Heads of banks and financial institutions involved in terrorism financing will face prosecution, while institutions may be fined or shut down.
The Federal Government has pledged to take strict action against Nigerian banks, financial institutions, and accounting firms found aiding terrorist networks, warning that the heads of involved organizations will face prosecution and that the institutions themselves could be fined or shut down.
The announcement was made by Daniel Bwala, Special Adviser on Media and Public Communication to President Bola Tinubu, during an interview on TVC.
Targeting Financial Support for Terrorism
Bwala explained that financial systems are critical to terrorist operations, as they enable ransom payments and money laundering.
“We will investigate banks collaborating with terrorist elements, as well as other financial institutions and accounting firms involved in money laundering. Any bank found complicit will see its leadership prosecuted and may be fined or closed,” he said.
He emphasized that terrorist networks often rely on the formal financial sector to move funds and that the government has laws in place to regulate such transactions.
Consequences for Collaborators and Intermediaries
Highlighting the role of foreign intelligence partnerships, Bwala said:
“With the support we are receiving from the United States, anyone aiding terrorist operations will face legal consequences. In the coming days, we will know who the terrorists and their financiers are. Once identified, no one will be spared.”
He also warned intermediaries who act as negotiators in ransom or conflict situations but effectively assist terrorism.
“There is a thin line between legitimate negotiations and becoming accessories to terrorism. The government is prepared to explore all avenues to combat terrorism financing,” he added.
Advanced Surveillance and Tracing Capabilities
Bwala noted that the government possesses the tools to track and trace funds through complex financial networks, even when unconventional methods are used.
“Even if satellite or internet-based systems are used to move money outside regulated channels, we have the equipment to trace them,” he said.
Role of Citizens and Combating Misinformation
The adviser urged Nigerians to play an active role in safeguarding their communities by avoiding the spread of misinformation or content that encourages terrorism.
“Do not participate in promoting, propagating, or sharing terrorist-related information or fake news. Citizens have a responsibility to protect their communities,” he said.
Bwala also warned that revenue mismanagement at state levels worsens insecurity, citing deficits in healthcare and infrastructure despite increased state revenues.
“When governments fail to deliver essential services, public trust erodes, indirectly contributing to insecurity,” he noted.
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