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As part of efforts to stem terrorism in the country, the federal government recently released a list of 48 individuals and entities allegedly linked to funding terrorism and insurgency. The list, which was published by the Nigeria Sanctions Committee (NSC) in collaboration with the Nigerian Financial Intelligence Unit (NFIU), was part of coordinated national efforts to identify, track, and sanction people and organisations connected to terrorism-related activities. Consequently, the government has ordered all financial institutions to freeze the accounts linked to the unmasked individuals and entities. This is a decisive step towards disrupting financial networks sustaining terrorism in the country.
To this effect, the Securities and Exchange Commission (SEC) has directed an immediate freeze on the assets of 13 firms linked to terrorism financing. The directive, titled: “Commission’s sweeping compliance directive issued to capital market operators,” follows the blacklisting of 10 individuals and three entities recently added to the Nigeria Sanctions List by the Nigeria Sanctions Committee.
SEC cited provisions of the Terrorism (Prevention and Prohibition) Act, 2022, which it said authorizes the immediate freezing of all funds, assets, and economic resources linked to the affected persons and organisations, without prior notice.
According to the Commission, the directive to freeze accounts and halt all transactions with the flagged entities is binding on all capital market operators and stakeholders. Banks and other financial operators were also instructed to flag and report any suspicious transactions associated with those listed to the appropriate regulatory authorities. The directive also extends beyond traditional financial institutions to Designated Non-Financial Businesses and Professions (DNFBPs), signalling a broader enforcement approach across Nigeria’s financial ecosystem.
Entities that made the list included Ansaru, IPOB, the Indigenous People of Biafra (IPOB), and the Islamic State West Africa Province (ISWAP) and others. Some of the affected individuals had earlier been convicted by the Abu Dhabi Federal Court of Appeal in April 2019 over terrorism financing linked to Boko Haram.
It is good that Nigeria has eventually unmasked those sponsoring terrorism in the country. Identifying sponsors of terrorism, insurgency, banditry and other sundry criminal activities in the country has been an issue many Nigerians have keenly looked up to. Unmasking the sponsors is one sure way of ending the war against terrorism.
Terrorism, insurgency and other acts of criminality have festered because of support by unpatriotic individuals and organisations in the country and beyond. Since the terrorists began their murderous operations in 2009, over 500,000 people are estimated to have been killed and over three million Nigerians displaced from their homes. Borno State, alone has had over 100,000 of its citizens killed by the insurgents, according to a disclosure by the governor, Prof. Babagana Zulum.
The outlaws have contributed to food crises and famine particularly in the North-East region, as farmers can no longer go to their farms. The North-East currently accounts for nearly 60 per cent of the UNICEF’s estimated 18.3 million out-of-school children in the country, due to the activities of insurgents in the area. Other states in the North-East and some parts of the North have also experienced the unwholesome impacts of the groups.
With the unveiling of financiers of terrorism, winning the war is within reach. However, beyond the naming and shaming of terrorism sponsors, the government should seamlessly prosecute and convict them. Those found guilty should be adequately punished. Successful prosecution of the suspects will mark a significant step in tackling terrorism.
Sponsorship of terrorism is a serious offence. We urge the government to deploy all lawful means to move against the groups identified and make them pay for their sins against the country. The war against terror is winnable. All that is required is the political will on the part of the government, equipping and motivating the security agents and enhanced intelligence sharing among relevant bodies.
Proactive measures and more effective strategies to contain the terrorists, dismantle their cells in and out of the country, are needed at this point. Government should do everything possible, including involvement of foreign partners in the fight.
This is not the first time the sponsors of terrorism will be mentioned. We hope that this time, the government will follow up with necessary actions. The battle against terror should not be politicised. This is the time to deploy the Tucano jets and equipment recently purchased against the terrorists. Let the war be taken to their territories headlong.
