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General News of Tuesday, 29 November 2022

Source: www.mynigeria.com

FG reveals institutions financing terrorism in Nigeria

The photo used to illustrate the story The photo used to illustrate the story

The Federal Government has disclosed the major players sponsoring terrorism in the country.

According to the 2022 National Inherent Risk Assessment of Terrorism Financing in Nigeria report, the government stated that terrorism is financed by Foreign Non-Governmental Organisations Banks, Financial technology firms and Point of Sale terminal operators.

The report which assessed the level of terrorism financing risks the nation was exposed to identified the affected NGOs including those operating in terror-prone areas and engaged in humanitarian activities, service provision and faith-based activities, Punch Newspaper reports.

The report further established that there are constant interactions between the use of cash by terrorist actors and financial institutions, bureau de change, fintech firms and designated non-financial businesses and professions.

The assessment read in part: “The findings of this report indicate that TF in Nigeria is generally associated with the use of cash.

This notwithstanding, field information flowing from law enforcement investigation as well as financial data have revealed constant interactions between the use of cash by terrorist actors and financial institutions, Bureau de Change, fintech firms and Designated Non-Financial Businesses and Professions.

"The use of bank accounts in the movement of TF funds has featured prominently in both intelligence and investigations related to TF.

“Financial data have also shown that the illegal currency exchangers comingle transactions in their personal accounts as well as entity accounts held and controlled by them with that of their BDC activities."

NBA