Connect with us
Polaris bank
Fidelity ads
Stallion ads

Spotlight Stories

This is How Boko Haram Gets Funded



Jamā’at Ahl as-Sunnah lid-Da’wah wa’l-Jihād popularly known as Boko Haram needs no introduction following the persistent dastardly acts of terrorism perpetrated by the religious sect, since 2009.
 The terrorist group has gotten stronger since then and have also shown no signs of slowing down. Several questions have been asked by Nigerians and the international communities on what this group aims to achieve, what it really wants and how it operates. Prominent among these questions is how the militant group is raising funds to procure sophisticated weapons which they use to carry out their heinous attacks across Nigeria.
 According to a survey of academic, governmental and journalistic accounts, Boko Haram funds its escalating acts of terror through black market dealings, local and international benefactors, and links to al-Qa’ida and other well-funded groups in the Middle East such as ISIS, the latest and most dangerous fundamental group in the world today.
Donations (Al-Qai’ida Affiliation)
The story of Boko Haram’s fundraising began after the 2001 terrorist attacks on the World Trade Centre and the Pentagon. The group’s original leader, a charismatic cleric named Mohammed Yusuf, who was later killed, founded the group in 2002 pushing an alternative to Western education, which he claimed undermined Nigeria’s development. (The group’s Hausa name translates as “Western education is sin”.) Around that time, Osama bin Laden sent an aide to Nigeria with about £1.8m in local currency to dispense among groups that shared al-Qa’ida’s mission to impose Islamic rule. One of the “major beneficiaries”, the International Crisis Group said, was Boko Haram.
EJ Hogendoorn, the International Crisis Group’s deputy programme director for Africa and an author of (the report), told The Daily Beast
“What I can tell you from talking to lots of conservative Muslims in Nigeria are that there was a lot of money coming into northern Nigeria. There are many sources of that money. One of those sources was from al-Qa’ida. Boko Haram leaders have later said that much of their funding comes from al-Qa’ida. A Boko Haram spokesman said in 2011: “Al-Qaida is our elder brothers. We enjoy financial and technical support from them. Anything we want from them we ask them.” The group has also reportedly gotten money from Algerian al Qaeda offshoot al Qaeda in the Islamic Maghreb (AQIM) and Somali group al-Shabab. One motive those groups have is setting up friendly safe havens in the region. “I think there must be some funding coming from some extremist groups who want perhaps to create a base in northern Nigeria,” Nwankwo told VOA News.
(2) Defrauding Banks:
Another way Boko Haram can get funds is by scamming banks.
A report on UK’s national risk assessment of money laundering and terrorist financing outlines the threats of terrorist organizations in the banking sector:
  • Use of fraudulent identities and supporting documentation to open and run bank accounts.
  • Complicit employees facilitating fraud and terrorist financing.
  • Fraudulent bank loan applications.
Governor of the Central Bank of Nigeria, Godwin Emefiele, has also stated that activities of the Boko Haram sect operating in Nigeria and some neighbouring counties festered due to ease of financing, according to Thisday.

The Director of Nigeria Financial Intelligence Unit (NFIU), Francis Usani, also accused commercial banks and other financial institutions in Nigeria of complicity in financial risk assessment support.
Inability of the banks and financial institutions to key in to the exercise (National risk assessment) is creating a docile financial environment which is disposed to money laundering and financing of terrorism activities.
(3) Robbery and Raids
Along with ransom money, “Boko Haram has partly financed its militant operations by attacking and robbing banks,” says David Doukhan at the International Institute for Counter-Terrorism. The group has robbed hundreds of banks in its home province of Borno and two other northern regions of Nigeria, and nabbed convoys and successful businesses. If that sounds not particularly pious for a fundamentalist religious group, “the robbery is justified by Koranic interpretation that bank robbery is permitted, since the money from the banks is considered ‘spoils of war,'” Doukhan adds. Some estimates put Boko Haram’s thievery spoils at about $6 million.
Boko Haram also raids rural towns and villages; by terrorizing civilians, they can implement random taxes at any time to quickly fill depleted coffers. During 2014 Boko Haram raided over 40 villages with an estimated 2,000 casualties; many of the villages were burned to the ground. These diverse sources have reportedly secured an income for Boko Haram of approximately $70million (N11 billion) between 2006 and 2011.
(4)Human Trafficking
 Chibok girls
There’s the black market money. Beyond a hatred of Western education, economic motives may have also driven Boko Haram’s recent abduction of the Chibok school girls. A robust and terrifying slave market exists in Nigeria and neighbouring countries. The US military academy, said: “Kidnapping has become one of [Boko Haram’s] primary funding sources, a way to extract concessions from the Nigerian state and other governments, and a threat to foreigners and Nigerian government officials.” Experts now estimate that kidnapping is worth “millions of dollars in ransom money” to the militants. 
(5)Crude Oil Money

