While in public sectors, Government don’t normally have budget line items to fighting insurgency and bandits operations the sudden emergency of this overheads will have advert effects of approved budget line items as it may warrant reallocation of expenditure budget line items in addition to finding assistant from Donors international countries and organizations plus the public – private partnerships arrangements on security fundings.
But in the case of insurgency groups, they raise funds from various sources such as:
Extortion and kidnapping for ransom payments which cut across families, and businesses which generate them a significant amount of money for their operations.
Illicit trade
They engage in smuggling, narcotics trade and control resources like fishing and Agricultural products
Foreign support
Some group received funding from international terrorists organizations or sympathisers
Charitable Donations
They exploit humanitarian aid and charitable donations often disguising their activities as philanthropic or fighting jihadist war for Islam
Digital transactions
They utilized cryptocurrencies, mobile money and other digital platforms to move fund undetected
Protection money
They extort money from local communities and business in exchange for protection
It therefore becomes necessary to keep an eagle eye on the operation of financial institutions in the country in the following manners
Strengthening financial regulations
The need to enhance oversight of financial institutions, bureaux de change and money transfer operators
International cooperation
Collaborate with global partners to share intelligence ,track transactions and disrupt funding net works
Community engagement
Foster local Resilient and encourage community reporting of suspicious activities
Technology solutions
Leverage, identify to monitor transactions,identify suspicious patterns and disrupt digital funding channel and also
Assets forfeiture measures
Seize and utilize assets linked to terrorists activities by Government.
– Benjamin Ibrahim writes from Lokoja, Kogi state.
+2348069596250
