CC™ Breaking News
The Inter-Governmental Action Group against Money Laundering in West Africa, established by the Economic Community of West African States, says Boko Haram splinter group, Islamic State West Africa Province, moved about N18B ($23M) generated from trading and taxing communities in the Lake Chad region through the Nigerian financial system annually, under the past Buhari administration.
The group, set up by ECOWAS Authority of Heads of State and Government in 2000, stated that both Boko Haram and ISWAP had continued to mobilize, move and utilize funds through the nation’s formal financial and commercial system.
It noted that the Buhari administration lacked adequate insight into Boko Haram and ISWAP’s international connections and support system, and abuse of the formal financial and commercial sectors.
It said even though the Department of State Services (DSS) had significant ability to identify and investigate the financing activities of terrorist groups, while also also conducting parallel financial and terrorism investigations, there was little evidence of the effectiveness of such efforts, under the Buhari administration.
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