The Federal Government of Nigeria has pledged to take stringent action against banks, financial institutions, and accounting firms found aiding terrorism financing. President Bola Tinubu’s Special Adviser on Media and Public Communication, Daniel Bwala, revealed in a TVC interview that leaders of implicated organizations will face prosecution, while institutions could be fined or even shut down.
Bwala emphasized the critical role finance plays in sustaining terrorist operations. “Terrorist networks rely heavily on financial systems to demand ransoms and launder money,” he said. He noted that the government is closely collaborating with international partners, including the United States, to combat money laundering and terrorist financing in the country.
The government plans to pursue all individuals and organizations involved, including intermediaries posing as negotiators. Bwala warned that anyone facilitating terrorist activities—whether through direct financing or indirect support—will face severe legal consequences. “Once we identify terrorists and their financiers, no one will be spared,” he added, highlighting the importance of equitable law enforcement to maintain societal stability.
Authorities have also invested in advanced tracking and surveillance capabilities to trace illicit funds, even through complex or hidden networks. Bwala explained that the government has the necessary equipment and expertise to follow financial trails, including those routed through satellite or unregulated internet systems, ensuring that financial crimes linked to terrorism can be uncovered and prosecuted.
Finally, Bwala called on Nigerian citizens to play an active role in safeguarding their communities. He urged the public to avoid spreading misinformation and to report suspicious activities that could fuel terrorism. He also linked poor state-level revenue management and governance failures to the worsening security landscape, stressing that public accountability and responsible governance are crucial in tackling terrorism effectively.
source: nairametrics