President Bola Ahmed Tinubu announced on Tuesday that the Federal Government has successfully prosecuted and convicted over 100 individuals for financing terrorism in the past two years.
Speaking at the opening of the 2025 National AML/CFT/CPF Summit in Abuja, Tinubu, represented by Secretary to the Government of the Federation (SGF), George Akume, emphasized the administration’s focus on dismantling the financial networks of terrorist groups such as Boko Haram and ISWAP.
He attributed the success to the collaboration between the Office of the National Security Adviser and the Attorney-General of the Federation.
“By cutting off the funds and resources fueling these groups, we are depriving them of the means to terrorize our communities. This approach reflects global best practices in combating organized crime,” Tinubu stated.
According to reports, the government’s anti-crime efforts extend beyond terrorism financing. Initiatives such as the National Anti-Money Laundering and Counter-Terrorist Financing Strategy, National Anti-Corruption Strategy, and National Drug Control Master Plan are targeting criminal financial systems that damage Nigeria’s global reputation.
“These measures combat crimes that harm Nigeria’s international standing and hinder citizens’ ability to operate globally,” Tinubu said, adding that increased investments in agencies like the EFCC, ICPC, and NDLEA have enhanced their capacity to address organized crime.
The summit highlighted the private sector’s crucial role, particularly banks, law firms, and accountants, in preventing financial crimes. Tinubu stressed, “A robust private sector is vital to Nigeria’s goal of becoming a middle-income economy.”
Efforts by regulatory bodies such as the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) were commended for improving financial oversight. The SCUML unit under the EFCC was recognized for ensuring compliance across financial and non-financial sectors.
Tinubu reiterated Nigeria’s commitment to fulfilling its Financial Action Task Force (FATF) Action Plan by May 2025, aiming to exit the FATF grey list and establish a strong AML/CFT/CPF framework.
NFIU CEO Hafsat Abubakar Bakari underscored the need for collaboration in addressing financial crimes. “This fight demands the united strength and commitment of political leaders, regulators, financial institutions, law enforcement, and international allies,” Bakari said.
CBN Deputy Governor for Financial System Stability, Philip Ikeazor, called for swift alignment with global financial standards. “Together, we can create a resilient and transparent financial system that meets international benchmarks,” he concluded.
