A report by the Nigerian Financial Intelligence Unit (NFIU) has exposed an extensive network of Nigerian and international individuals and companies involved in financing Boko Haram, using 1,801 bank accounts across 18 financial institutions.
The investigation, approved by the presidency in January 2020, mapped the group’s financial operations and highlighted the role of domestic and international actors in sustaining Boko Haram’s activities. Data was drawn from suspicious transaction reports, records of six Nigerians convicted in the UAE for terrorism financing, intelligence from the Nigerian Army, other law enforcement agencies, and open-source materials including UN reports and foreign financial intelligence units.
In April 2017, six Nigerians were arrested in Dubai over money laundering and terrorist financing, and in 2019, the Abu Dhabi Federal Appeal Court convicted them of terrorism-related crimes, with sentences ranging from 10 years to life imprisonment.
The NFIU report identified 96 Nigerians connected to Boko Haram funding, concentrated in cities including Kano, Abuja, Lagos, Zaria, Maiduguri, Ilorin, Sokoto, Gusau, and Niger State. Kano alone accounted for 58 suspects.
The probe also revealed the involvement of companies linked to these individuals, spanning trading, mining, automobile services, jewelleries, and Bureau De Change (BDC) operations. Companies implicated include Yaura Bureau De Change Nigeria Limited, Mussa Emma Bureau De Change Limited, Alfa Exchange Bureau De Change Limited, Abubakar Hamid International, AMG Mining and Gems, Bilkusu Jewelries, and Zeecall Communications Limited.
International connections were traced to 18 foreign individuals and companies in countries such as the UAE, Dubai, India, Rwanda, Cameroon, Benin, Niger, and Uganda. Notable entities include Nabil Mass Business Company, Nury Salihu General Trading Company, Alfa Exchange, Eagle Square General Trading LLC, and Vinayak Pharma Chem Equipment.
The report further linked Boko Haram’s financing networks to known kidnappers and bandits operating within Nigeria, highlighting the overlap between criminal and terrorist financial channels.
The NFIU emphasized that disrupting these networks is crucial to national security and the protection of development initiatives. By mapping the financial flows, identifying key individuals, and tracing international affiliates, authorities now have a comprehensive blueprint to target Boko Haram’s funding sources.
