Tinubu: Over 100 Terrorist Financiers Prosecuted, Convicted in Two Years

* Nigeria will exit from FATF grey-list in May, he says 

Alex Enumah in Abuja 

President Bola Tinubu has disclosed that over 100 terrorist financiers have been prosecuted and convicted in the last two years, as part of efforts at building a globally competitive economy that will enable the government enhance the livelihoods of citizens.

Tinubu made the disclosure at the opening of the 2025 National Anti-Money Laundering, Counter Financing of Terrorism and Proliferation (AML/CFT/CPF) Summit, in Abuja Tuesday.

The president, who was represented by the Secretary to the Government of the Federation (SGF), Senator George Akume, noted that the administration has made progress in tackling the threats of terrorism and other violent crimes through the gallant action of the country’s frontline troops and security agencies. 

“However, in line with the National Counter-Terrorist Financing Strategy, we have also enhanced our abilities to identify and pursue those individuals that finance these violent acts. Through the efforts of the Office of the National Security Adviser and the Honourable Attorney-General of the Federation we have prosecuted and convicted over 100 terrorist financiers in the last two years.

“By taking away the funds, resources and material support behind Boko Haram and ISWAP, we are denying them the ability to inflict terror on our communities and citizens. We are creating an environment in which our rural areas will thrive once again.”

He stated that this approach of targeting the finance and following the money is recognized as a global best practice in combatting serious crime. 

According to him, through the National Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) Strategy, the National Anti-Corruption Strategy and the National Drug Control Master Plan, efforts of law enforcement and prosecutorial authorities are targeted at disruption of the criminal financial networks.

He recalled that following the listing of Nigeria in the grey-list of the Financial Action Task Force (FATF) in February 2023, the country made a commitment at the highest political levels to the implementation of an action plan to address the deficiencies identified in the national AML/CFT/CPF framework.

While claiming that the country has since made significant progress in implementing this action plan, he assured the InterGovernmental Action Group Against Money Laundering in West Africa (GIABA) and FATF that: “This administration remains committed to completing all items on the action plan by the deadline of May 2025 and to exiting the grey list.”

He added that the country’s strategic objective does not end with just completing the action plan, but to ensure that the entirety of the National AML/CFT/CPF regime, across both the public and private sectors, performs at the highest levels of effectiveness, efficiency and compliance. 

“This goal encompasses the current efforts to exit the grey list, effective preparation for the onsite assessment once the action plan is completed and in the medium-term early preparation for the next mutual evaluation which is due in 2027,” he said.

Meanwhile he commended the Nigerian Financial Intelligence Unit (NFIU) for the foresight in organizing the summit, as well as for the progress made not just on the implementation of the FATF Action Plan to exit the grey-list but in its efforts to lead the efforts to strengthen Nigeria’s AML/CFT framework.

“The NFIU as the National AML/CFT Coordinating Agency, the Secretariat of the Inter-Ministerial Committee and the National Sanctions Committee play a pivotal role in preventing and detecting serious crimes in our dear country.

“Indeed, the NFIU has continued to make valuable contributions to the economic development agenda of this administration by supporting federal and state revenue generating agencies with data to improve domestic revenue mobilisation. 

“And the intelligence provided by the NFIU is supporting investigation and prosecution of particularly complex money laundering and terrorist financing cases, while its leadership role in the regional and global AML/CFT arena has demonstrated Nigeria’s commitment to international standards,” he said.

Earlier, the Chief Executive Officer (CEO) of the NFIU, Mrs Hafsat Abubakar Bakari, observed that the summit serves as a medium to consolidate the gains of the national AML/CFT/CPF strategy. 

Bakari added that the summit also aims at further strengthening of the Nigerian financial system, build capacities of reporting entities, and also foster partnerships necessary to effectively combat money laundering, terrorism financing and proliferation financing.

“Your presence here underscores the critical importance of the need to imbibe compliance culture which represents our shared commitments to protecting Nigeria’s financial system from abuse by criminals and other non-state actors,” she said. 

While claiming that the agency has made substantial progress in its war against financial crimes, the CEO stressed the need to continuously sustain the gains made so far, “especially as crimes continue to evolve and global standards grow increasingly stringent”.

“This Summit, therefore, is more than a gathering; it is a clarion call for all of us to align our efforts, identify innovative solutions, and reaffirm our commitment to building a resilient and transparent financial system that meets the highest international standards. 

“Notably, we have made giant strides in AML/CFT/CPF obligations by reporting entities. Hence, amongst other things, this summit seeks to sustain a compliance-first culture across all reporting entities in Nigeria,” she said.

“Therefore, our vision at the NFIU is to be the leading FIU in the world because currently, we are already amongst the best. Which is why we are witnessing the convergence of compliance officers across the financial sector who are primarily responsible for AML/CFT/CPF reporting obligations,” she added.

The theme of the two-day summit is ‘Shaping the Future of Financial Integrity in Nigeria: Emerging Trends and Best Practices’.