Intelligence Report Exposes Vast Financing Network Behind Boko Haram
A new intelligence dossier has revealed that the insurgent group Boko Haram has been financed via a sophisticated Nigerian international network involving nearly 1,801 bank accounts across 18 financial institutions.
According to the findings of the Nigerian Financial Intelligence Unit (NFIU), the network comprises dozens of individuals and companies, both within Nigeria and abroad, channeling money, logistical support and resources to Boko Haram activities.
Key Findings of the Report
The NFIU identified 96 individuals in Nigeria suspected of being part of the financing chain, spread across cities such as Kano (the highest number), Abuja, Lagos, Maiduguri, Ilorin, Sokoto, Gusau and others.
The entities involved include a wide variety of businesses, from trading firms and mining companies to jewellery shops, automobile service outlets, and numerous Bureau‑de‑Change (BDC) operations.
Fully 1,801 bank accounts in major banks, including Access Bank, Zenith, UBA, GTBank, EcoBank, First Bank, Jaiz Bank, Polaris, Stanbic IBTC, and several others, were traced to transactions linked to the terror network.
The investigation extended beyond Nigeria: international affiliates from countries such as the United Arab Emirates, India, Cameroon, Niger, Rwanda, Benin and Uganda were also named as part of the funding network, via foreign companies used for money transfers and logistics.
Background and Legal Precedents
The intelligence effort draws on multiple sources: suspicious transaction reports from Nigerian banks, intelligence from law enforcement and military agencies, open‑source data (including United Nations security documents), and records of individuals previously convicted abroad.
Notably, six Nigerians were arrested in Dubai back in 2017 on charges of terrorism financing and money laundering linked to Boko Haram. In 2019, an Abu Dhabi court convicted them under the UAE’s counterterrorism laws and handed down sentences ranging from 10 years to life imprisonment.
Significance and Implications
The disclosure underlines the complexity and scale of Boko Haram’s funding apparatus, showing it operates like a sprawling transnational network rather than relying solely on local sources. Security analysts say such intelligence is crucial for undermining the financial underpinnings of the group, and thus disrupting its operations.
The findings also raise urgent questions for Nigerian authorities: Given the breadth of the network — and inclusion of formal businesses and banking institutions, tackling terror financing will require coordinated action from financial regulators, law enforcement, international partners, and increased transparency in the financial sector.