EFCC Warns NGOs Against Terrorism Financing Risks

Ola Olukoyede, the Executive Chairman of the Economic and Financial Crimes Commission (EFCC), issued a warning to non-profit organizations (NPOs) in Nigeria regarding the risk of being infiltrated by terrorist networks seeking to exploit their sector for financing terrorism. This caution was made during the launch of the National Terrorist Financing Risk Assessment (NTFRA) in Abuja.

Olukoyede highlighted the essential role of NPOs in Nigeria's socio-economic framework, particularly in providing humanitarian aid and supporting vulnerable populations. He noted that without appropriate safeguards, these organizations could be susceptible to exploitation for terrorist financing.

The assessment aims to provide a comprehensive understanding of the factors contributing to terrorist financing risks within the NPO sector and will inform the creation of risk-based regulatory measures. Additionally, Abubakar Atiku Baguda, the Minister of Budget and Economic Planning, expressed gratitude for the initiative, emphasizing the importance of collaboration and transparency in combating economic crime.