The Chairman of the Economic and Financial Crimes Commission, Ola Olukoyede, has cautioned non-profit organisations in Nigeria to remain alert to the growing risk of infiltration by terrorist networks seeking to misuse the sector to finance illegal activities.
Olukoyede issued the warning in Abuja during the launch of the National Terrorist Financing Risk Assessment for non-profit organisations, an initiative designed to strengthen financial transparency and protect the sector from abuse by criminal groups.
Speaking through his Chief of Staff, Michael Nzekwe, the EFCC chairman acknowledged the crucial role played by charitable and humanitarian organisations in Nigeria’s socio-economic development. He noted that many non-profits provide humanitarian assistance, support vulnerable communities, promote education and healthcare, and complement government efforts in delivering essential social services.
Olukoyede explained that although the global financial watchdog Financial Action Task Force recognises the importance of non-profit organisations, the sector can become vulnerable to exploitation if proper monitoring and compliance systems are not maintained. According to him, terrorist groups often attempt to disguise illicit financial flows through legitimate charities and civil society groups.
The EFCC chairman also recalled that the non-profit sector played an important role in Nigeria’s removal from the FATF grey list in 2025. He stressed that safeguarding the credibility of the sector remains essential to maintaining international confidence, strengthening national security, and protecting the trust of donors and beneficiaries.
He further explained that the new risk assessment would provide a data-driven analysis of the scale and nature of terrorist financing threats within the non-profit space. The findings, he said, would guide the development of stronger regulatory and supervisory measures aimed at preventing abuse of charitable platforms.
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Speaking at the event, Abubakar Atiku Bagudu commended the EFCC and the Special Control Unit Against Money Laundering for bringing together civil society organisations to address the risks associated with money laundering and terrorist financing. He called for deeper cooperation between government institutions and non-profit groups in order to promote transparency, accountability, and financial integrity.
Also speaking, the Director of the Special Control Unit Against Money Laundering, Harry Erin, stated that the new assessment would examine changes in the terrorist financing risk profile of the non-profit sector since the previous evaluation conducted in 2023. According to him, the outcome of the assessment will help refine the existing risk-based supervisory framework to reflect emerging trends and new developments within the sector.
Security analysts say the initiative represents a significant step in Nigeria’s ongoing efforts to strengthen financial oversight and prevent the misuse of charitable organisations for illicit purposes.
