ABUJA, Nigeria — The federal government of Nigeria has successfully prosecuted and convicted over 100 individuals involved in terrorism financing over the past two years.

President Bola Tinubu disclosed at the opening of the 2025 National Anti-Money Laundering, Counter-Financing of Terrorism and Proliferation (AML/CFT/CPF) Summit in Abuja on Tuesday, January 21, 2025.

Represented by the Secretary to the Government of the Federation, George Akume, Tinubu highlighted the administration’s strategic approach to crippling the financial networks of terrorist groups like Boko Haram and the Islamic State West Africa Province (ISWAP).

“By taking away the funds and resources behind these groups, we are denying them the ability to terrorise our communities. This approach aligns with global best practices in combating serious crime,” Tinubu said.

Disrupting Criminal Financial Networks

The President attributed the success to collaborative efforts by the Office of the National Security Adviser and the Attorney-General of the Federation.

Beyond combating terrorism financing, the administration’s initiatives include the National Anti-Money Laundering and Counter-Terrorist Financing Strategy, the National Anti-Corruption Strategy, and the National Drug Control Master Plan.

These measures have significantly disrupted criminal financial networks.

“These initiatives are essential to addressing crimes that harm Nigeria’s global reputation and hinder citizens’ ability to conduct business internationally,” Tinubu added.

The administration has also invested in upgrading law enforcement agencies, including the Nigeria Police, Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices Commission (ICPC), and National Drug Law Enforcement Agency (NDLEA).

These efforts have led to increased convictions and more effective crackdowns on organised crime.

Private Sector’s Role in the Fight

The summit emphasised the critical role of private-sector stakeholders, such as financial institutions, capital market firms, lawyers, and accountants, as the first line of defence against financial crimes.

“An efficient private sector is crucial to Nigeria’s ambition of becoming a middle-income country,” Tinubu said, calling for regulatory predictability and efficiency to enhance private-sector contributions.

Efforts by regulatory agencies, including the Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC), and the National Insurance Commission, have also strengthened financial oversight.

The Special Control Unit Against Money Laundering within the EFCC has been instrumental in ensuring compliance among financial and non-financial businesses.

Path to FATF Compliance

President Tinubu reiterated Nigeria’s commitment to completing its Financial Action Task Force (FATF) Action Plan by May 2025 to exit the FATF grey list.

The administration aims to establish a robust and sustainable anti-money laundering and counter-terrorism financing framework.

Hafsat Bakari, CEO of the Nigerian Financial Intelligence Unit (NFIU), stressed the importance of sustainable reforms and collaboration.

“The next Mutual Evaluation by GIABA in 2027 presents an opportunity for Nigeria to lead in the global fight against financial crimes,” Bakari said, calling for unity among political leaders, regulators, financial institutions, and international partners.

Philip Ikeazor, Deputy Governor of Financial System Stability at the CBN, urged stakeholders to act decisively in tackling financial crimes.

“Together, we can build a resilient and transparent financial system that aligns with global standards,” Ikeazor stated.