The government of Nigeria through the Nigerian Financial Intelligence Unit (NFIU) has disclosed that global crowd-funding, online transactions, and sports betting platforms fund terrorist organizations in Nigeria like the Indigenous People of Biafra (IPOB), Bandits and Boko Haram terrorists.
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The NFIU’s Counter-Financing of Terrorism Department in a newsletter released on Monday, said that the groups receive funding through crowd-funding, online transactions, and betting platforms.
Speaking specifically on funding avenues, the NFIU explained how IPOB received funds through affiliates in 22 countries that have registered at least 27 entities under the group’s name.
The NFIU noted that seven of the registrations were made in the United States, while six were in the United Kingdom.
The newsletter stated further that over $160,000 raised by IPOB through crowd-funding was funnelled to transmission, media and broadcasting companies in Bulgaria, South Africa, and the UK.
It said: “The analysis further indicates that the group (IPOB) 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 for various operations”.
“The analysis profiled the leader of the group, his addresses and mobile numbers abroad, with other 53 other individuals associated with the dissident group. The report was forwarded to law enforcement for further investigation.”
The NFIU also disclosed that a betting platform simply identified as ‘XC’, filed a suspicious transaction report on a 24-year old Nigerian customer from North-Central, Nigeria.
“This 24-year-old from Nigeria’s North-Central region received over N350,000 in his betting wallet, believed to be ransom money from kidnapping”, the NFIU said.
In a similar development, the financial intelligence unit exposed a terrorist attempting to evade being detected, noting that the individual made structured cash withdrawals from different Automated Teller Machines and purchased flight tickets to high-risk areas using credit cards.
According to the NFIU, whenever the individual exceeded his withdrawal limit, he would adopt alternative methods of travel.
“The terrorist then attempted suspicious transfers exceeding €1,000 to a local charity with potential links to terrorism. These transactions, along with others for luxury goods and escort services, raised red flags,” the newsletter stated
The NFIU urged law enforcement agencies to investigate transactions by individuals linked to known terrorists or financiers, unauthorised tax collection or forced donations in terrorism-prone areas, and Bureau de Change operators facilitating transfers within suspected networks.
Other areas the unit wants security agencies to beam their searchlights include multiple cash deposits in bank accounts, Point of Sale (POS) operators receiving large deposits followed by cash withdrawals, money transfers from Nigeria to high-risk countries, recruitment of individuals to open multiple bank accounts, and financial transfers to charities linked to terrorism.
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