NFIU Uncovers Terrorists' Financial Concealment Tactics

The Nigerian Financial Intelligence Unit (NFIU) has uncovered new methods employed by terrorist financiers in Nigeria to conceal their identities and illicit funds. According to the NFIU’s 2025 Annual Report, these financiers utilize proxy bank accounts, pre-registered SIM cards, and SIMs registered to deceased persons to evade detection.

The report indicates that gaps between SIM registration details and Bank Verification Numbers (BVNs) allow criminal networks to exploit these systems. The NFIU highlighted that the use of women as fronts for financial transactions linked to terrorism is prevalent, with accounts opened in the names of female associates while actual control remains with male operatives.

This practice, termed “identity laundering,” complicates investigations as the registered account holder may be unaware of the transactions occurring. The NFIU emphasized that this tactic severs the audit trail, making it difficult for investigators to trace suspicious activities back to the true facilitators.