The Federal Government of Nigeria has pledged strict action against banks and corporate entities found collaborating with terrorist groups through financial transactions.
In a statement released on Friday, the government emphasized that institutions facilitating, knowingly or unknowingly, the funding of terrorism would face legal prosecution under existing anti-money laundering and counter-terrorism financing laws.
The move follows intelligence reports suggesting that certain financial institutions and companies have been used to channel funds to extremist groups operating within and beyond Nigeria’s borders. The government described such collaborations as a direct threat to national security and vowed to hold offenders accountable.
Authorities indicated that investigations are ongoing in partnership with regulatory bodies including the Central Bank of Nigeria (CBN) and the Nigerian Financial Intelligence Unit (NFIU). Officials stressed that firms failing to comply with due diligence and anti-terrorism financing protocols would be subject to criminal charges, sanctions, and possible closure.
The FG also called on citizens and corporate stakeholders to remain vigilant and report suspicious transactions that may support terrorist activities. “The safety of Nigerians and the integrity of our financial system is paramount,” the statement said.
Legal experts believe this step signals a zero-tolerance approach toward financial complicity in terrorism and could have wide-ranging implications for compliance practices across Nigeria’s banking and corporate sectors.
