The Federal Government of Nigeria has successfully prosecuted and convicted over 100 individuals involved in financing terrorism over the past two years. This was disclosed by President Bola Ahmed Tinubu, represented by the Secretary to the Government of the Federation, George Akume, at the opening of the 2025 National AML/CFT/CPF Summit in Abuja on Tuesday.
Targeting Terrorist Financing
President Tinubu attributed this achievement to the collaborative efforts of the Office of the National Security Adviser and the Attorney-General of the Federation, emphasizing the government’s strategy to weaken terrorist organizations like Boko Haram and ISWAP by dismantling their financial networks.
“By taking away the funds and resources behind these groups, we are denying them the ability to terrorize our communities. This approach aligns with global best practices in combating serious crime,” Tinubu stated.
Broader Anti-Crime Strategies
The administration's anti-crime initiatives include:
- The National Anti-Money Laundering and Counter-Terrorist Financing Strategy.
- The National Anti-Corruption Strategy.
- The National Drug Control Master Plan.
These efforts have led to the disruption of financial and criminal networks, with agencies such as the EFCC, ICPC, NDLEA, and Nigeria Police playing critical roles.
Strengthening Financial Supervision
The summit emphasized the role of the private sector, highlighting financial institutions, lawyers, and accountants as the first line of defense against financial crimes. Regulatory bodies like the CBN, SEC, and National Insurance Commission have bolstered financial supervision, while the EFCC’s Special Control Unit Against Money Laundering ensures compliance across sectors.
Commitment to Global Standards
President Tinubu reiterated Nigeria's commitment to completing its FATF Action Plan by May 2025 to exit the FATF grey list and establish a sustainable AML/CFT/CPF regime.
Hafsat Abubakar Bakari, CEO of the NFIU, and Philip Ikeazor, Deputy Governor of Financial System Stability at the CBN, called for continuous reforms and collaboration among stakeholders to build a resilient financial system aligned with global standards.
This united front is vital to safeguarding Nigeria’s financial system and enhancing its global reputation.
