Sahara Reporters investigation underscores the persistence of terror-financing networks and the complex financial systems that support insurgency in Nigeria
Sahara Reporters has published an extensive investigation exposing a network of 23 individuals — including 20 Nigerians and three foreign nationals — allegedly involved in financing terrorism and supporting extremist operations across the country.
According to the report, the suspects have been linked to a series of financial transactions connected to convicted terrorists and known facilitators. The investigation also reveals that some of the individuals allegedly funded logistics, weapons procurement, and cross-border activities that strengthened insurgent groups.
Suspects Previously Released Under Questionable Circumstances
The investigation notes that several of the suspects were first apprehended in 2021, during a coordinated security operation. However, many were later released under circumstances described as “questionable,” raising fresh concerns about integrity and transparency within the security and judicial processes.
Sahara Reporters states that authorities had gathered substantial evidence at the time, including call records, bank statements, and BVN-linked account flows that showed money transfers to already-convicted terrorists. Despite these findings, the suspects regained freedom without clear public explanation from security agencies.
Massive Financial Trails Uncovered
The report reveals that the Nigerian suspects maintained multiple accounts across several banks, with suspicious inflows and withdrawals amounting to billions of naira. Many of the transactions were reportedly routed through complex financial channels designed to evade detection.
Funds were allegedly used to purchase weapons, support logistics, and facilitate movement across borders, further strengthening insurgent activities in Nigeria’s northern regions.
International Links Identified
In addition to local actors, Sahara Reporters uncovered the involvement of three foreign suspects who allegedly assisted in processing international transfers. These cross-border transactions were described as critical to sustaining the network’s operations and maintaining communication with external extremist groups.
Renewed Calls for Accountability
The revelations have sparked nationwide calls for a fresh investigation and a public explanation regarding why the 2021 suspects were released despite evidence linking them to terrorism financing. Civil society groups, security analysts, and concerned citizens have urged the federal government to reopen the case and implement stricter oversight on financial monitoring.
Banking regulators are also expected to face scrutiny as the report highlights loopholes in Nigeria’s financial system, especially regarding BVN tracking, suspicious transfers, and account monitoring.
The latest Sahara Reporters investigation underscores the persistence of terror-financing networks and the complex financial systems that support insurgency in Nigeria. With billions of naira traced to these suspects and renewed pressure on authorities to act, the report may serve as a turning point in the fight against terrorism financing and corruption.
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