Amid rampant terrorism and financial misconduct, the Independent Corrupt Practices and Other Related Offences Commission (ICPC) has reaffirmed its dedication to combatting terrorism financing as a means to curtail illicit financial flows.
The commitment was reiterated by the ICPC Chairman, Dr Musa Aliyu, SAN, during a Multi-Stakeholders’ “National Dialogue on Preventing Terrorism Financing and Violent Extremism,” organized by the Civil Society Legislative Advocacy Centre on Wednesday, in partnership with Transparency International in Nigeria, and the Inter-Governmental Action Against Money Laundering in West Africa, held at the Abuja Continental Hotel, Abuja.
The spokesperson for the ICPC, Demola Bakare, revealed the development in a statement, yesterday.
He noted that the ICPC Chairman in his address emphasised the commission’s role as a beacon of hope, particularly in Nigeria’s North-Eastern region.
Demola said, “He underscored ICPC’s relentless efforts in conveying a resolute message to the Nigerian populace, affirming its steadfast commitment to combat terrorism financing directly.
“According to him, by targeting the root causes of illicit financial flows, ICPC aims not only to disrupt terrorist funding channels but also to uphold the integrity of global financial systems.
“The ICPC Chairman also outlined the Commission’s determination to dismantle intricate networks facilitating illicit financial flows, which sustain terrorism through arms procurement, terrorist recruitment, and operational logistics.
“He stressed the essential nature of addressing terrorism financing, highlighting its pivotal role in debilitating extremist groups’ operational capacities and restoring peace and security to the northeast region of the country.”
He added that Aliyu identified poverty and illiteracy as key drivers of terrorism in Nigeria, noting that addressing these underlying issues is imperative to combat extremism and violent dissent.
The ICPC boss emphasized the direct correlation between governance failures, corruption, and the prevalence of poverty and illiteracy, emphasizing the ICPC’s proactive role in combating these vices to prevent the proliferation of extremism and terrorism.
Recognizing the complexity of the fight against terrorism financing, Dr Aliyu emphasized ICPC’s readiness to lead collaborative efforts with international partners, law enforcement agencies, and financial institutions, noting that ICPC’s efforts not only align with its mandate to prevent and combat corruption but also play a crucial role in safeguarding national and global security against the scourge of terrorism.
He said that through a comprehensive strategy encompassing identification, tracking, and disruption of illicit funds fueling terrorist activities, the ICPC is upholding its mandate to combat corruption and significantly contribute to national and global security.
Meanwhile, the Executive Director of CISLAC, Auwal Musa, has echoed concerns over the escalating financing of terrorist activities in Nigeria, citing adverse global terrorism indices and recent government identifications of entities involved in terrorism financing.
The CISLAC boss stressed the need for collective action among stakeholders to combat terrorism and its adverse effects on poverty rates and internal displacement in the country.
Similarly, Chairman of the Economic and Financial Crime Commission (EFCC), Mr. Ola Olukoyede, highlighted the prolonged suffering endured by Nigerians in the Northeast due to insurgency, banditry, and kidnapping.
The EFCC chairman said that despite numerous interventions, the situation persists, necessitating collaborative efforts among anti-graft agencies, and military and para-military organizations to combat terrorism financing effectively.

The Minister of Finance, Wale Edun, yesterday, refuted allegations that the Federal Government is planning to utilize N20 trillion from the Pension Fund for infrastructure projects.
The Minister, in a press statement in Abuja, yesterday, underscored the government’s adherence to established regulations governing pension funds, assuring that there were no plans to transgress these legal boundaries.
Edun highlighted the stringent regulatory framework governing the pension industry, akin to other sectors within the financial domain.
He reiterated the government’s commitment to upholding these regulations to safeguard the interests of workers’ pensions.
The Minister’s remarks came in response to widespread public outcry following the government’s earlier announcement of its purported plans to tap into the N20 trillion pension funds for infrastructure development initiatives.
