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Decline in Boko Haram’s Finances, Says NDC Commandant
Rear Admiral Olumuyiwa Olotu, Commandant of the National Defence College (NDC), announced a significant reduction in Boko Haram’s financial resources since 2016, attributing this decline to the Nigerian Government’s counter-terrorism initiatives.
Speaking at the Defence and Security Management Course 8 (DSMC 8) Seminar in Abuja, Olotu highlighted the seminar’s theme: “Countering the Financing of Terrorists: Leveraging Global and Regional Institutional Mechanisms for National Action.” The event was organized by the NDC’s Centre for Strategic Research and Studies.
Olotu noted that Boko Haram has operated for nearly 14 years, relying on various funding streams, including local extortion, kidnapping, robbery, foreign donations, and illegal mining. In 2014, the group’s annual revenue was estimated to be between $20 million and $70 million, with approximately $10 million derived from kidnappings. By 2020, this figure had plummeted to less than $10 million annually.
The Commandant emphasized that the financial capabilities of terrorist organizations necessitate unified efforts at international, regional, and national levels to combat terrorist financing through coordinated frameworks and initiatives. He cited that these measures have led to a decline in the financial strength of groups such as ISIS, whose revenues fell from $1-2 billion in 2014 to between $200 and $300 million by 2019. Similarly, financing for Al-Qaeda in the Maghreb (AQM) decreased from $91 million to between $5 and $10 million since 2020.
Olotu stressed the importance of reinforcing and sustaining these efforts to further diminish the financial resources of terrorist organizations, thus protecting national, regional, and global security interests. He asserted that countering terrorism financing is crucial to disrupting the financial flows that support terrorist operations and weaken their capabilities.
He pointed out that without adequate financial support, terrorist groups face significant operational limitations. Addressing this issue is vital not only for national defense but also for enhancing the overall security environment.
Olotu recalled that terrorist organizations have historically demonstrated significant financial capabilities, generating billions from various sources. Research revealed that during its peak in 2014, ISIS amassed between $1 billion and $2 billion annually, primarily from oil smuggling, extortion, taxation, and kidnappings.
Ambassador Abdullahi Shehu, former Director General of the Inter-Governmental Action Group Against Money Laundering in ECOWAS, emphasized that effectively combating terrorism requires addressing the funding sources for these activities. He referenced the Global Terrorism Index (GTI) 2024, which reported that the Sahel region experienced a rise in terrorism-related deaths to 8,352 in 2023, a 22% increase from the previous year. The Sahel accounted for nearly half of all terrorism-related deaths and 26% of attacks in 2023, with four of the ten most affected countries located in the region.
Shehu identified challenges in Nigeria’s efforts to track terrorist financing, including structural issues such as porous borders, cash-dominated transactions, financial exclusion, and informal economic systems. He also noted the need for improved capacity in financial investigations compared to criminal investigations.
He commended Nigeria’s recent initiatives in tracking, prosecuting, and convicting individuals involved in financing terrorism. The seminar featured discussions among participants from various anti-corruption agencies, including the EFCC, ICPC, NFIU, DSS, and DIA.
The Economic and Financial Crimes Commission (EFCC) has declared four individuals wanted over the alleged fraud perpetrated on crypto bridge exchange (CBEX), a trading platform.
The four suspects are Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, and Seyi Oloyede.
More to follow…
The Oodua Integrity Group, a Nigerian civil society organisation, has called on Inspector General of Police (IGP) Kayode Egbetokun to investigate and arrest an alleged gun runner, land grabber,popularly called then insert Lucky Blessings Abuah aka bullets of Achala Ibusa village operating in Asaba and Ibuzor, Delta State, accusing him of orchestrating criminal activities with the aid of rogue police officers.
Tosin Olaoluwa, the group’s South-South coordinator, made the appeal following intelligence gathered from concerned residents.
The suspect, identified as Achala Ibusa but popularly known as “Bullet,” is accused of running a network involving illegal arms trafficking, land grabbing, and cult-related activities.
Olaoluwa claimed Bullet operates with the protection of police officers from Rivers State, in violation of regulations prohibiting officers from working outside their command without approval.
According to the group, four AK-47 rifles were recently discovered hidden in a house in Ibuzor.
Two mobile police officers guarding the property reportedly distanced themselves from the find, raising suspicions of their involvement with Bullet, who is allegedly a leader of the Viking cult.
