Nigeria has been at the forefront of a critical battle against terrorism financing, with over 100 convictions secured within the past two years. Secretary to the Government of the Federation (SGF) George Akume made this revelation during the National Anti-Money Laundering, Combating Terrorism Financing and Counter Proliferation Financing (AML/CFT/CPF) Compliance Summit held at the Presidential Villa in Abuja. The event, organized by the Nigerian Financial Intelligence Unit (NFIU), served as a platform to highlight significant milestones in combating financial support for terrorism.
Progress in Tackling Terrorism
The SGF emphasized the substantial progress made in addressing threats posed by terrorism and violent crimes through the unwavering efforts of frontline troops and security agencies. He underscored the importance of identifying and pursuing individuals who fund these acts of violence. Acknowledging key strategies such as the National Counter-Terrorist Financing Strategy, Mr. Akume commended the successful prosecution and conviction of over 100 terrorist financiers over a span of two years.
A Bold Stand Against Terror
Describing these convictions as pivotal achievements under President Bola Tinubu’s administration, SGF Akume highlighted how stripping terrorist groups like Boko Haram and ISWAP of their financial resources disrupted their ability to sow terror among Nigerian communities. By dismantling their funding networks, Nigeria created a safer environment for its citizens while fostering economic growth in rural areas once plagued by insecurity.
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Mr. Akume further emphasized that targeting financial streams associated with criminal activities aligns with global best practices in combating serious crimes. By following a money-centric approach, Nigeria’s national strategies effectively combat not just terrorist financing but also illicit proceeds from various criminal endeavors.
Challenges Amid Progress
Despite these commendable efforts, challenges persist in ensuring swift justice for all individuals implicated in terrorism financing activities. Reports have surfaced about several suspects detained without trial for lengthy periods on suspicion of funding terrorism. The ordeal faced by many detainees highlights systemic gaps that need urgent attention to uphold human rights standards while combating terrorist threats effectively.
The journey towards strengthening Nigeria’s Anti-Money Laundering/Combating Terrorism Financing/Counter Proliferation Financing regimes faces obstacles identified through evaluations like GIABA’s 2019 Mutual Evaluation Report. The report pinpointed areas requiring reinforced frameworks to bolster Nigeria’s financial integrity systems amidst evolving risks posed by illicit financial flows.
Collaborative Solutions for Sustainable Progress
Hafsat Bakari, CEO of NFIU, stressed the imperative need for collaborative efforts among stakeholders to mitigate risks and safeguard Nigeria’s financial ecosystem effectively. She emphasized that no single entity can triumph alone against financial crimes; it demands collective strength from political leaders, regulators, law enforcement agencies, international partners, and other key players involved in ensuring financial security.
As Nigeria navigates through enhanced monitoring processes due to identified deficiencies leading to its placement on a grey list requiring intensive oversight mechanisms,the urgency for collective action becomes more pronounced than ever before.The country’s response towards addressing these shortcomings underscores its commitment toward implementing robust reforms aimed at fortifying its financial systems against emerging threats.
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