Nigeria Denies That Terrorists Laundered Money Through Its Financial System

Nigeria on Monday denied a report that a terrorist organization laundered around $43.9 million annually through the country's financial system.

Ahmed Dikko, a spokesman for the Nigerian Financial Intelligence Unit (NFIU), in a statement described the report by the Economic Community of West African States (ECOWAS) Inter-governmental Action Group against Money Laundering in West Africa (GIABA) as false.

"The report is totally outdated and was based on a 2019 country evaluation report which is literally stale and irrelevant today," Dikko said.

He maintained that GIABA's report was an old assessment and said Nigeria has since taken further measures against such activities that are known to the international community.

He admitted, however, that the country "recently fell victim to illicit financial flows" but said "overt and far-reaching efforts" have been made by the government in response.

The report by GIABA alleged that the Islamic State in West Africa Province (ISWAP) moved about 18 billion Naira generated from trading and taxing communities in the Lake Chad region through the Nigerian financial system.

GIABA is a regional task force established by ECOWAS to strengthen efforts by member states against money laundering and other international financial crimes.

Many Nigerians have criticized the government for having not taken greater action against alleged terrorism financing despite the arrest and prosecution of some citizens of the United Arab Emirates in connection with movements of funds for terrorist activities. ​​​​​​​ -