The Oodua Integrity Group further alleged that an assistant commissioner of police is complicit in Bullet’s activities.
The group highlighted that up to 10 mobile police officers are attached to Bullet, despite IGP Egbetokun’s recent directive to withdraw such personnel from individuals not legally entitled to their services.
“We urge the IGP to take immediate action to arrest the culprit in the interest of the general public,” Olaoluwa said, describing Bullet as a miscreant exploiting government security agents to perpetrate crimes.
In a separate incident, the group claimed that security agents from an agency in Abuja, acting on intelligence, were prevented from arresting Bullet by his police escorts.
The officers, reportedly from Rivers State, allegedly used tear gas and fired shots to obstruct the operation.
The Oodua Integrity Group warned that Bullet’s activities, including stockpiling AK-47s and other weapons in Asaba and Ibuzor, pose a significant threat to public safety.
They called for a thorough investigation into the allegations and the immediate apprehension of those involved.
The Nigeria Police Force has yet to respond to the allegations. Efforts to reach a spokesperson for comment were unsuccessful at the time of reporting.
The competition and consumer protection tribunal has upheld the $220 million fine imposed on Meta Platforms Incorporated by the Federal Competition and Consumer Protection Commission (FCCPC).
In a statement on Friday by Ondaje Ijagwu, the agency’s director for corporate affairs, FCCPC said the tribunal also awarded $35,000 to the commission as the cost of investigation.
On July 19, 2024, FCCPC imposed a fine of $220 million on Meta, the parent company of WhatsApp, Facebook, and Instagram, for multiple data privacy violations.
However, Meta said it would appeal the fine.
The case stemmed from a 38-month joint investigation by the FCCPC and the Nigeria Data Protection Commission (NDPC) into the privacy practices and consumer data policies of WhatsApp and Meta.
Delivering judgment on Thursday in Abuja, the tribunal led by Thomas Okosun ruled that the FCCPC acted within its constitutional and statutory powers in investigating and sanctioning the companies for alleged anti-competitive and exploitative practices.
The tribunal dismissed the appeals filed by Meta and WhatsApp, which challenged the legal basis of the commission’s findings and orders.
Instead, it upheld the commission’s position on nearly all contested issues.
Gbolahan Elias (SAN) led WhatsApp and Meta’s legal teams, while Babatunde Irukera led the FCCPC’s legal team.
According to the statement, both teams had made their final arguments on behalf of their respective clients on January 28.
‘FCCPC ADHERED TO DUE PROCESS’
The tribunal, in its ruling, found that the FCCPC adhered to due process and acted within the law.
It resolved issues one to seven primarily in favour of the commission.
“The Tribunal resolved Issues 1 to 7 largely in favour of the FCCPC, dismissing the appellants’ objections to the Commission’s findings, orders, and legal competence,” the statement reads.
“One of the central issues (Issue 3), which alleged a breach of fair hearing, was decided in favour of the Commission, with the Tribunal affirming that the FCCPC fully discharged its quasi-judicial responsibilities by affording the appellants ample opportunity to respond.
“The Tribunal found no violation of constitutional due process.
“On Issue 4, which questioned the Commission’s powers in data protection and privacy, the Tribunal held that the FCCPC acted within its statutory mandate, reaffirming its authority under Section 104 of the FCCPA to regulate competition and consumer protection even in regulated industries.
“On Issue 5, which challenged the Commission’s findings regarding Meta’s privacy policies, the tribunal also resolved in the FCCPC’s favour.
“The Tribunal found no error in the Commission’s conclusions and held that the privacy policy in question did, in fact, offend Nigerian law.
“While issue 7 was largely resolved in favour of the commission, the tribunal set aside Order 7 of the commission’s final order, stating that it lacked sufficient legal basis.”
Commenting on the judgment, Tunji Bello, executive vice chairman (EVC) and chief executive officer (CEO) of the FCCPC, welcomed the ruling, describing it as a landmark judgment reinforcing the commission’s mandate to protect consumers and ensure fair market practices.
He commended the commission’s legal team for their diligence.
Bello reaffirmed the commission’s commitment to enforcing the provisions of the Federal Competition and Consumer Protection Act (FCCPA) in line with President Bola Tinubu’s renewed hope agenda.