Addressing the public concern, Edun emphasized, “It has come to my notice that there are stories making rounds that the federal government plans to illegally access the hard-earned savings and pension contributions of workers. Nothing could be farther from the truth.”
Edun clarified that the government’s discussions, including those held at the Federal Executive Council, were centered on exploring avenues within the existing legal frameworks to maximize the utilization of pension funds for driving investments in strategic growth sectors.
“The Federal Government has no intention whatsoever to go beyond those limitations and go outside those bounds which are there to safeguard the pensions of workers,” he asserted.
Moreover, Edun shed light on the ongoing dialogues within the financial sector, involving key stakeholders, to explore innovative funding mechanisms aimed at stimulating economic growth, job creation, and poverty alleviation.
He emphasized that these discussions did not entail compromising the safety or increasing the risk associated with pension fund investments.
“It is an ongoing conversation, a challenge and a test for the best and brightest in the financial industry to come up with solutions that while safeguarding the long-term savings of workers, do provide an avenue that can help to boost growth in the economy,” Edun concluded.
The Minister’s statement sought to allay fears and clarify the government’s stance amidst mounting concerns over the management and utilization of pension funds for national development initiatives.

The Federal Government says it will soon begin the payment of N130 billion as part of gas supply debts in the Nigerian Electricity Supply Industry (NESI).
The Minister of Power, Mr Adebayo Adelabu, said this yesterday at the 2024 Eight Africa Energy Marketplace in Abuja.
The forum was organised by African Development Bank (AfDB), Ministry of Power and the United Kingdom Nigeria Infrastructure Advisory Facility (UKNIAF)
The theme of the forum titled “Towards Nigeria’s Sustainable Energy Future: Policy, Regulation, and Investment – A Policy Dialogue for the National Integrated Electricity Policy and Strategic Implementation Plan (NIEP-SIP)”.
Adelabu said that President Bola Tinubu has approved submission of the Minister of State for Petroleum Resources, (Gas) to defray outstanding debt owed to the gas supply companies to the power sector operators.
The minister said the payments would be in two parts as there is the legacy debt and the current debt.
“For the current debt, approval has been given for a cash payment of about N130 billion from the gas stabilisation fund which the Federal Ministry of Finance will pay.
“The payment for the legacy debt is actually going to be made but from future royalties and exchange of incomes in the gas sub-sector which is quite satisfactory to the gas supply companies.
‘The last figure was about 1.3 billion dollars and this payment, we believe, will go a long way to encourage these gas companies to enter into firm supply contracts with the power generating companies, ‘’ he said.
Adelabu said the Federal Government planned to adopt a model that would ensure firm contracts between gas companies and majority of the power generating companies.
“The day they cannot supply gas, there is no penalty but once there is a firm contract, they will be under contractual obligation to supply gas to these power generating companies so that we have a consistent power generation.
Adelabu said that for the power generating companies, the debt is put at N1.3 trillion.
The minister said the ministry of power has the consent of the President to pay on a condition of settling the reconciliation of the debts between the government and the power generating companies.
“And this, we have successfully done, and are being signed off by both parties. Majority has signed off and we are actually engaging others, so we have 100 per cent sign off from the power generating companies.
‘The modalities for paying this will be two ways; there will be immediate cash injection as government is not buoyant enough to pay the N1.3 trillion at once.
“A fraction will be paid in cash, while the remaining fraction will be settled through a guarantee debt instrument, preferably a promissory note, ‘’ he said.
On his part, Mr Sanusi Garba, Chairman, Nigerian Electricity Regulatory Commission, (NERC), said the poor financial state of the Electricity Distribution Company (DisCos ) made it difficult for them to raise the needed capital to invest.
Garba said the challenges facing the sector were a culmination of all past inactions and missteps by those saddled with the responsibilities of managing the sector both at policy and operational levels.
He said, “today when you look at distribution companies, they are clearly and technically insolvent, and you also want them to raise capital in terms of debt or equity.
“It’s a herculean task. I also want to mention that implementing the power sector reform requires very strong political will to implement decisions that impact on the wider public, ‘’ he said.