Summary: The Nigerian Financial Intelligence Unit (NFIU) has revealed alarming new ways terrorist financiers are moving and concealing funds — from using dead people’s phone numbers to hijacking women’s bank accounts and crowdfunding platforms. Here’s what you need to know.
From using the bank accounts of unsuspecting women to registering mobile lines in the names of dead Nigerians, and even exploiting popular crowdfunding platforms, these criminal networks are getting more creative by the day. And the NFIU wants every Nigerian to be aware.
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Women’s Bank Accounts: The New Favourite Tool
According to the NFIU, terrorist financiers have increasingly turned to women — particularly those who may be unaware of what their accounts are being used for — as financial shields. By routing funds through female-owned bank accounts, these criminals attempt to avoid the radar of security agencies who may be focused on more “obvious” suspects.
This is not just a security issue — it is a direct threat to innocent Nigerian women who could find themselves entangled in terrorism financing investigations without even knowing it.
If anyone approaches you with an offer to use your account to “receive money” in exchange for a fee, run. This is a red flag of the highest order.
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Dead Men Tell No Tales — But Their Phone Numbers Do
In one of the most chilling revelations, the NFIU disclosed that terrorist networks have been obtaining and using phone numbers registered to deceased persons.
In Nigeria, where the process of deactivating a dead person’s SIM card is not always immediate or properly followed through, this loophole has become a goldmine for bad actors. These numbers are used to set up accounts, receive and transfer funds, and generally create a ghost trail that is incredibly difficult to trace.
This is a wake-up call for telecom companies and regulatory bodies to tighten their processes around SIM card deactivation after death.
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Crowdfunding Platforms: When Good Tools Go Bad
Perhaps the most alarming discovery is the exploitation of crowdfunding platforms — tools that were originally designed to help ordinary Nigerians raise money for medical bills, business ideas, and community projects.
Terrorist financiers have reportedly been using these platforms to collect funds disguised as legitimate causes. A “donation drive” that looks like it’s helping flood victims or sick children could, in reality, be funnelling money to dangerous groups.
This should make every Nigerian think twice before donating to an unfamiliar crowdfunding campaign online — no matter how emotional or compelling the story appears.
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Why This Matters for Every Nigerian
You might be wondering — “This is a security matter, what does it have to do with me?”
The answer is: everything.
Terrorist financing doesn’t just happen in faraway places or dark corners. It happens through everyday financial systems — the same banks we use, the same mobile apps on our phones, and the same online platforms we scroll through on a Sunday afternoon.
The NFIU’s revelations are a reminder that financial crime and terrorism are evolving, and awareness is one of our strongest weapons against them.
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What You Can Do
Here are a few practical steps every Nigerian can take:
– Never rent out your bank account to anyone, for any reason, no matter the financial incentive
– Report suspicious financial activity to the NFIU or your bank immediately
– Verify crowdfunding campaigns before donating — check the organiser’s identity and legitimacy
– Inform your family to deactivate the SIM cards and bank accounts of loved ones who pass away
– Stay informed — follow updates from the NFIU and the Central Bank of Nigeria (CBN)
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Final Thoughts
Nigeria has been fighting terrorism and insecurity on multiple fronts — from the Northeast to the Northwest and beyond. But the battle is not only fought with guns and soldiers. It is also fought in our banks, on our phones, and on the internet.
The NFIU deserves commendation for shining a light on these tactics. Now, it is up to every Nigerian — individuals, financial institutions, telecom providers, and online platforms — to close these loopholes before they are exploited further.
Stay alert. Stay informed. Protect your financial identity.
Have information about suspicious financial activity? Contact the Nigerian Financial Intelligence Unit (NFIU) through their official channels or report to your bank’s compliance officer immediately.
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