NFIU Exposes Tactics of Terror Financiers in Nigeria

The Nigerian Financial Intelligence Unit (NFIU) disclosed that terrorist financiers are employing pre-registered SIM cards and bank accounts opened in women's names to obscure their identities and manage illicit funds. This information was presented in the NFIU’s 2025 Annual Report, which identified disconnected SIM-BVN linkages and proxy accounts as significant enablers of financial crime.

The NFIU reported that these facilitators utilize mobile banking with phone numbers not registered to the actual account holders, allowing male commanders and logistics managers to control accounts under women's names. This tactic exploits cultural norms that render women less suspicious to authorities, enabling the true operatives to remain hidden from investigators.

The report also noted that weak customer identification controls and limited oversight of digital financial services contribute to these challenges. In response, Nigerian regulators, including the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC), are enhancing security measures to strengthen the links between digital identities and financial accounts.