The military’s nationwide onslaught against terrorists must be complemented by the prosecution of their financiers, and the disruption of their funding sources to curb the scale of their nefarious activities, Davidson Iriekpen writes
The rise and continued spread of terrorism in Nigeria have been accentuated by the important role played by finance. As of the last count, over six terrorist organisations operate in the country.
While the country has been contending with Boko Haram and Islamic State of West Africa Province (ISWAP) terrorist groups for over 15 years in the North-east geopolitical zone, a new group, Mahmuda, has come up in the North-central states of Kwara and Niger.
In parts of the North-west, the Lakurawa and Ansaru groups have gained notoriety, killing people and rustling cattle.
There is also al-Shabaab, whose members invaded Owo town in Ondo State and massacred over 40 worshippers. Their base is Kogi State.
The Indigenous People of Biafra (IPOB) in the South-east, which was proscribed by the federal government in 2017, is yet to be decimated. Though it started as a secession movement, it turned violent when the founders established a militant wing called Eastern Security Network (ESN) that unleashed mayhem in the region.
In all of these, there are marauding bandits who pose a significant security threat.
Over the years, what used to be episodic attacks have evolved into a sustained campaign of abductions, village raids and highway banditry that expose deep cracks in the country’s ability to protect its people.
This widespread instability has caused the displacement of entire communities, with farmlands and highways turned into danger zones.
For travellers, road journeys that once represented adventure now evoke dread. For many families, each day brings news of abductions, raids, and killings.
Many have argued that the group of people terrorising Nigerians and their organisations will not survive for long without finance because terrorism is an expensive venture, which requires constant funding for its sustenance.
They stated that while the armed forces are carrying out their onslaught against the terrorists causing the country pain, it should be backed with the prosecution of their financiers. They argued that cutting off the source of funding for the terrorists would go a long way in eradicating the magnitude of their attacks.
In the past, criminals relied on easily-sourced crude implements such as daggers and knives. Today, they use sophisticated weapons for their operations.
Though it has been repeatedly argued that cutting off the source of terror financing may not completely eradicate terrorism, it will definitely affect the frequency and magnitude of attacks undertaken by terrorist groups.
What is most important is that behind these violent groups are sponsors who fund, coordinate, or politically shield criminal networks. Their identities remain shrouded in secrecy.
Terrorism financing allegations in Nigeria often involve powerful political or business elites. Officials have consistently acknowledged that the terrorists operate with financial and political backing.
Security agencies also maintain intelligence reports pointing to specific financiers. Despite this, the identities of the sponsors remain largely withheld from the public.
At least two serving lawmakers were linked to terrorism-related cases. Both denied the allegations.
In 2011, the senator representing Borno South, Ali Ndume, was linked with terrorism.
Ndume, who has been a lawmaker for over two decades, was tried for six years on charges of terrorism financing at the Federal High Court in Abuja. The offence, according to the federal government, contravened sections 3, 4, and 7 of the Terrorism Prevention Act of 2011.
On July 4, 2017, the court dismissed the case on the grounds that the federal government could not provide evidence to link him with the allegation.
In 2024, Bauchi State Governor Bala Mohammed submitted a petition to the presidency, accusing Bauchi South Senator Umar Buba of sponsoring bandits. Many groups defended the senator, arguing that the accusation was politically motivated.
Regardless of the motive for the accusations, the matter was never investigated by any of the security agencies or the Senate.
Former Governor of Zamfara State and incumbent senator representing Zamfara West, Abdulaziz Yari, has repeatedly been accused of illegal mining activities in the state, operations that intelligence reports suggest help fuel banditry. Though he has denied the allegations, no agency has ever investigated his alleged involvement.
The immediate past governor of Zamfara State and current Minister of State for Defence, Bello Matawalle, had also been linked to terror groups by some officials of the incumbent government in the state. He has repeatedly denied this allegation but no agency has investigated the allegation.
It is not surprising that those in government have failed to expose them in order not to destabilise political alliances, threaten campaign financing sources, trigger internal retaliation, and implicate others.
Terrorism in Nigeria is financed through a diverse range of criminal activities and illicit revenue streams, utilising both formal and informal financial channels. Key sources of funding for groups like Boko Haram and ISWAP include kidnapping for ransom, extortion and illegal taxation, illegal mining, external support and donations and criminal activities such as bank robberies, cattle rustling, arms smuggling and drug trafficking.
Northern governors and traditional rulers who met in Kaduna recently unanimously called for the suspension of all mining activities in the North for six months. The leaders argued that illegal mining has become a major driver of insecurity and urged President Bola Tinubu to direct the Minister of Solid Minerals to halt all exploration activities and subject all mining licences to revalidation in consultation with state governors. They said artisanal and illegal mining operations must be contained to cut off key sources of funding and logistics for criminal groups.
In April 2021, the United Arab Emirates (UAE) authorities assisted Nigeria to identify 400 terror financiers. They were never publicly investigated or prosecuted. Surprisingly, till date, Nigeria is still shielding them.
A former Minister of Justice and Attorney-General of the Federation and Minister of Justice, Abubakar Malami, who served in the Muhammadu Buhari administration, had pledged to reveal the identities of financiers of terrorism in Nigeria. He never did so before the administration left office in May 2023.
Before then, six Nigerians – Abubakar Ado Musa, Salihu Yusuf Adamu, Bashir Ali Yusuf, Mohammed Ibrahim Isa, Ibrahim Ali Alhasan and Surajo Abubakar Muhammad were promptly arrested, put on trial and convicted for terrorism financing in Nigeria. While Adamu received a life sentence, Surajo and others were slammed with 10-year jail terms each.
Nigeria cannot remain a country where terrorists will invade a community and wipe out the residents and disappear into the air. The failure of the government to prosecute suspected terrorists, bandits and their sponsors has helped to embolden them to carry out more attacks.
While addressing newsmen after a closed-door meeting with a United States’ Congressman and its Ambassador to Nigeria, Richard Mills Jr., penultimate week in Abuja, the Attorney-General of the Federation (AGF) and Minister of Justice, Mr. Lateef Fagbemi (SAN), had said the federal government has secured 860 convictions in terrorism trials between 2017 and 2025, while also recording 891 discharges of suspects in the same period. How this was achieved without the full knowledge of Nigerians is surprising to many.
Terrorism financing should not be allowed to continue. Nigerians deserve to be safe, and it is the responsibility of the federal and state governments to protect the lives and property of the people in any form.
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