Crowdfunding And Betting Sites Facilitate Terrorism Funding By IPOB And Bandits, NFIU Warns

Crowdfunding And Betting Sites Facilitate Terrorism Funding By IPOB And Bandits, NFIU Warns

The Nigerian Financial Intelligence Unit (NFIU) has uncovered the alleged financing of terrorist activities within Nigeria by groups such as the Indigenous People of Biafra (IPOB), bandits, and other extremist factions, utilizing international crowdfunding platforms and sports betting websites.

According to the NFIU, IPOB has reportedly received funds from affiliates operating in 22 countries, with at least 27 entities registered under its name. Notably, seven of these registrations were made in the United States, while six were in the United Kingdom. The intelligence unit disclosed that over $160,000 raised through crowdfunding by IPOB was channeled to transmission, media, and broadcasting companies across Bulgaria, South Africa, and the UK.

In a newsletter issued by the Counter-Financing of Terrorism Department of the NFIU, details of these revelations were provided, including the identification of bank accounts in various countries where funds are received from contributors, under various descriptions like ‘monthly dues’ and ‘for ESN,’ before being utilized for different operations.

Moreover, the NFIU highlighted a case where a 24-year-old Nigerian customer from North-Central Nigeria, flagged by a betting platform known as ‘XC’, received over N350,000 in his betting wallet, suspected to be ransom money from a kidnapping incident.

Additionally, the NFIU exposed tactics employed by terrorists to evade detection, such as structured cash withdrawals from different ATMs and purchasing flight tickets to high-risk areas using credit cards. The unit emphasized the importance of investigating transactions linked to known terrorists or financiers, unauthorized tax collections in terrorism-prone areas, and activities of Bureau de Change operators facilitating transfers within suspected networks.

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