NFIU uncovers terrorist crowdfunding and use of deceased persons' accounts
The Nigeria Financial Intelligence Unit NFIU has revealed that terrorists are exploiting a crowdfunding network and using bank accounts opened in women's names, as well as phone numbers registered to deceased individuals, to finance their operations. The NFIU's 2025 Annual Report details how foreign-based facilitators use social media to solicit donations for purported humanitarian aid or educational support. These funds, often small amounts from numerous sympathizers to avoid anti-money laundering alerts, are then pooled into a master account controlled by a senior member abroad. Subsequently, the funds are fragmented into smaller payments and transferred to money mules in Nigeria, including students, small-business owners, and relatives, through International Money Transfer Operators and remittance applications. These funds are then converted to cash, used to purchase dual-use items like motorcycles and satellite internet equipment, or transferred to logistics managers and field operatives. Terrorists also use gender-based proxy accounts, exploiting cultural norms to avoid suspicion, with male commanders secretly controlling accounts opened in women's names. Additionally, pre-registered SIM cards, numbers of deceased persons, and SIMs linked to gender-based proxies are used for mobile banking and transaction alerts to obscure audit trails. The report also highlights the use of precise or coded transaction narrations to maintain internal accounting or evade automated bank fi
