The National Security Adviser, Nuhu Ribadu says combating terrorism financing poses a complex and formidable challenge, comparable to the difficulties faced in military and law enforcement operations against terrorism in Nigeria.
Ribadu disclosed this during the 2-day Seminar on Counter Terrorism and Counter Insurgency at Nigerian Army Resource Centre, Abuja, Nigeria’s capital.
Represented by the Director of Counter Terrorism, Major General Adamu Laka, Ribadu stated, ‘Nigeria, like other nations, faces significant challenges in this area. The complexities of the financial landscape, combined with the adaptability of terrorist networks, mean that financial institutions are often on the front line of this battle.
‘It is crucial, therefore, that we optimize our efforts to ensure these institutions are well-equipped to detect, prevent, and report suspicious financial activities that could be linked to terrorism.’
According to him, Nigeria as a member of the Intergovernmental Action Group Against Money Launde
ring in West Africa, GIABA, aligned its anti money laundering and Counter Terrorism financing efforts with Global Best practices for history.
‘Therefore, in financial institutions’ effort to counter terrorism financing, they can contribute by establishing the regulatory frameworks and guidelines that financial institutions must follow.
‘These include.anti money laundering and Counter Terrorism Financing regulations; they also need to conduct regular assessment and audits of financial institutions to ensure compliance with anti-money laundering regulations and adopt a risk based approach focusing on institutions more susceptible to exploitation for terrorism financing,’ he said.
The Nigerian Chief of Army Staff, Lieutenant General Taoreed Lagbaja represented by the Deputy Chief of Operations, Major General Emmanuel Emekah delivered a lecture on the topic ‘Over a Decade of Terrorism, Insurgency, Counter Terrorism and Counter insurgency in Nigeria: An Appraisal.’
According to him, it is an appraisal of what
has been done in the last 10 years of confronting the twin scourges of terrorism and insurgency in the country.
The Army Chief said that ‘Nigeria is facing different forms of insurgencies from the six geo-political zones. Those involved have resorted to the use of terror in the pursuit of their agendas. Thus, the country is indicated to have one of the highest terrorism threat levels in the world (Statista, 2023). This has been blamed on the fact that several terrorist and militant groups are active in Nigeria, leading to attacks on both civilian and military targets. Notable among these groups are Boko Haram and Islamic State West African Province (ISWAP) in the North East in pursuit of a supposedly Caliphate initially physically, but now on a digital form; the Indigenous People of Biafra (IPOB) in the South East pursuing a break away agenda from the country.’
He said, ‘Nigeria’s focus is on tracking terrorist financing and advocating for the adoption of a whole-of-government approach to national security.
‘Nigeria’s largely cash-based and informal economy has made it challenging for security agencies to trace illicit funds, especially those meant for terrorism. The prevalence of cash transactions and informal financial systems has allowed many terrorist funds to escape the scrutiny of financial intelligence units and formal banking systems. Additionally, the lack of a comprehensive citizen identity and information database complicates tracking efforts. Terrorists have increasingly turned to local methods for generating funds, such as local entrepreneurship, smuggling, kidnapping, extortion, and drug trafficking.
‘As a result, there is a need for greater synergy between security and development efforts, alongside the provision of better equipment.’
‘It important to note that Nigeria has been working in concert with relevant organisations like the Intergovernmental Action Group Against Money Laundering in West Africa (GIABA), an ECOWAS regional body, as Nigeria’s Financial Intelligence Unit (NFIU) has been in
the forefront of the effort with other financial institutions in tracking terrorists financing. This has been enhanced with the NFIU becoming an independent agency, to make it more effective at combating money laundering and corruption (US Department of State, 2021).
‘Also the Office of the National Security Adviser (NSA) is responsible for coordinating all security and law enforcement agencies, on the adoption of a whole of government approach to national security. This issue covers what is expected of all MDAS. For instance, border security responsibilities are shared among the NPF, DSS, NSCDC, Customs, Immigration, and the military. Unfortunately, the shared responsibilities have been major issues due to lack of understanding of requirements for inter-agency space, making coordination among the agencies difficult and limited,’Ribadu explained.
The Director General, Nigerian Army Resource Centre, Major General Garba Wahab, Retired said; ‘strategic level of counter terrorism and counter insurgency is about
agencies and organisations looking at terrorism finance, the major issue that keeps terrorism and insurgency going but if we can trace and stop terrorism financing and the scourge, the issue will be solved’.
According to General Wahab, without local support or financing, terrorists would struggle to seize ungoverned spaces. Such areas lack lawful order and governance, making them vulnerable to terrorist control, with finance being a critical factor.
He called on organizations like the Central Bank of Nigeria to look at how to find a way to deal with such issues.
Source: Voice of Nigeria