The Federal Government has issued a strong warning to Nigerian banks, financial institutions, and accounting firms allegedly enabling terrorism financing, declaring that executives of culpable organizations will face prosecution, while the institutions themselves risk heavy fines or outright closure.
This stern caution was delivered by President Bola Tinubu’s Special Adviser on Media and Public Communication, Daniel Bwala, during an interview on TVC.
Bwala said the administration is intensifying efforts to dismantle financial networks that enable bandits, insurgents, and other criminal groups.
According to him, terrorism cannot thrive without financial support, which is why the government is now tightening its grip on banks, non-bank financial institutions, and accounting firms suspected of involvement in laundering funds for criminal groups.
“We will look at banks that are collaborating with elements like that. We look at other financial institutions… and accounting firms involved in money laundering,” Bwala said.
“Any bank that is involved in that—the headship of the bank will be prosecuted and the bank will either be fined or closed.”
Bwala explained that terrorist organizations and bandit groups often exploit the formal financial system to receive ransom payments and launder proceeds from criminal activities.
He noted that existing laws already prohibit such transactions, and offenders will be dealt with according to the law.
He also revealed that Nigeria will be receiving enhanced intelligence support from the United States, which will aid in identifying and tracking individuals or institutions connected to terrorism financing.
“In the coming days, we will know who terrorists are and who their financiers are… Once the government discovers that, either by investigation, revelation, or confession, nobody will be spared,” he added.
Bwala stressed that unequal application of the law destroys societies, insisting that no individual or institution would be considered untouchable in the renewed crackdown.
He also cautioned intermediaries who pose as negotiators with bandits, warning that some ultimately become accessories to terrorism.
He emphasized that the government is prepared to follow complex digital trails, including satellite-based and internet-enabled transactions, underscoring that Nigeria now has the tools and equipment required to trace illicit funds across borders.
Beyond institutional accountability, Bwala also highlighted the critical role of citizens in curbing terrorism.
He urged Nigerians to avoid promoting misinformation online and to refrain from sharing unverified or sensational content that could inflame tensions or aid criminal actors.
He further lamented revenue mismanagement by some state governments, arguing that failure to improve healthcare, infrastructure, and basic services despite increased federal allocations contributes indirectly to rising insecurity by weakening public trust and deepening social frustration.
The Federal Government, according to Bwala, remains committed to deploying every available mechanism—legal, technological, and diplomatic—to disrupt the financial lifeline of terrorist networks and restore stability across the country.