How Boko Haram funds its operations – Security expert

As Nigeria grapples with the biting Boko Haram terrorist
attacks, a security and money laundering expert, Mr. Samuel
Chukwuka Onyeka, has given an insight into how the terrorist
organisation gets its financing in his soon-be-launched book,
entitled, ‘Anti-Money Laundering and Combating the Financing
of Terrorism in Nigeria’.
According to him, Boko Haram is a local terrorist group and
does not operate banks accounts. He revealed that based on
series of researches conducted by United Nations-backed
agencies, Boko Haram is involved in kidnapping and small
scale trans-border arms smuggling.
Mr. Onyeka, who doubles as co-chairman of Nigeria’s Money
Laundering and Terrorism Financing National Risk Assessment
Secretariat, said the new book answers and resolves issues
related to large scale money laundering and terrorism
financing in the country. He equally revealed that agencies in­
volved in battling money laundering during the official
presentation of the book, billed to hold on January 29, 2015 in
Abuja.
He said: “Terrorism became an issue after the bombing of the
United States of America in 2001. Boko Haram in Nigeria is
not being funded by the major means through which terrorist
organisations are being sponsored. Based on our research,
terrorists in Nigeria do not need enough money to operate.
They are involved in kidnapping and small scale smuggling
across the Cameroonian boarders. They also get money
through other forms of illegalities and through coercion. So
far, financing of terrorism has been largely contained globally.