| dc.description.abstract | Terrorism financing refers to the provision, collection, transfer, or management of funds, whether from legitimate or illicit sources, with the intention or knowledge that such funds will be used to support terrorist acts, individuals, or organizations.1 It includes both direct financing of violent operations and indirect support such as training, recruitment, logistics, travel, propaganda, and other operational needs.2 The funds used for terrorism may originate from legal sources, such as donations or businesses, or from illegal activities, including kidnapping for ransom, smuggling, drug trafficking, and extortion.3 This policy brief examines the security implications of the continued non-prosecution of terrorist financiers. It presents strategic legislative interventions required to strengthen Nigeria’s counter-terrorist financing framework, enhance national security, and restore public confidence in state institutions. Addressing this issue requires decisive legal, institutional, and operational reviews. The following recommendations may be considered;
The National Assembly may wish to advise the Judiciary on the need to create specialized courts or judicial benches dedicated to terrorism and financial crime cases, supported by prosecutors trained in financial intelligence and digital evidence.
Comprehensive reforms are needed to strengthen inter-agency coordination among the DSS, EFCC, CBN, and security services, backed by a statutory information-sharing regime.
Nigeria must also strengthen its asset-freezing, forfeiture, and whistleblower protection mechanisms to disrupt financial flows and encourage reporting of suspicious activities.
In addition, legislative action is essential to regulate emerging financial channels such as FinTech platforms, cryptocurrencies, POS operators, and informal value transfer systems, which terrorists increasingly exploit. | en_US |
