Abstract
This paper examined terrorism as a financial crime in Nigeria, focusing on how terrorist groups had accessed and utilized funds to perpetrate violent acts and destabilize the nation. It analyzed the legal and regulatory frameworks established to prevent, detect, and punish terrorism financing and assessed the effectiveness of enforcement agencies, including the Central Bank of Nigeria (CBN), the Economic and Financial Crimes Commission (EFCC), and the Financial Intelligence Unit (FIU).
The study adopted a doctrinal methodology, relying on statutory provisions, case law, policy documents, and scholarly writings to evaluate the mechanisms for combating terrorism financing. The findings revealed that despite the existence of anti-money laundering and counter-terrorism financing laws, gaps in enforcement, weak inter-agency collaboration, inadequate technological capacity, and limited public awareness had facilitated the continued flow of funds to terrorist organizations.
The study concluded that stronger regulatory oversight, enhanced intelligence-sharing, improved public sensitisation, and stricter enforcement had been necessary to curb terrorism financing and protect Nigeria’s national security and financial system integrity.