NFIU Exposes Terrorism Financing: IPOB and Others Under Scrutiny
By Patience Ikpeme
The Nigerian Financial Intelligence Unit (NFIU) has uncovered the intricate web of financing behind terrorist organizations, with a particular focus on the Indigenous People of Biafra (IPOB) and other groups.
In a recent publication from the Counter Financing of Terrorism Department of the NFIU, three main sources of terrorism financing were identified: crowdfunding, betting platforms, and online transfers.
The diaspora affiliates of IPOB have been found to span over 22 countries globally, with 27 registered entities associated with the group. Notably, the United States and the United Kingdom host the highest number of registered entities, with 7 and 6 respectively.
Analysis revealed numerous bank accounts across different countries used by IPOB to receive funds, with contributors often citing reasons such as “Monthly Dues,” “Services,” and support for the Eastern Security Network (ESN), among others.
Over $160,000 was traced to transmissions, media, and broadcasting companies in Bulgaria, South Africa, and the UK, indicating a significant flow of funds for various operations.
Furthermore, the NFIU conducted a detailed profile of IPOB’s leader, along with addresses and mobile numbers of 53 individuals associated with the group. This comprehensive report has been forwarded to law enforcement agencies for further investigation.
In a separate incident, a betting platform, XC, flagged a suspicious transaction involving a 24-year-old residing in Nigeria’s North-Central region. The individual received over N350,000 suspected to be a ransom payment for a kidnapping incident. The NFIU intervened by forwarding the report to law enforcement for thorough investigation.
Another alarming case involved a customer who engaged in suspicious cash withdrawals from different ATMs before a terrorist attack. Despite failed attempts to purchase flight tickets to high-risk jurisdictions and other transactions exceeding credit limits, the terrorist managed to procure firearms and other illegal goods through various purchases. This pattern of behavior raised red flags regarding terrorism financing and prompted further scrutiny by law enforcement.
The NFIU also outlined several indicators or red flags associated with terrorism financing, including transactions by individuals known to associate with terrorists, unauthorized tax collections in terrorism-prone areas, and suspicious activities by bureau de change operators and charity organizations with potential links to terrorism.
Terrorism financing remains a significant security concern in Nigeria, with groups like IPOB and Boko Haram exploiting various channels to fund their operations. Strengthening border controls, enhancing transparency, and fostering international cooperation are crucial steps in combating terrorism financing and promoting peace and stability in Nigeria and the wider region.
