The Federal Government has successfully prosecuted and convicted over 100 individuals for financing terrorism in the last two years, President Bola Ahmed Tinubu revealed on Tuesday.
Speaking at the opening of the 2025 National Anti-Money Laundering, Counter-Financing of Terrorism, and Proliferation (AML/CFT/CPF) Summit in Abuja, Tinubu, represented by Secretary to the Government of the Federation (SGF), George Akume, highlighted the administration’s focus on disrupting the financial networks of terrorist organizations like Boko Haram and ISWAP.
President Tinubu credited the success to the collaboration between the Office of the National Security Adviser and the Attorney-General of the Federation.
“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.
The government’s anti-crime initiatives extend beyond terrorism financing.
Programs like the National Anti-Money Laundering and Counter-Terrorist Financing Strategy, National Anti-Corruption Strategy, and National Drug Control Master Plan are disrupting criminal financial networks that tarnish Nigeria’s global reputation.
“These initiatives focus on combating crimes that harm Nigeria’s international standing and hinder citizens’ ability to conduct business globally,” Tinubu said.
He added that significant investments in agencies like the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices Commission (ICPC), and the National Drug Law Enforcement Agency (NDLEA) have bolstered their capacity to fight organized crime.
The summit underscored the critical role of private sector entities such as banks, law firms, and accountants in preventing financial crimes.
Tinubu emphasized that “an efficient private sector is crucial to Nigeria’s ambition of becoming a middle-income country.”
Efforts by regulatory agencies, including the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC), were praised for strengthening financial oversight.
The Special Control Unit Against Money Laundering (SCUML) within the EFCC was noted for ensuring compliance across financial and non-financial sectors.
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 and establish a long-term, effective AML/CFT/CPF regime.
The CEO of the Nigerian Financial Intelligence Unit (NFIU), Hafsat Abubakar Bakari, stressed the importance of collaboration in tackling financial crimes.
“It requires the collective strength and commitment of our political leaders, regulators, financial institutions, law enforcement, and international partners. Collaboration must be at the heart of our approach,” Bakari said.
The Deputy Governor of Financial System Stability at the CBN, Philip Ikeazor, called for urgent action to align Nigeria’s financial system with global standards.
“Together, we can build a resilient and transparent financial system that aligns with global standards,” he stated.
Source: Naija News