Oil spilling onto sand

Nigerian terror group Boko Haram may be funded with money originating from crude oil thefts. This has prompted President Muhammadu Buhari to launch an investigation with the help of the international community. The comment was made by US congressman Darrell Issa during a meeting in the capital Abuja with the Bring Back Our Girls group, which advocates for the release of some 219 Nigerian girls kidnapped by the terrorists in the restive Borno state as far back as April 2014. A few days after a meeting between Buhari and US President Barack Obama, in a bid to reinforce relations that had deteriorated during Nigeria’s previous administration, the US provided the African country with a list of names of alleged oil thieves.
As part of an anti-corruption campaign Buhari undertook after gaining office in May, he banned 113 vessels from lifting crude oil from some 27 Nigerian ports amid suspicions the vessels had been implicated in illicit activities. He also replaced the whole board of state-run oil company Nigerian National Petroleum Corporation (NNPC).
 Boko Haram has a wide variety of outlets for its fundraising activity.  Its success in sustaining attacks depends on a well-oiled financial pipeline. Like many other AQ franchises, Boko Haram collaborates with organized crime syndicates for its operations in drug trafficking, kidnappings, bank robbery, and cyber scams, not to mention continuous theft from Nigeria’s security establishment.



  1. Anonymous

    November 10, 2020 at 11:32 am

    It is a very big shame that the Nigerian Army and the Police can only boast of killing Nigerian civilians with no gun and support Bokoharam and other killer groups because of fear of being killed or arrested by Boko Haram. You are only mocking God but the consequences are huge.Rethink I honestly advice you.

  2. Anonymous

    November 13, 2020 at 12:56 pm

    Thank you for the resourceful information, we pray Almighty God protect each and everyone of us and also bestow on us a lasting solution to this evil of this devilish sects (Boko-Haram and others).

    But mind you, the so called sects are not in any way related nor close to “Jamā’at Ahl as-Sunnah lid-Da’wah wa’l-Jihād”.

    The Jamā’at Ahl as-Sunnah are simply the righteous sets of human beings on earth and this is because they follow strictly to the footsteps of the Noblest prophet (Peace and blessings of Allah on him).

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.


President Buhari approves local production of helicopters by NASENI

President Buhari has directed NASENI, to collaborate with Dynali Company for the local production of helicopters.



Travel portal, FG to release 30,000 tons of maize to poultry farmers after import ban, President submits 2021-2023 MTEF to National Assembly, public holiday, inflation, President Buhari reappoints Ben Akabueze as DG Budget office,, #EndSARS Protest: FG denies plans of monitoring calls and social media

President Muhammadu Buhari has directed the National Agency for Science and Engineering Infrastructure (NASENI), to collaborate with Dynali Company, a Belgian Helicopter Manufacturing Company, for the local production of helicopters.

According to a report from the News Agency of Nigeria (NAN), this directive was given by the President at the maiden edition of the meeting of the Governing Board of NASENI at the State House, Abuja, on Tuesday, January 26, 2021.

While presiding over the meeting, President Buhari, who is also the Chairman of NASENI, directed the agency to work towards bridging the gaps in research and technology that keeps Nigeria waiting on other countries for supplies and solutions, especially in tackling challenges like the Covid-19 pandemic.

What President Buhari is saying

Buhari said the agency should play a more pivotal role in equipping the country during emergencies, while encouraging research, upgrading local skills, fabrication and international collaborations that would provoke growth in science and technology.

The President said, “The uniqueness of the mandate of NASENI as enshrined in its enabling law towards the actualisation and realisation of our development programmes such as the creation of Ten Million jobs; Economic Recovery and Growth Programme (ERGP) and Post COVID-19 sustainability Plan.


“It is only deliberate deployment of Engineering, Science, Technology and Innovation (ESTI) using technology domestication and reverse engineering of capital goods.

“Making them available in Nigeria that can fast-track the realisation of our collective will to build capacity and reduce poverty among our teeming populace. The countries that are at the forefront of economic recovery have only one thing in common: investment and sustained research and development work in knowledge economy.

“Covid-19   pandemic   has exposed the Technology and innovation gap between us and the developed World, which NASENI is strategically positioned to fill.’’

Going further, the President said in order to achieve its full potential, NASENI must be empowered through the provision of adequate financial, human and material resources and be given the autonomy and independence to engage in international partnerships to acquire the relevant technologies for socio-economic and industrial advancement of the country.

He said, ‘’In this regard, I have directed the Honourable Minister of Finance, Budget and National Planning and Federal Inland Revenue Service to commence remittance of funds approved by Law of the Agency.’’

‘’It is important to for members of the NASENI Governing Board to note that Agencies of Governments with a similar mandate as NASENI in many countries are directly under the supervision of their respective Heads of State and Government.’’

While making his own remark, the Executive Vice Chairman of NASENI, Prof. Mohammed Haruna, revealed that the agency had constructed electronic voting systems and was already working on locally produced jet engines and assemblage of passenger and military helicopters.

