In recent weeks, Nigeria has found itself at a crossroads in the fight against terrorism. Despite years of military operations and high-profile arrests, the country continues to grapple with a wave of violence that leaves classrooms, churches, and marketplaces vulnerable. Yet, as fresh details emerge about the shadowy networks bankrolling terror groups like Boko Haram and ISWAP, calls for a new, more targeted approach are growing louder—one that strikes at the financial roots of extremism, not just its foot soldiers.
According to a November 26, 2025 report by Olalekan Adetayo in The Punch, the situation has only worsened since his earlier investigation cataloguing school abductions and attacks on places of worship. "Nigeria was bleeding from all sides," Adetayo wrote, emphasizing the urgent need for swift, compassionate action before insecurity scars an entire generation. Since then, the violence has intensified, prompting a national reckoning over who really fuels these atrocities.
For years, the focus has been on apprehending fighters and dismantling their camps, but a growing chorus—including lawmakers, union leaders, and security experts—insists that the real masterminds are those who fund and enable terror from the shadows. As Adetayo puts it, "A bird dancing by the riverside has its drummer in the water." In other words, the public rarely sees those who make the violence possible, but their influence is undeniable.
The Nigerian Financial Intelligence Unit (NFIU) has made significant strides in unmasking these hidden actors. In a sweeping investigation, the NFIU identified 96 individuals as financiers of terror groups, along with 424 associates, 123 companies, and 33 bureau-de-change operations allegedly linked to terrorism funding. The scale is staggering: the network’s financial operations were traced through 1,801 bank accounts across 18 banks, including major institutions like Access Bank, Zenith Bank, and UBA, as reported by Sahara Reporters.
These findings are not just numbers on a spreadsheet. In April 2017, six Nigerians were arrested in Dubai for money laundering and terrorist financing. Their subsequent conviction in 2019 by the Abu Dhabi Federal Appeal Court—two receiving life sentences, four handed 10-year terms—underscored how international and complex these networks have become. The NFIU’s report, released after it took full control of terror financing investigations in January 2020, detailed how these suspects operated not only in key Nigerian cities like Kano, Abuja, and Lagos, but also maintained links with affiliates in the UAE, India, Rwanda, Cameroon, and other countries.
Perhaps most alarming is the evidence that these networks are not limited to outsiders or shadowy figures abroad. Allegations have surfaced—some from the highest levels of government—that sponsors of terrorism may have ties within Nigeria’s own security, political, or corporate sectors. Former President Goodluck Jonathan once admitted that Boko Haram had infiltrated his administration. More recently, Borno State Governor Babagana Zulum declared in a televised interview that, "We have informants and collaborators within the Nigerian Armed Forces, among politicians, and within the communities." He called for ruthless action against these insiders and warned against politicizing insecurity.
Such claims aren’t isolated. During a special plenary session on national security, former Deputy Speaker Ahmed Idris-Wase revealed that Boko Haram members and other criminals had been found on recruitment lists for the Army and Police. "There were moments when, during recruitment, Boko Haram members’ names were found on the list. Other criminals, armed robbers and gangs were also discovered," Wase said, highlighting the grave threat posed by infiltration at the very heart of Nigeria’s security apparatus.
In response, the House of Representatives recently passed a resolution demanding the immediate identification, naming, and prosecution of terrorism and banditry financiers. The Petroleum and Natural Gas Senior Staff Association of Nigeria echoed this call, urging the government to "name and shame"—or better yet, prosecute—those who bankroll violence. The message is clear: punishing only the foot soldiers is not enough. Justice must reach those enabling terror from behind the scenes.
Progress has been made, albeit slowly. In 2023, an Abuja court convicted four individuals for funding terrorist activities, sentencing them to between 10 and 20 years in prison. And according to Attorney-General Lateef Fagbemi, Nigeria secured 860 convictions in terrorism-related cases between 2017 and 2025, with 891 acquittals. "What this demonstrates clearly is that we do not operate a system of arbitrary arrests or indefinite detention," Fagbemi said during a December 9, 2025 meeting with senior US officials. He insisted that all prosecutions follow due process, and that the government is committed to defeating terrorism within the law.
Vice President Kashim Shettima also weighed in, stating that President Bola Ahmed Tinubu is acting "quickly and decisively" to address insecurity nationwide. "It is essential that we fuse as one. All hands must be on deck if we are to salvage the situation and secure our country," Shettima urged, emphasizing that security challenges do not respect national borders and require regional cooperation.
On the ground, the military has ramped up operations. In the last 48 hours alone, troops neutralized 18 terrorists, rescued 14 kidnapped victims, and arrested 47 suspects in operations stretching from Borno to Sokoto, according to the News Agency of Nigeria. In Sokoto, soldiers foiled an ambush and killed 13 suspected bandits, recovering weapons and ammunition. In other regions, troops intercepted logistics suppliers, rescued civilians, and arrested suspected kidnappers and cultists.
Still, the complexity of terror financing networks remains daunting. The NFIU’s report details how companies tied to suspects—ranging from trading firms to mining companies, jewellers, and Bureau De Change operations—move money through hundreds of accounts, often with help from international partners. Foreign sponsors and facilitators have been identified in countries as far-flung as India and Uganda, with companies like Nabil Mass Business Company and Vinayak Pharma Chem Equipment implicated in the flow of funds.
The links between Boko Haram financiers and other criminal enterprises—such as kidnapping and banditry—further muddy the waters. The NFIU found that many individuals involved in terror financing also have ties to notorious kidnappers and bandits, as well as informants within law enforcement. This web of connections highlights the urgent need for both domestic and international cooperation, transparency, and public accountability.
So, what’s next? Experts and advocates argue that government agencies must publish credible lists of identified financiers, with evidence summaries open to judicial scrutiny. Once credible evidence is established, sponsors—be they individuals, companies, or institutions—should be arraigned, tried, and, if found guilty, have their assets seized. Laws criminalizing terror financing and money laundering must be strengthened, and loopholes closed.
Civil society, the media, and ordinary citizens have a vital role to play, too. By demanding clarity on what is being done, following up on court cases, and resisting government secrecy, Nigerians can help ensure that those who bankroll terror are brought to justice. As Adetayo poignantly notes, "Nigeria’s path to lasting peace begins when we strike at the root, not merely the symptoms." The real battle, it seems, is not just on the frontlines—but in the boardrooms and back alleys where terror is funded.
