FG uncovers 123 companies, 96 terrorism financiers, says Lai

• 424 associates traced, 45 suspects to face trial 

By Folorunso Alagbede, Abuja

The Federal Government, on Thursday, disclosed that it has uncovered about 123 companies and 96 financiers of terrorism in Nigeria.

The Minister of Information and Culture, Alhaji Lai Mohammed, made the disclosure at a press conference in Abuja on the anti-corruption fight of President Muhammadu Buhari.

The minister said the 123 companies and the 96 financiers were alleged to be those backing Boko Haram and the Islamic State of West Africa Province (ISWAP).

Alh Mohammed equally revealed that the Nigerian Financial Intelligence Unit (NFIU) also uncovered 424 associates and supporters of the financiers and about 33 bureaux de change linked with terrorism.

The Minister pointed out that 45 of the suspects will soon face trial.

Alhaji Mohammed said, “For its part, the analysis by the Nigerian Financial Intelligence Unit (NFIU), in 2020-2021, revealed 96 financiers of terrorism in Nigeria, 424 associates/supporters of the financiers, involvement of about 123 companies and 33 bureaux de change, in addition to identifying 26 suspected bandits/kidnappers and 7 co-conspirators.

“The analysis has resulted in the arrest of 45 suspects who will soon face prosecution and seizure of assets.

“Also, from its analysis of tax evasion and tax avoidance linked to corruption, NFIU has identified N3,909,707,678,112.43 in VAT and N3,737,918,335,785.82 in Withholding Tax due to the Government.

“NFIU has also sent 1,165 intelligence reports on cases of corruption, money laundering and other serious offences to 27 domestic agencies for investigation, prosecution and asset recovery.

“On terrorism financing, NFIU had intelligence exchanges on Boko Haram, ISWAP, banditry, kidnapping and others with 19 countries.

“During the same period, 2020-2021, the organization returned fraudulently-obtained funds totalling US$103,722,102.83, 3,000 Pound Sterling; 7,695 Singapore Dollar and 1,091 Euros to 11 countries of victims who came into the country”, he stated The Minister explained that the Buhari Administration has taken bold measures to streamline cumbersome bureaucratic processes in the implementation of government policies, check corrupt practices and ensure accountability in the implementation as well as delivery of these policies.

According to him, “These reforms are all inclusive, cutting across all spheres of governance and not excluding even the private sector.

“They are the Treasury Single Account (TSA), Integrated Personnel and Payroll Information System (IPPIS), Petroleum Industry Act, Financial Autonomy for State Legislature and Judiciary (2020), Whistle-Blower Policy, Assets

Recovery, Justice and Law reforms, Nigeria’s membership of the Open Government Partnership as well as the various instruments at the disposal of the Federal Government to track, trace and stop the flow of illicit funds used in financing terrorist activities within Nigeria, among others.

“For those who may say that some of these reforms, like the TSA, predate this Administration, our response is that what’s the use of a policy that is not implemented?

“This Administration has implemented these reforms with fidelity, and the reforms have made a huge impact in preventing corruption.

“For example, upon assuming office in 2015, President Muhammadu Buhari operationalized the TSA, a public accounting system that enables the Government to manage its finances (revenues and payments) using a single/unified account or a series of linked accounts domiciled at the Central Bank of Nigeria (CBN).

“The President issued a directive to all Ministries, Departments and Agencies (MDAs) to close their accounts with Deposit Money Banks (DMBs) and transfer the funds therein to the CBN on or before 15th September 2015.

“The TSA system was launched in 2012 but failed to gain traction until President Buhari gave it a fillip.

“The TSA system has now been implemented in more than 90 percent of all Federal MDAs and it has resulted in the consolidation of more than 17,000 bank accounts previously spread

across Deposit Money Banks in the country, and monthly savings of an average of N4 billion in bank charges.

“Also, against stiff opposition, the Buhari Administration has expanded the coverage of IPPIS. TSA and IPPIS remain an unfolding revolution in public finance in Nigeria that have incorporated transparency and accountability into the system.

“The use of BVN to verify the Federal Government’s payroll on the IPPIS platform has so far led to the detection of 54,000 fraudulent payroll entries”, it said.

The Federal Government, the Minister said, has also utilized the BVN system to verify beneficiaries and vendors in the Anchor Borrowers Programme (ABP), the N-Power Programme and the Home Grown School Feeding Programme (HGSFP), among others.

He pointed out that It is common knowledge that one of the most difficult tasks for any government is to fight corruption, “because when you fight corruption, corruption will fight you back. This explains why naysayers have continued to belittle or dismiss the Administration’s anti-corruption efforts”.

He added, “Let me say here that fighting corruption is a marathon, and never a sprint. Also, investigations, arrests, prosecutions and asset forfeiture – which are the immediate, visible indices by which many measure success in tackling corruption, constitute – as important as they are – just a part of the strategies to combat corruption.

“There is also a more fundamental strategy, which I will describe as structural and governance reforms or, if you like, institutional reforms”, the Minister said.