.
He was represented by the National Coordinator, National Counter-Terrorism Centre (NCTC), Major-General Adamu Laka, at the event.
Ribadu said that terrorism is not just spurred by extremist ideology but also by the financial lifeblood that enabled the terrorist groups to carry out their heinous acts.
According to him, without funding, the ability of terrorist organisations to recruit, train and execute their plans is weakened.
“It is crucial, therefore, that we optimise our efforts to ensure that our institutions are well-equipped to detect, prevent and report suspicious financial activities that could be linked to terrorism.
“Nigeria, as a member of the international governmental action group against money laundering in West Africa, aligns its anti-money laundering and counter terrorism financing efforts with global best practices,” he said.
The NSA said that the supervisory authorities played critical roles in optimising financial institutions efforts to counter terrorism-financing by establishing the regulatory frameworks and guidelines that financial institutions must follow.
He said there was also the need to conduct regular assessments and audits of financial institutions to ensure compliance with anti-money laundering regulations and adopt a risk-based approach focusing on institutions more susceptible to exploitation.
He said the Financial Action Task Force (FATF) set up by ONSA had provided guidelines that we must adhere to, urging financial institutions to be vigilant and proactive in their compliance efforts.
The Director-General of NARC, Major-General Garba Wahab (retd), said the strategic level counter-terrorism and counter-insurgency seminary was not about tactical issues but about agencies and organisations involved.
Wahab said that the ability of the agencies to trace and stop terrorism financing would do so much in stopping or preventing the scourge.
“Unfortunately, in Nigeria, majority or most of our economic activities are on the informal sector and it is cash-based, so which really assists terrorists and insurgents in their finances.
“That is the reason why we call organisations like
NFIU, EFCC, Central Bank of Nigeria (CBN), to look at how we can find a way to mitigate the issue of financing of terrorism and insurgencies,” he added.
Speaking at the event, the Chief of Army Staff (COAS), Lieutenant-General Taoreed Lagbaja, said that terrorism provided cover for other crimes such as kidnapping, armed robbery and other violent acts to thrive.
Represented by the Deputy Chief of Operations (Army), Major-General Emmanuel Emekah, Lagbaja delivered a paper titled, “Over a Decade of Terrorism, In-surgency, Counter-Terrorism and Counter Insurgency in Nigeria: An Appraisal.” He said that Nigeria was facing different forms of insurgencies from the six geo-political zones, adding that those involved had resorted to the use of terror in the pursuit of their agendas.
According to him, the country is indicated to have one of the highest terrorism threat levels in the world, quoting Statista, 2023.
“Terrorism and insurgency in Nigeria have created cover under which other crimes and violence are perpetrated by criminal gangs.
“Armed robbers have found an alibi to loot banks, while politically hired assassins operate under the cover of terrorists like Boko Haram.
“The increasing terrorist activities of IPOB in the South East has heightened insecurity in the zone, by giving criminals the opportunity to exploit the violent situation,” he said.
Lagbaja said the cash and informal basis of the economy has made it easy for most
terrorists’ funds to move outside the radar of the financial intelligence units and formal banking system.
He added that Nigeria lacked a comprehensive citizen identity and information data to track individuals, making it more difficult.
He said terrorists have become more localised, generating their own funds within their immediate environment, through local entrepreneurship, smuggling, kid-napping, extortion and drug trafficking.
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