The Nigerian Financial Intelligence Unit (NFIU) has raised the alarm over new methods allegedly being used by terrorists and extremist groups to raise and move illicit funds in Nigeria.
According to the agency’s 2026 Annual Report, terrorists are using the SIM cards of deceased persons to facilitate fundraising for their criminal activities.
The NFIU also disclosed that terrorist financiers have been opening bank accounts in women’s names while linking the accounts to phone numbers that do not belong to the registered account holders or the actual beneficiaries.
The report identified crowdfunding and social media campaigns as another method being used to raise funds. Foreign-based facilitators allegedly solicit donations online under the guise of supporting humanitarian relief or educational programmes before transferring the money through several channels to terrorist operatives in Nigeria.
According to the agency, hundreds of sympathisers are encouraged to contribute relatively small amounts, usually between $50 and $500, through PayPal pages or conventional bank accounts. The amounts are allegedly kept low to reduce the likelihood of triggering automated anti-money-laundering alerts.
The NFIU said the foreign-based facilitators also use social media and encrypted messaging platforms to distribute links to payment pages and bank accounts.
The funds are reportedly accumulated in master accounts controlled by senior members of the groups who reside legally abroad. Once the money reaches a certain threshold, it is allegedly broken into smaller transfers and sent through International Money Transfer Operators and remittance applications to networks of money mules in Nigeria.
The agency stated:
“Terrorists are now using dead people’s SIM cards to raise funds. When the pool reaches a threshold, that account becomes the hub for onward movement.”
The NFIU said the funds are subsequently fragmented into multiple smaller payments and transferred through different channels to make it more difficult for authorities to trace the money.
The agency is responsible for collecting and analysing financial disclosures from reporting organisations and producing intelligence to support efforts against money laundering, terrorism financing and other financial crimes.
