EFCC Identifies Vulnerable NPOs in Terrorism Financing Risk

The Economic and Financial Crimes Commission (EFCC) announced that a nationwide terrorism financing risk assessment has enabled Nigeria to identify a small number of vulnerable non-profit organizations (NPOs) at risk of terrorist financing abuse. EFCC Chairman Olanipekun Olukoyede spoke at the third Africa High-Level Civil Society Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) Conference in Abuja.

The assessment aims to ensure that legitimate charities and civil society groups are not subjected to unnecessary regulatory restrictions while strengthening the country's anti-money laundering and counter-terrorist financing framework. Victoria Ibezim-Ohaeri, Executive Director of Space for Change (S4C), noted that reforms introduced over the past decade have improved regulations for NPOs, addressing unintended consequences that previously constrained legitimate charitable activities.

The conference emphasized the importance of identifying genuinely vulnerable organizations to ensure that legitimate NPOs can continue their vital work without undue regulatory burdens.