ABUJA, Nigeria – The federal government has quietly prosecuted and convicted over 100 terrorist financiers in the last two years.
This disclosure was made by President Bola Ahmed Tinubu, who was represented by the Secretary to the Government of the Federation (SGF), George Akume at the opening of the 2025 National Anti-Money Laundering, Counter-Financing of Terrorism and Proliferation (AML/CFT/CPF) Summit in Abuja on Tuesday.
President Tinubu attributed this success to the efforts of the Office of the National Security Adviser and the Attorney-General of the Federation.
He noted the government’s strategy of targeting the financial backbone of terrorist organizations like Boko Haram and ISWAP arguing that, “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,” he said.
The administration’s anti-crime efforts extend beyond terrorism financing. Strategies such as the National Anti-Money Laundering and Counter-Terrorist Financing Strategy, the National Anti-Corruption Strategy, and the National Drug Control Master Plan are disrupting criminal financial networks.
These initiatives the President pointed out focuses on combating crimes that harm Nigeria’s global reputation and hinder citizens’ ability to conduct business internationally.
President Tinubu’s administration has also invested heavily in upgrading the capacity of law enforcement agencies like the Nigeria Police, Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices Commission (ICPC), and the National Drug Law Enforcement Agency (NDLEA). These efforts he said have led to increased convictions and a more effective crackdown on organized crime networks.
The summit highlighted the critical role of the private sector in combating financial crimes. Financial institutions, capital market firms, lawyers, and accountants serve as the first line of defense.
“An efficient private sector is crucial to Nigeria’s ambition of becoming a middle-income country,” he thereafter called for regulatory predictability and efficiency.
President Tinubu added that efforts by regulatory agencies, including the Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC) and the National Insurance Commission, have strengthened financial supervision while the Special Control Unit Against Money Laundering within the EFCC has worked to ensure compliance across financial and non-financial businesses.
President Bola Ahmed Tinubu reiterated Nigeria’s commitment to completing its Financial Action Task Force (FATF) Action Plan by May 2025, aiming to exit the FATF grey list. Beyond this, the administration seeks to build a robust AML/CFT/CPF regime that ensures long-term compliance and effectiveness.
Hafsat Abubakar Bakari, CEO of the Nigerian Financial Intelligence Unit (NFIU), stressed the need for sustainable reforms and continuous improvement.
“The next Mutual Evaluation by GIABA in 2027 presents an opportunity for Nigeria to lead in the global fight against financial crimes,” she said.
She noted that the fight against financial crimes is not one that any single entity can win alone.
“It requires the collective strength and commitment of our political leaders, regulators, financial institutions, law enforcement and security agencies, and international partners. Collaboration must be at the heart of our approach if we are to succeed in mitigating risks and safeguarding our financial system” she said.
Philip Ikeazor, Deputy Governor of Financial System Stability at the CBN, urged stakeholders to approach the fight against financial crimes with urgency and responsibility.
“Together, we can build a resilient and transparent financial system that aligns with global standards,” he stated.
