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President Bola Tinubu revealed that his administration has intensified efforts to dismantle the financial networks supporting terrorist groups in Nigeria, with over 100 individuals convicted for financing terrorism over the past two years.
Speaking at the opening of the 2025 National AML/CFT/CPF Summit in Abuja on Tuesday, Tinubu, represented by the Secretary to the Government of the Federation, George Akume, emphasized the importance of targeting the economic underpinnings of terrorist organizations to protect citizens.
“We have made significant progress in addressing the threats of terrorism and violent crimes through the valiant efforts of our troops and security agencies," Tinubu stated. "In line with the National Counter-Terrorist Financing Strategy, we have enhanced our capabilities to identify and prosecute those financing these acts.
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With over 100 convictions secured, we are actively disrupting the financial and material support systems behind groups like Boko Haram and ISWAP, thereby reducing their ability to inflict harm on our communities.”
He also acknowledged the pivotal role of professionals such as lawyers, accountants, and financial institutions in safeguarding the country’s economic resources, describing them as the first line of defense in combating money laundering and terrorist financing.
Tinubu expressed concern over Nigeria’s greylisting in February 2023, noting the adverse economic and reputational impacts of this designation. He reiterated his administration’s commitment to implementing a robust action plan to address the deficiencies in Nigeria’s AML/CFT/CPF framework.
“With leadership from the Attorney-General, the Ministers of Finance and Interior, and the Nigerian Financial Intelligence Unit, significant progress has been made to execute this action plan,” Tinubu affirmed.
Hafsat Bakari, CEO of the Nigerian Financial Intelligence Unit, stressed the importance of collaboration in tackling financial crimes. “No single entity can combat financial crimes alone,” Bakari stated.
“It requires collective effort from political leaders, regulators, financial institutions, law enforcement, and international partners.”
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