‘Crowdfunding, betting platforms’ — NFIU reveals how terrorist groups are funded

The Nigerian Financial Intelligence Unit (NFIU) has revealed how terrorist groups in the country are funded.

The NFIU, in a newsletter, said terrorist groups receive funds through crowdfunding, online transactions, and betting platforms.

The financial intelligence unit said it has identified a “network of affiliates of the Indigenous People of Biafra (IPOB) across 22 countries” through a report it received.

“Nigeria, Africa’s most populous country, has faced significant challenges related to terrorism financing, particularly due to the activities of Boko Haram and other extremist groups operating within its borders,” the newsletter reads.

“These groups have been involved in various forms of illicit financing to fund their operations, including attacks, recruitment, and procurement of weapons.

“The strategies employed by terrorist groups to generate and move funds within Nigeria’s financial landscape include, crowdfunding, the use of online platforms and the use of betting platforms amongst others.

“The diaspora affiliates of the IPOB group have spread over 22 (twenty-two) countries across the globe.

“Further analysis exposed 27 entities across the globe registered in the name of the group, the US and the UK had the highest number of registrations, having 7 and 6 registered entities respectively.”

The NFIU said it was confirmed that one of the major sources of revenue for the group is crowdfunding by several individuals abroad, mostly Nigerians.

“The analysis further indicates that the group has several bank accounts in different countries where funds are being received from various contributors with the narrations ‘Monthly Dues, Services, and for ESN’ among others, then later disbursed,” the newsletter further reads.

“It was observed that over $160,000 (One hundred and sixty thousand Dollars) was disbursed to Transmission, Media, and Broadcasting companies in Bulgaria, South Africa, and the United Kingdom.

“The Analysis profiled the leader of the group, his addresses, and mobile numbers abroad with other 53 individuals associated with the dissident group.”

The NFIU said it has forwarded the report to law enforcement agencies for further investigation.

Last week, the federal government released a list of 15 entities, including nine individuals and six Bureau De Change (BDC) operators and firms suspected to be invloved in terrorism financing in the country.

On March 23, the Defence Headquarters (DHQ) declared 97 suspected terrorists wanted.