More than 100 terrorist financiers convicted in 2 years –  Tinubu

Wed, Jan 22, 2025
By editor
4 MIN READ

Featured, Politics

By Anthony Isibor 

PRESIDENT Bola Ahmed Tinubu has said that more than 100 terrorist financiers have been prosecuted and convicted in the last two years. 

The President made this known at the Opening Session of the 2025 National Anti-Money Laundering, Counter Financing of Terrorism and Proliferation (AML/CFT/CPF) Summit, held in Abuja on Tuesday 21, January, 2025.

This has been made possible through the efforts of the Office of the National Security Adviser and the Attorney-General of the Federation and by enhancing the country’s abilities to identify and pursue individuals who finance violent acts. 

The President, who also expressed satisfaction in the progress already made to tackle the threats of terrorism and other violent crimes through the gallant action of our frontline troops and our security agencies, harped on the importance of ensuring that the integrity of “Our financial system is sacrosanct.”

He noted that by taking away the funds, resources and material support behind Boko Haram and ISWAP, they are denied the ability to inflict terror on our communities and citizens. 

This, he said, was possible 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, the efforts of key law enforcement and prosecutorial authorities targeted at disruption of the criminal financial networks.

“We are creating an environment in which our rural areas will thrive once again. 

“This approach of targeting the finance and following the money is recognised as a global best practice in combatting serious crime. It is an approach that we are utilising as a fundamental component of our National Strategies to combat serious criminal offences. 

“Beyond terrorist financing, we are effectively targeting the illicit proceeds of criminal activity.

“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, the efforts of our key law enforcement and prosecutorial authorities are targeted on disruption of the criminal financial networks. These strategies in particular target the most serious offences which have harmed the reputation of our country globally and caused significant difficulties to honest citizens travelling and doing business internationally. 

Secretary to the Federal government, George Akume (middle) flanked by other dignitaries s at the event

“To enable more effective responses by our law enforcement agencies, this administration has invested significant resources into their operations, upgrading their human resources and technical capacity. We have also provided an enabling environment that prioritises the rule of law and non-interference in their operations. 

“As an outcome of these investments, through the efforts of the Nigeria Police, the EFCC, ICPC and NDLEA the number of investigations and prosecutions being converted into convictions has continued to increase.

“These investigations are also targeting the organised groups and barons behind these crimes. The ultimate objective is to ensure that we dismantle the entirety of the networks that perpetrate these crimes,” he added.

President Tinubu also acknowledged the important role played by the private sector in Anti-Money Laundering and Counter-Terrorist Financing framework, noting that an efficient and effective private sector is the critical driving force for our economy and our ambition to become a middle-income country in the very near future.

Consequently, the importance of our regulatory and supervisory institutions cannot be overstated.Sustainable economic growth and development will only be possible in an environment of regulatory predictability and efficiency.

“As the gatekeepers, our banks, capital market firms, lawyers and accountants are the first line of defence in our joint effort to protect our commonwealth.

“Through the efforts of the Central Bank, the Securities and Exchange Commission as well as the National Insurance Commission, we have established the fundamental framework to ensure our financial institutions are effectively supervised.

Panelists at the events

The Special Control Unit Against Money Laundering in the Economic and Financial Crimes Commission is also working assiduously to ensure the designated non-financial businesses and professions understand and implement their obligations under the extant AML/CFT/CPF legal regime. In particular, the Special Control Unit continues to enhance an effective collaborative effort through the Public-Private Dialogue Forum, an excellent example of working together across different sectors of our political economy to mitigate the threats that we face.” 

He, however, bemoaned the inclusion of Nigeria on the list of jurisdictions under monitoring by the Financial Action Task Force, the so-called grey-list. 

According to him, the listing of Nigeria in February 2023 has grave consequences for our economy and the reputational damage is one that we must all take very seriously. As part of the inclusion of Nigeria on the list, Nigeria made a commitment at the highest political levels to the implementation of an Action Plan to address the deficiencies identified in our national AML/CFT/CPF framework.

A.I

Jan. 22, 2025

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