Financing as a Livewire for Terrorism

Abstract

Terrorism is a global security concern that dominates the theatre of intellectual discourse in the contemporary world. This chapter is taking the case of one of the deadliest insurgents and a terrorist group in the history of Nigeria and also examined various sources of finances of this group in detail. From radical preaching, this group transformed into a terrorist group attacking security, innocent citizens, and all and sundry. As a qualitative study, the social conflict model is adopted in explaining the framework of the existing literature. The data obtained was analyzed critically using content analysis. The study discovered that insurgents sourced their finances through internal and external sources, legal and illegal engagements. The study recommends among several others that the Nigerian Government and security operatives should intensify the process of identifying, tracing, and blockage of the sources of finances for terrorism.

The adequacy of the legal framework for combating money laundering and terrorist financing in Nigeria

“…In recent times, Nigeria has been enmeshed in manifold security challenges such as Boko Haram terrorism, Fulani-herdsmen militancy and widespread banditry [Onuh et al (2021), Sambo and Sule (2021), Ojo (2020), Ajala (2020), Chukwuma (2020), Lenshie et al (2020), Olaniyan and Yahaya (2016)]. For instance, the Global Terrorism Index for Nigeria was 8.6 points out of the maximum 10 points in 2019, which means that Nigeria was ranked number three in the list of countries with the highest impact of terrorism behind Afghanistan and Iraq (Cusack and Abiakalam, 2020).…”