By Muhammad Mamman
Nigeria’s federal government has announced plans to prosecute banks and private companies suspected of collaborating with armed groups through illicit financial transactions, in what officials describe as a sweeping crackdown on terrorism financing.
Attorney General of the Federation and Minister of Justice said on Monday that authorities have uncovered “disturbing patterns” of financial flows linking certain corporate entities and financial institutions to organisations responsible for violence across parts of the country.
He stated that the government is prepared to initiate criminal proceedings against any institution found complicit, adding that no sector would be considered untouchable.
“We cannot win the fight against terrorism without dismantling the financial networks that sustain it,” the minister said. “Any bank, firm or individual involved—directly or indirectly—will face the full force of the law.”
The announcement comes amid rising public pressure for more decisive action against armed groups operating in northern and central Nigeria. Security analysts say cracking down on financial enablers is a critical step toward disrupting organised criminal and extremist activities.
Regulatory bodies, including the Central Bank of Nigeria and the Economic and Financial Crimes Commission (EFCC), are expected to collaborate on investigations, which officials say have already reached an advanced stage.
Human rights groups, however, have urged the government to ensure transparency and due process, warning that aggressive financial surveillance could infringe on civil liberties if not carefully implemented.
More details are expected as authorities release findings from ongoing probes.
