NFIU Flags Proxy Accounts, Unlinked SIMs in Terror Financing
NFIU Flags Proxy Accounts, Unlinked SIMs in Terror Financing
The Nigerian Financial Intelligence Unit (NFIU) has identified the use of proxy bank accounts and improperly registered telephone numbers as emerging methods being used by terrorist financiers to conceal the identities of individuals controlling illicit funds.
The disclosure is contained in the NFIU’s 2025 Annual Report, which is listed on the agency’s official website.
According to the findings, some bank accounts used in illicit financial activities are opened in women’s names, while the actual individuals controlling the accounts may use banking credentials and other account facilities. The agency also identified the use of pre-registered SIM cards and telephone numbers that are not linked to the actual account holder or beneficiary.
The NFIU said such practices can make it difficult for authorities and financial institutions to establish the identities of individuals behind suspicious transactions and trace illicit financial flows. Current reports citing the agency’s findings also identified the use of telephone numbers associated with deceased persons as another method for concealing financial trails.
The findings highlight continuing vulnerabilities in Nigeria’s financial and digital identification systems and the need for stronger customer identification and monitoring measures to help detect and disrupt terrorism financing.
