By Comfort Onaiwu
Mr. Ola Olukoyede, the Executive Chairman of the Economic and Financial Crimes Commission (EFCC), has raised concerns about the rise of violent non-state actors, attributing their growth to weak governmental structures, poor accountability, and financial crime.
Speaking through Mr. Wilson Uwujaren, the Commission’s Director of Public Affairs, during a lecture at the National Institute for Security Studies in Abuja on Tuesday, Olukoyede addressed participants of the Executive Intelligence Management Course 18. He warned that rebels, bandits, kidnappers, separatist agitators, and cybercriminals are fueling their operations through systemic corruption and regulatory weaknesses.
He further highlighted the Commission’s non-kinetic interventions, such as monitoring virtual currencies, regulating NGOs operating in conflict zones, and combating money laundering and illicit financing through the Special Control Unit.
The growing use of crypto assets and foreign exchange via Bureau de Change operators was noted as a key channel for laundering terrorist-linked funds. According to Olukoyede, the Commission has increased surveillance and monitoring of transactions in selected non-financial sectors, especially foreign currency trading and the rising influence of cryptocurrencies, which are now commonly used for international transactions that benefit terrorist groups.
Olukoyede also referenced the EFCC’s track record in investigating and prosecuting military officers involved in the mismanagement of counter-insurgency funds, reaffirming the Commission’s dedication to transparency and accountability in the security sector.
He noted that some terrorist operations have spanned over a decade, supported by complex money laundering schemes and deep-rooted financial networks. He outlined several barriers to effective counter-terrorism financing, including poor interagency collaboration, gaps in telecommunications regulation, and weak Know Your Customer (KYC) compliance by banks and fintech companies.
Despite these challenges, the EFCC Chairman expressed confidence in Nigeria’s capacity to overcome the hurdles and strengthen its fight against terrorism financing.