What you should know

  • It can be recalled that President Buhari had earlier approved the reconstitution and inauguration of the Governing Board of NASENI on March 8, 2018, with a clear mandate to develop local capacity in machine building and fabrication, which would be critical to Nigeria’s industrial development.
  • NASENI was established in 1992 by the Federal Government following the recommendations of the White Paper Committee on the 1991 Report of a 150-member National Committee on Engineering Infrastructure comprising scientists, engineers, administrators, federal and state civil servants, economists, lawyers, bankers and industrialists.

Coronation ads
Continue Reading

Spotlight Stories

MTN Nigeria, Airtel Africa, WAPCO up, investors gain N259 billion

Nigerian Stocks Month-to-Date and Year-to-Date returns increased to 3.24% as market capitalization stands at N21.494 trillion.



Nigerian banking stocks remain most liquid stocks, as investors gain N25.1 billion, DANGOTE CEMENT, OKOMUOIL and GUINNESS drag Nigerian Stock market down,  SEPLAT, GUINNESS, Breaks Nigerian Bourse Support Levels, Investors Lose N49 Billion  

The Nigerian Stock Exchange continued today on a positive note, as the All-Share Index improved by 1.21% to close at 41,584.94 index points.

Consequently, Month-to-Date and Year-to-Date return increased to 3.24% as market capitalization stands at N21.494 trillion, having added N259 billion.

A total volume of 467 million units of shares, valued at N5.56 billion exchanged hands in 5,990 deals.

  • Transnational Corporations (+0.93%) continued to dominate market activity in terms of volume and value at 45.9 million units and N50.5 million respectively.
  • Similarly, the market breadth index was positive with 32 gainers against 19 losers.
  • RTBRISCOE (+10.00%) led the gainer’s chart today, while JOHNHOLT (-10.00%) was the top loser.
  • Sectoral indices closed mostly positive. The NSE Consumer Goods Index led the gainers with 0.54%. The Insurance and Industrial Indexes trailed by 0.40% and 0.25% respectively.
  • On the flip side, the NSE Oli & Gas & Banking Indexes dipped by -5.31%  and -0.14%t respectively.

Top gainers

  1. AIRTELAFRI up 7.60% to close at N920
  2. FIDSON up 8.60% to close at N5.05
  3. FLOURMILL up 6.25% to close at N34
  4. WAPCO up 3.77% to close at N27.5
  5. MTNN up 0.53% to close at N170.9

Top losers

  1. SEPLAT down 9.26% to close at N490
  2. CUTIX down 7.08% to close at N2.1
  3. AFRIPRUD down 1.82% to close at N7
  4. CADBURY down 1.54% to close at N9.6
  5. ZENITHBANK down 0.94% to close at N26.25


Nigerian stocks ended Tuesday’s trading session on an impressive note.

  • The upside route followed investors’ interests in WAPCO, Flourmill, and Airtel Africa as their stocks advanced by 3.77 %, 6.25%, and 7.60% respectively.
  • Nairametrics however, envisages cautious buying, amid improved market conditions in Nigeria’s financial market.

Continue Reading


South African President appeals to wealthy countries not to hoard COVID-19 vaccines

South African President, Cyril Ramaphosa has called on the world’s wealthiest countries to stop “hoarding” vaccines.



South Africa High commission in Nigeria shuts its offices, South Africa announces 21-day lockdown following spike in Coronavirus cases

The South African President, Cyril Ramaphosa has urged the world’s wealthiest countries to stop “hoarding” vaccines and called for an end to “vaccine nationalism.”

He made this call at the World Economic Forum’s virtual Davos Agenda event, where he clearly cautioned that some countries had ordered more supplies of vaccines than they needed, and that this was counterproductive to the global recovery effort.

According to him,

  • “Ending the pandemic worldwide will require greater collaboration on the rollout of vaccines, ensuring that no country is left behind in this effort”
  • “The rich countries of the world went out and acquired large doses of vaccines from the developers and manufacturers of these vaccines, and some countries have even gone beyond and acquired up to four times what their populations need”
  • “That was aimed at hoarding these vaccines and now this is being done to the exclusion of other countries in the world that most need this”

What they are saying

According to Africa CDC Director, John Nkengasong, the African continent is quite facing a “very aggressive second wave” of the pandemic, with mortality increasing on average 18% across the 55 African member states last week.

“We as a continent must recognize that vaccines will not be here when we want them, but as such we need to really focus on the public health measures that we know work”


He however praised the progress of the African Vaccine Acquisition Task (AVAT) Team, which he said was created when AU nations realized “how the world’s richest countries are behaving.”

What you should know

  • South Africa is the country, worst hit by Covid-19 on the continent.
  • As at date, the country had recorded more than 1.4 million cases with 41,117 deaths.
  • The African Vaccine Acquisition Task (AVAT) Team has secured a provisional 270 million doses for AU member states directly, in addition to the 600 million expected from the World Health Organization’s COVAX initiative.

Continue Reading