FG links 123 companies, 33 bureaux de change to terror financing

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3 years ago

Lai Mohammed

The Federal Government, on Thursday, revealed that the analysis carried out by the Nigerian Financial Intelligence Unit (NFIU) in 2020-2021 revealed that there are 96 financiers of terrorism in Nigeria with about 123 companies and 33 bureaux de change also involved.

Minister of Information and Culture, Lai Mohammad, stated this at a media briefing in Abuja, adding that 424 associates/supporters of the financiers were also identified. He said 45 suspects have been arrested as a result of the analysis and will be prosecuted soon.

Similarly, the Minister said 26 suspected bandits/kidnappers and seven co-conspirators have been unearthed.

The minister was speaking in the first of the series of briefings to highlight the achievements of President Muhammadu Buhari administration.

He pointed out that the reason “naysayers” dismiss the administration’s war on corruption is the nature of the phenomenon, which he said fights back when it is fought.

Mohammed went on to itemise the key achievements of various anti-graft agencies.

He stated: “Let me now highlight the much more-visible activities of some of the various anti-corruption agencies, all of which have been effectively carrying out their mandates. In 2021 alone, the EFCC secured a total of 2,220 convictions. That represents a 127 per cent increase in the number of convictions (976) recorded in 2020, and a far cry from the 195 convictions secured in 2016, the 189 in 2017, the 312 convictions in 2018, and the 1,280 recorded in 2019.

“The 2021 figure of 2,220 convictions represents a 98.49 per cent success rate, with only 34 cases (representing 1.51 per cent) discharged. On Monetary recoveries, in 2021 alone, the EFCC recovered a total monetary amount of N152,088,698,751.64; 1,182,519.75 Pounds Sterling, 50 Emirati Dirham, 1,723,310 Saudi Riyal, 1,900 South African Rand; US$386,220,202.85; 156,246.76 Euros; 1,400 Canadian Dollars; 5.36957319 Bitcoin and 0.09012 Ethereum. The last two are digital currencies.

“The ICPC has played a pivotal role in bringing about structural changes in the operations of the government, especially regarding improvements in MDAs budget utilization, better value for money, improved project completion, service delivery and higher level of anti-corruption awareness.

“Recall, gentlemen, that the Commission established the Constituency and Executive Projects Tracking Initiative in 2019 to ensure value for money for the Nigerian people and full execution of projects. Between 2019 and 2021, ICPC traced 2,000 projects worth over N300 billion. During the same period, 326 contractors of abandoned projects across the six geo-political zones were forced by the Commission to return to the site to complete projects worth N32.183 billion. Also, the ICPC’s Assets Tracing, Recovery and Management (ATRM) project led to the recovery of cash totalling N34.346 billion and US$1.62 million between 2019 and 2021.

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“Also, the Commission’s System Study and Review of personnel and capital votes of MDAs resulted in savings of N261 billion to the government between 2019 and 2021. ICPC has also secured 66 convictions from the 243 cases
it filed in court during the same three-year period.

“For its part, the analysis by the Nigerian Financial Intelligence Unit (NFIU), in 2020-2021, revealed 96 financiers of terrorism in Nigeria, 424 associates/supporters of the financiers, involvement of about 123 companies and 33 bureaux de change, in addition to identifying 26 suspected bandits/kidnappers and 7 co-conspirators.

“The analysis has resulted in the arrest of 45 suspects who will soon face prosecution and seizure of assets.

“Also, from its analysis of tax evasion and tax avoidance linked to corruption, NFIU has identified N3,909,707,678,112.43 in VAT and N3,737,918,335,785.82 in Withholding Tax due to the Government. NFIU has also sent 1,165 intelligence reports on cases of corruption, money laundering and other serious offences to 27 domestic agencies for investigation, prosecution and asset recovery.

“On terrorism financing, NFIU had intelligence exchanges on Boko Haram, ISWAP, banditry, kidnapping and others with 19 countries. During the same period, 2020-2021, the organization returned fraudulently-obtained funds totalling US$103,722,102.83, 3,000 Pound Sterling; 7,695 Singapore Dollar and 1,091 Euros to 11 countries of victims who came into the country.”

Mohammed also highlighted the performances of other anti-corruption agencies as well as the implementation of various initiatives to stop the looting of government funds.

He noted that even though the past administration initiated the Treasury Single Account (TSA), Integrated Personnel and Payroll Information System (IPPIS), and the Bank Verification Number (BVN), they did not gaintraction until the advent of the Buhari administration.

The minister added: “Gentlemen, the Buhari Administration has taken bold measures to streamline cumbersome bureaucratic processes in the implementation of government policies, check corrupt practices and ensure accountability in the implementation as well as delivery of these policies.

“These reforms are all-inclusive, cutting across all spheres of governance and not excluding even the private sector. They are the Treasury Single Account (TSA), Integrated Personnel and Payroll Information System (IPPIS), Petroleum Industry Act, Financial Autonomy for State Legislature and Judiciary (2020), Whistle-Blower Policy, Assets Recovery, Justice and Law reforms, Nigeria’s membership of the Open Government Partnership as well as the various instruments at the disposal of the Federal Government to track, trace and stop the flow of illicit funds used in financing terrorist activities within Nigeria, among others.

“For those who may say that some of these reforms, like the TSA, predate this Administration, our response is
that what’s the use of a policy that is not implemented? This Administration has implemented these reforms with fidelity, and the reforms have made a huge impact in preventing corruption.

“For example, upon assuming office in 2015, President Muhammadu Buhari operationalized the TSA, a public accounting system that enables the Government to manage its finances (revenues and payments) using a single/unified account or a series of linked accounts domiciled at the Central Bank of Nigeria (CBN).

“The President issued a directive to all Ministries, Departments and Agencies (MDAs) to close their accounts with Deposit Money Banks (DMBs) and transfer the funds therein to the CBN on or before 15th September 2015. The TSA system was launched in 2012 but failed to gain traction until President Buhari gave it a fillip.

“The TSA system has now been implemented in more than 90 per cent of all Federal MDAs and it has resulted in the consolidation of more than 17,000 bank accounts previously spread across Deposit Money Banks in the country and monthly savings of an average of N4 billion in bank charges.

“Also, against stiff opposition, the Buhari Administration has expanded the coverage of IPPIS. TSA and IPPIS remain an unfolding revolution in public finance in Nigeria that have incorporated transparency and accountability into the system. The use of BVN to verify the Federal Government’s payroll on the IPPIS platform has so far led to the detection of 54,000 fraudulent payroll entries.

“The Federal Government has also utilised the BVN system to verify beneficiaries and vendors in the Anchor Borrowers Programme (ABP), the N-Power Programme and the Home Grown School Feeding Programme (HGSFP), among others.”

While reasserting the main three-pronged policy of the administration including the fight against corruption, tackling insecurity and revamping the economy, Muhammed added: “It is common knowledge that one of the most difficult tasks for any government is to fight corruption, because when you fight corruption, corruption will fight you back!

“This explains why naysayers have continued to belittle or dismiss the Administration’s anti-corruption efforts.

“Let me say here that fighting corruption is a marathon, and never a sprint. Also, investigations, arrests, prosecutions and asset forfeiture – which are the immediate, visible indices by which many measure success in tackling corruption, constitute – as important as they are – just a part of the strategies to combat corruption.”

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