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TI-Nigeria Boss Alleges Nigerian Banks Offer Opportunities for Terrorism Tinancing

Awual Rafsanjani, executive director, Civil Society Legislative Advocacy Centre (CISLAC) and head, Transparency International in Nigeria (TI-Nigeria), has accused banks of offering opportunities for terrorism financing in the country.

Rafsanjani, stated this at the multi-stakeholder meeting on terrorism financing and violent extremism in the North-East, organised by CISLAC and TI-Nigeria, financed by GIABA-ECOWAS.
According to Rafsanjani, “The financial sector has been exploited for terrorism financing. The use of the financial sector indicates the increasing capabilities of some terrorist groups. These include the Bureau de Change operators, Point of Sale (POS) devices, wire transfers, and Designated Non-Financial Businesses and Professions, among other enabling platforms expanding the scope and depth of terrorism financing.
“It is worrisome that illegal money exchangers including Bureau De Change have been featured in several Terrorism Financing investigations. The 2022 National Inherent Risk Assessment of Terrorism Financing report reveals that between 2019 and 2022, about 19 companies were linked to illegal money exchangers who have used their companies to commingle funds considered to be linked to Terrorism Financing.”
In his goodwill message, Ola Olukoyede, chairman, Economic and Financial Crimes Commission (EFCC) said that the commission is settling for the use of technology to combat illicit flow of monies into the hands of terrorists.
Olukoyede expressed worry over the dimension terrorism financing has taken, disclosing that the EFCC has discovered platforms other than Binance, which are being used for terrorism financing, saying over a thousand of such accounts were closed.
He said: “The challenge before us is to seek solutions to end this decade-long nightmare and restore order to the troubled region. The quest for a solution is not entirely new. Several conferences and workshops have been convoked, yet the situation remains dire.
“For us in the EFCC, like most Nigerians, the concern is on how this crisis continues to defy solutions and fester? How is it that the terrorist groups in the region are able to sustain their operations, acquire more sophisticated weaponry and engage in daring combat with the Nigerian military?
“It would seem that an economy of criminality has developed around terrorism and violent extremism in the region, where actors who are profiting from the chaos do not cherish the return of civil order. How for instance do we explain the activities of supposed non-profit organisations who profess to want to provide succor to the distressed but end up exploiting their misery for financial gains?
“How do we explain the action of unscrupulous actors who hide under the cover of humanitarian activities to fund terrorist groups? These are issues that we must continue to interrogate.
“The EFCC has had cause to prosecute so-called promoters of non-profit organisation who exploited the desperate conditions in the North-East to profiteer. I am sure many of you are aware of a lady that is called Mama Boko Haram, who at the peak of the insurgency positioned herself as a credible intermediary for the insurgents, but is now in jail for exploiting the distressed citizens of the North-East for personal gain.
“Part of the focus of the EFCC in the quest to tackle terrorism and violent extremism in that region is to follow the funds trail of critical actors in the region and cutting off the supply line of illicit funds to known criminal groups. This responsibility has seen the Commission pay more attention to the movement of funds by NPOs in the region, who are now required to make a declaration to the EFCC.
“Some of our discoveries recently into investigating some of these platforms was mind bugging, and we thought Binance was a major one, yes a major one and we are prosecuting them but much more, other platforms we have discovered, of course you are aware that EFCC has to freeze over a thousand account, and it will shock you what some of those accounts are used for, and some of them are used to fund terrorism activities.
“You can imagine the dimension the whole problem is taking and so, it is important for us to adopt the use of technology, and that is what we are going to do to see how we can adopt technology to be able to track every Naira,” he said.
Also, in a goodwill speech, Dr Musa Aliyu, SAN, chairman, Independent Corrupt Practices and other related Offences Commission, (ICPC), said, “ICPC is fully committed to contributing its expertise and resources to this fight. We are prepared to intensify our efforts in financial oversight, enhance our investigative and prosecutorial capacities, and work closely with all stakeholders to disrupt the financial networks that fuel terrorism.”
News
UK Appoints Peter Vowles as British High Commissioner to Nigeria

The UK Government has announced the appointment of Mr Peter Vowles as the next British High Commissioner to the Federal Republic of Nigeria.

