NFIU exposes funding strategy of terror groups Including IPOB, Boko Haram

The Nigerian Financial Intelligence Unit (NFIU) has disclosed the funding strategies utilised by terrorist groups such as the Indigenous People of Biafra (IPOB), Boko Haram, and ISWAP.

According to a newsletter issued by the NFIU’s Counter-Financing of Terrorism Department on Monday, these groups rely on crowdfunding, online transactions, and betting platforms to finance their operations.

Specifically addressing IPOB’s funding, the NFIU identified a network of diaspora affiliates across 22 countries worldwide.

“Nigeria has encountered significant challenges in combating terrorism financing, primarily due to the activities of Boko Haram and other extremist groups within its borders,” the newsletter states.

The unit’s analysis also revealed 27 entities registered in the name of IPOB across the globe, with the US and the UK having the highest number of registrations.

Over the past few years, IPOB raised over $160,000 through crowdfunding, channelling funds to transmission, media, and broadcasting companies in Bulgaria, South Africa, and the UK.

The addresses and mobile numbers of IPOB affiliate leaders, along with information on 53 other associated individuals, have been forwarded to Nigerian law enforcement agencies for further investigation.

To tackle illicit fund outflows accessible to terrorist groups, the NFIU urged law enforcement agencies to investigate transactions linked to known terrorists or financiers, unauthorized tax collections, and Bureau de Change operators facilitating transfers within suspected networks.

The Unit also highlighted areas for heightened scrutiny, including multiple cash deposits in bank accounts, large deposits and withdrawals by Point of Sale (POS) operators, money transfers to high-risk countries, and recruitment for opening multiple bank accounts, among others.