Regulatory AlertsAdded · Updated
National Inherent Risk Assessment of Terrorist Financing in Nigeria 2022
The national terrorist financing risk is rated high, driven by active groups including Boko Haram, ISWAP, IPOB, and Ansaru. Specific vulnerabilities are identified across the banking sector, designated non-financial businesses and professions, bureaux de change, non-profit organizations, and virtual asset service providers. Regulatory, security, and law enforcement agencies are required to implement a 2022–2024 Counter-Terrorism Financing strategy and action plan to mitigate these risks. The Terrorism (Prevention and Prohibition) Act, 2022 is confirmed to have expanded terrorist financing offences and established a framework for targeted financing sanctions.