The Federal Government (FG) has pledged to take strict action against Nigerian banks, financial institutions, and accounting firms found to be involved in financing terrorism.

Daniel Bwala, Special Adviser to the President on Media and Public Communication, stated that executives of organizations implicated in such activities could face personal prosecution, while the institutions themselves may incur heavy fines or be shut down.

The government confirmed that all financial institutions, including banks and non‑bank financial operators, will be closely scrutinized for suspicious transactions linked to ransom payments, money laundering, or other activities that support terrorist groups.

This move is part of a broader national effort to dismantle financial networks aiding terrorism and insurgency in Nigeria. In the past two years, over 100 individuals identified as terrorist financiers have already been prosecuted and convicted under the country’s counter‑terrorism financing laws.

The FG also indicated plans to publicly name individuals and firms involved in such activities, signaling that further sanctions, including asset freezes, account closures, and criminal prosecutions, may follow.

Authorities emphasize that tightening compliance with anti‑money laundering (AML) and counter-terrorism financing (CFT) regulations is central to this crackdown, reflecting both domestic and international pressure to curb illicit financial flows. Visit www.jocomms.com for more news.