Mr Vowles succeeds Dr Richard Montgomery CMG and is expected to take up his post in Abuja in September 2026. Dr Montgomery remains in post until that time.
Mr Vowles brings extensive diplomatic and development experience to the role, having served as His Majesty’s Ambassador to Zimbabwe from 2023 to 2026 and previously as Ambassador to Myanmar from 2021 to 2022.
He has held senior leadership positions across the FCDO and its predecessor department DFID, including as Transformation Director and Director for Asia, Caribbean and Overseas Territories.
Earlier in his career, Mr Vowles worked in international development across South Asia, Central Africa and East Africa, including postings in Bangladesh, India, the Democratic Republic of Congo and Kenya. He began his career in Zimbabwe, where he worked in education and development.
Peter Vowles said: “I am honoured to be appointed as British High Commissioner to Nigeria. Nigeria is a country of immense importance to the United Kingdom, and I look forward to working closely with Nigerian partners to strengthen our relationship across trade, development and security.”
News
Nigeria’s Apapa, Tin Can Ports Make Global Top 20 Improvement List

World Bank has ranked the Apapa and Tin Can Island Port complexes in Lagos among the world’s 20 most improved ports in its 2025 Container Port Performance Index (CPPI), released in June 2026.

The ranking places both ports in the “Top 20 Port Improvement Since 2020” category, reflecting significant gains in operational efficiency and vessel turnaround time.
The CPPI is a global benchmark used to assess the efficiency of container ports based on factors such as cargo handling speed, ship turnaround time and overall logistics performance.
According to the report, the improvement highlights ongoing reforms and modernization efforts within Nigeria’s maritime sector.
The Managing Director of the Nigerian Ports Authority (NPA), Mr Abubakar Dantsoho, attributed the recognition to ongoing policy reforms and infrastructure upgrades in the sector.
He said the development reflects the impact of economic policies of President Bola Tinubu and the support of the Minister of Marine and Blue Economy, Mr Adegboyega Oyetola.
“With the investor-friendly policies of President Bola Ahmed Tinubu providing the impetus for increased investment to drive our port infrastructure and equipment modernisation programme, coupled with the unflinching support of the Honourable Minister of Marine and Blue Economy, Adegboyega Oyetola, we have all it takes to further enhance trade facilitation, improve competitiveness and boost the national economy,” he said.
The NPA said the recognition is expected to strengthen investor confidence in Nigeria’s maritime sector and enhance the country’s position as a regional trade and logistics hub.
It noted that improvements in port operations are already contributing to increased efficiency in cargo movement and reduced delays at key terminals.
The authority also pointed to ongoing efforts to modernise port infrastructure and expand digital systems aimed at improving service delivery.
Earlier in February 2026, the NPA said the federal government had intensified efforts to position Nigeria as a leading maritime destination through port rehabilitation and modernization projects.
It also highlighted public-private partnership initiatives, including developments at the Lekki Deep Sea Port, as part of broader reforms aimed at improving efficiency and attracting investment.
The CPPI ranking is expected to further boost Nigeria’s maritime profile and encourage additional investment in the sector.
News
PalmPay Joins Industry Leaders @ Digital Pay Expo 2026

As digital payment adoption continues to grow across Nigeria and emerging markets, the next phase will depend not just on innovation, but on the strength, reliability, and trustworthiness of the infrastructure behind it.

While the ecosystem has made clear progress in recent years, trust remains a critical issue for users, businesses, and operators alike. Questions around resilience, security, interoperability and transaction reliability continue to shape how the market evolves and how confidently digital payments can scale.
These issues will be central to the deliberations at Digital Pay Expo 2026, where fintech leaders, payment operators, and other ecosystem stakeholders will gather under the theme, “Seamless Digital: Fostering Pan-African Market Expansion in the Era of AI.”
PalmPay’s participation reflects its continued commitment to building trusted and scalable payment infrastructure, while contributing to the broader industry efforts to strengthen systems, standards, and partnerships needed to support long-term ecosystem growth.
Speaking ahead of the event, Olorunfemi Hanson, Head of Marketing and Communications at PalmPay Nigeria, said: “As the financial services ecosystem continues to grow, trust and reliability become even more important.
“The industry’s next phase will be shaped not only by innovation, but by the strength of the infrastructure supporting it. Digital Pay Expo provides an important platform to address the resilience, interoperability, and trust issues that will shape the future of digital payments growth across Africa.”
The event, scheduled to be held from the 17th to the 18th of June, 2026, will feature Chika Nwosu, Managing Director of PalmPay Nigeria, alongside other distinguished guests, including the Director-General, Payment System Management Department (PSMD), Central Bank of Nigeria. The event will examine how the industry can balance innovation, regulation, and scalability while strengthening trust across the digital payments value chain.
For PalmPay, this event reinforces its role in supporting a more resilient, secure and scalable payments ecosystem for Nigeria and emerging markets more broadly.
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